Can You Afford to Buy a House in Berkeley, NJ?

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Money Wise Tips for Affording a Home in Berkeley, NJ

You want your home to be a haven of happiness, not a financial burden. A good way to ensure that happens is to ready your finances beforehand. 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 Berkeley. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A good way to start your Berkeley 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. 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 Berkeley based on income or your desired maximum monthly mortgage payment. Will this price range get you into the Berkeley home you've been dreaming about? If not, consider increasing your down payment or looking in surrounding areas. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's the right time to prequalify for a house in Berkeley. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Get started using Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Berkeley, 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 down payment and purchase price. 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 Berkeley, don't forget to budget your time, too. Minutes and seconds are things you never get back, and discovering your perfect Berkeley home can really eat up the hours. Join forces with a real estate agent in Berkeley who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Berkeley and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it! 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? 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. They are home buying experts who will work their hardest to present you with the best loan options possible.

The house of your dreams is waiting for you and your loved ones. Get your finances in order to buy a house in Berkeley. You can start on the path to homeownership today!

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