How to Afford to Buy a House in Las Cruces, NM

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Your Step-by-Step Guide to Afford to Buy a House in Las Cruces, NM

Your home should be a retreat from the worries of the world, not a place where new worries begin. 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 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 Las Cruces. Get started with the following steps and reach out to a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. 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 start your Las Cruces 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Las Cruces based on your desired maximum monthly mortgage payment and income. Will this number get you into the Las Cruces home or neighborhood you've had your eye on? If not, think about looking in surrounding areas or increasing 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!

It's the right time to prequalify for a house in Las Cruces. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Las Cruces, 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 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 Las Cruces. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Las Cruces home can really eat up the hours. Partner with a real estate agent in Las Cruces who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Las Cruces real estate agent and potentially save thousands of dollars.* Give it a try. 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! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals today. 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.

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 Las Cruces. You can start on the path to homeownership today!

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