How to Afford to Buy a House in Troy, MO

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Steps to Afford to Buy a Home in Troy, MO

Help make sure your home isn't a source of financial stress. One of the best ways 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 Troy. Get started with the following steps and call a Mr. Cooper Mortgage Professional to streamline the process.

Take a look at your finances—the whole landscape. Are you confident about your current monthly expenses, credit history, and savings? A quick reality check goes a long way. The best way to begin your Troy 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. 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 Troy based on your desired maximum monthly mortgage payment and income. Will this number get you into the Troy 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 Troy. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's based on some financial information 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Troy, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Type in your likely purchase price and down payment. Provide a few more personal details and you're clicks away from being prequalified. The process is simple and your 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 Troy. Time is non-renewable and non-refundable, and looking for the perfect home in Troy can be time-consuming. Turn to a real estate agent in Troy who does the legwork for you. You can get connected with a top-performing real estate agent in Troy and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. See just how much you could save on real estate commissions and closing costs 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. Can you see the finish line? Work 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. 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 Troy. The path to homeownership is right in front of you!

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