How to Afford to Buy a House in Montgomery, NJ

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Steps to Afford to Buy a Home in Montgomery, NJ

Help make sure your home isn't a source of financial stress. A good way to ensure that happens is to ready your finances beforehand. Be honest with yourself to determine if you can afford to buy a house in Montgomery, or if you should hold off until your situation is different. Start the process with the following steps 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 current monthly expenses, credit history, and savings? A quick reality check goes a long way. A solid way to begin your Montgomery 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 put some real numbers down. 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 Montgomery based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Montgomery home you've been dreaming about? 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 Montgomery. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you want to buy a house in Montgomery, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected purchase price and down payment. Share a couple more personal details and you're clicks away from being prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Montgomery, don't forget to budget your time, too. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Montgomery. Turn to a real estate agent in Montgomery who does the legwork for you. You can get connected with a top-performing real estate agent in Montgomery and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it—there's no strings attached. Estimate how much you may 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 final step in getting your finances ready for a home purchase. The finish line is right around the corner! 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. Call now and let us help you ready your finances to buy a house in Montgomery. Let's get you started on your path to homeownership!

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