Can You Afford to Buy a House in Franklin Park, NJ?

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Your Step-by-Step Guide to Afford to Buy a House in Franklin Park, NJ

Help make sure your home isn't a source of financial stress. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when you can afford to buy a home in Franklin Park, and when it might be better to wait until your situation changes. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A little "gut check" can go a long way. A solid way to start your Franklin Park home buying journey is with adequate savings for a down payment, a strong credit history, and a good grasp on your everyday expenses.

Now, let's "put pencil to paper," as they say. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can get an idea of how much house you can afford to buy in Franklin Park based on income or your desired maximum monthly mortgage payment. Will this number get you into the Franklin Park home or neighborhood you've had your eye on? If not, think about 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 time to prequalify for a home in Franklin Park. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Franklin Park, 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 down payment and purchase price. Provide a few more personal details and you’re on your way to getting 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 Franklin Park. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in Franklin Park. Partner with a real estate agent in Franklin Park who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Franklin Park real estate agent and potentially save thousands of dollars.* Try it! Get an idea of how much you might be able to save on real estate commissions and closing costs 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 Franklin Park. Let's get you started on your path to homeownership!

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