Can You Afford to Buy a House in Lee's Summit, MO?

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Steps to Afford to Buy a Home in Lee's Summit, MO

You want your home to be a haven of happiness, not a financial burden. A great way to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Lee's Summit, and when it might be better to wait until your situation changes. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. Are you confident about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. The best way to start your Lee's Summit home buying journey is with a healthy credit history, a good handle on your current expenses, and enough savings for a minimum 20% down payment.

Now, let's play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can estimate about how much house you can afford in Lee's Summit based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Lee's Summit home you've been dreaming about? If not, consider increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Lee's Summit. 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Lee's Summit, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Enter your expected purchase price and down payment. Follow that information with a few personal details and you're almost 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 Lee's Summit, don't forget to budget your time, too. Minutes and seconds are things you never get back, and looking for the perfect home in Lee's Summit can be time-consuming. Turn to a real estate agent in Lee's Summit who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Lee's Summit and potentially save thousands.* Try it—there's no strings attached. See just how much you could save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the last step in preparing your finances for a home purchase. Can you see 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're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

"Home" has never mattered more than it does right now. Call now and let us help you ready your finances to buy a house in Lee's Summit. You can start on the path to homeownership today!

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