Can You Afford to Buy a House in Saint Louis, MO?

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Money Wise Tips for Affording a Home in Saint Louis, MO

Your home should be a retreat from the worries of the world, not a place where new worries begin. A great way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. 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 Saint Louis. 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. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. A good way to begin your Saint Louis home buying journey is with confidence, a strong credit history, enough savings for a down payment, and a good handle on your current expenses.

Now, let's play with some real numbers. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can calculate how much house you can afford in Saint Louis based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Saint Louis home you want? If it's not, think about increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

It's the right time to prequalify for a house in Saint Louis. 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. 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'd like to buy a home in Saint Louis, 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 on your way to getting prequalified. The process is straightforward. 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 Saint Louis. Time is non-renewable and non-refundable, and discovering your perfect Saint Louis home can really eat up the hours. Join forces with a real estate agent in Saint Louis who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Saint Louis real estate agent and potentially save thousands of dollars.* Try it! 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 last step in preparing your finances for a home purchase. Can you see the finish line? Partner with a home loan servicer like Mr. Cooper, and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals today. 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 Saint Louis and give us a call. Let's get you started on your path to homeownership!

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