Can You Afford to Buy a House in Durham, NC?

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Your Step-by-Step Guide to Afford to Buy a House in Durham, NC

Help make sure your home isn't a source of financial stress. One of the best ways 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 Durham, or if you should hold off until your situation is different. Get started with the following steps and call a Mr. Cooper Mortgage Professional to talk strategy.

Take a look at your finances—the whole landscape. Are you confident about your current monthly expenses, credit history, and savings? A little "gut check" can go a long way. A solid way to start your Durham 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can estimate about how much house you can afford in Durham based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Durham home you want? If not, consider looking in surrounding areas or increasing your down payment. If it will, then move on to your next step. Call Mr. Cooper!

It's the right time to prequalify for a house in Durham. 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Durham, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected down payment and purchase price. Share a couple more personal details and you're clicks away from being prequalified. It's a simple process and 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 Durham. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in Durham. Turn to a real estate agent in Durham who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Durham 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.

The last step in preparing your finances to buy a house in Durham is to apply for a home loan. 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Durham and give us a call. You can start on the path to homeownership today!

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