How to Afford to Buy a House in Clayton, MO

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Steps to Afford to Buy a Home in Clayton, MO

Your home should be a retreat from the worries of the world, not a place where new worries begin. One of the best ways to make sure that happens is to prepare for your home purchase ahead of time. Be honest with yourself to determine if you can afford to buy a house in Clayton, or if you should hold off until your situation is different. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. Are you confident about your financial situation, credit history, savings, and current monthly expenses? A little "gut check" can go a long way. A solid way to begin your Clayton 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 play with some real numbers. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can estimate about how much house you can afford in Clayton based on your desired maximum monthly mortgage payment and income. Will this number get you into the Clayton home or neighborhood you've had your eye on? If it's not, think about looking in surrounding areas or increasing your down payment. If it will, then move on to your next step. Call Mr. Cooper!

It's time to prequalify for a home in Clayton. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you want to buy a house in Clayton, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected purchase price and down payment. Follow that information with a few personal details and you’re on your way to getting 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 Clayton, don't forget to budget your time, too. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Clayton. Turn to a real estate agent in Clayton who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Clayton real estate agent and potentially save thousands of dollars.* Try it! See just how much you could save on real estate commissions and closing costs with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in Clayton is to apply for a home loan. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive personalized support from the moment you dream of owning a home to the reality of holding the keys in your hand. Call Mr. Cooper Mortgage Professionals. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Clayton and give us a call. You can start on the path to homeownership today!

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