Learn How to Better Afford a Home in Buffalo, NY

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Steps to Afford to Buy a Home in Buffalo, NY

You want your home to be a haven of happiness, not a financial burden. One of the best ways 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 Buffalo, and when it might be better to wait until your situation changes. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. Are you confident about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. A good way to begin your Buffalo 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 "put pencil to paper," as they say. 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 Buffalo based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Buffalo home you've been dreaming about? If it's not, think about increasing your down payment or looking in surrounding areas. If it will, then move on to your next step. Call Mr. Cooper!

It's time to prequalify for a home in Buffalo. 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. Prequalification is also an opportunity to learn more about your various mortgage options and determine which one is right for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Buffalo, 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 almost prequalified. The process is straightforward. Prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Buffalo, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Buffalo home can really eat up the hours. Turn to a real estate agent in Buffalo who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Buffalo and potentially save thousands.* Try it—there's no strings attached. 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 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 today. 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 ready to buy a home in Buffalo and give us a call. Let's get you started on your path to homeownership!

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