Learn How to Better Afford a Home in Shakopee, MN

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Steps to Afford to Buy a Home in Shakopee, MN

Help make sure your home isn't a source of financial stress. One of the best ways to ensure that happens is to ready your finances beforehand. Be honest with yourself to determine if you can afford to buy a house in Shakopee, or if you should hold off until your situation is different. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. A solid way to start your Shakopee home buying journey is with adequate savings for a down payment, a strong credit history, and a good grasp on your everyday expenses.

Now, let's put some real numbers down. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can calculate how much house you can afford in Shakopee based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Shakopee home you want? If it's not, think about buying a house in a surrounding area or boosting your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

It's time to prequalify for a home in Shakopee. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. Prequalification is also an opportunity to learn more about your various mortgage options and determine which one is right for you. Get started using Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Shakopee, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected down payment and purchase price. Follow that information with a few personal details and you're clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Shakopee, don't forget to budget your time, too. Time is non-renewable and non-refundable, and looking for the perfect home in Shakopee can be time-consuming. Turn to a real estate agent in Shakopee who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Shakopee and potentially save thousands.* Give it a try. Estimate how much you may be able to save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the final step in getting your finances ready for a home purchase. You're almost at the finish line! Let a home loan servicer like Mr. Cooper guide you in the process and you'll gain the distinct advantage of one-on-one support all along the way—from loan to closing. Call Mr. Cooper Mortgage Professionals. They are home buying experts who will work their hardest to present you with the best loan options possible.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances in order to buy a house in Shakopee. The path to homeownership is right in front of you!

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Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.