Learn How to Better Afford a Home in O'Fallon, MO

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Money Wise Tips for Affording a Home in O'Fallon, MO

Help make sure your home isn't a source of financial stress. A good way to make sure that happens is to prepare for your home purchase ahead of time. Know when it might be better to wait until your situation improves and when you're in a financially strong enough position to buy a home in O'Fallon. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. Are you confident about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to start your O'Fallon 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 calculate how much house you can afford in O'Fallon based on income or your desired maximum monthly mortgage payment. Will this number get you into the O'Fallon home or neighborhood you've had your eye on? If it's not, think about buying a house in a surrounding area or boosting your down payment. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

You're ready to prequalify for a house in O'Fallon. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's the result of some financial details you provide and a credit check. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in O'Fallon, the type of property you’d like to buy, how you plan on using the property, and if you’re currently working with 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. It's a simple process and prequalification lasts 120 days.

Don't forget to budget your time when doing the math on how you can afford to buy a house in O'Fallon. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in O'Fallon. Join forces with a real estate agent in O'Fallon who does the legwork for you. You can get connected with a top-performing real estate agent in O'Fallon and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. See just how much you could save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in O'Fallon is to apply for a home loan. Can you see the finish line? Partner with a home loan servicer like Mr. Cooper, 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

The house of your dreams is waiting for you and your loved ones. Get your finances in order to buy a house in O'Fallon. The path to homeownership is right in front of you!

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