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

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Steps to Afford to Buy a Home in Wilmington, NC

You want your home to be a haven of happiness, not a financial burden. 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 Wilmington, or if you should hold off until your situation is different. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to streamline the process.

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 solid way to begin your Wilmington 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 some real numbers down. Use Mr. Cooper's affordability calculator to see where your budget stands. You can get an idea of how much house you can afford to buy in Wilmington based on income or your desired maximum monthly mortgage payment. Will this number get you into the Wilmington home or neighborhood you've had your eye on? If it's not, think about looking in surrounding areas or increasing your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Wilmington. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Wilmington, the property type, how you're going to use the property, and if you currently have a real estate agent. Type in your likely purchase price and down payment. Provide a few more personal details and you're clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Wilmington, don't forget to budget your time, too. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Wilmington. Turn to a real estate agent in Wilmington who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Wilmington 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.

The last step in preparing your finances to buy a house in Wilmington is to apply for a home loan. You're almost at 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 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. Call now and let us help you ready your finances to buy a house in Wilmington. The path to homeownership is right in front of you!

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