Can You Afford to Buy a House in Barrington, RI?

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Your Step-by-Step Guide to Afford to Buy a House in Barrington, RI

Help make sure your home isn't a source of financial stress. 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 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 Barrington. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. The best way to begin your Barrington 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 get an idea of how much house you can afford to buy in Barrington based on your desired maximum monthly mortgage payment and income. Will this number get you into the Barrington home or neighborhood you've had your eye on? If it's not, think about increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

It's the right time to prequalify for a house in Barrington. 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 Barrington, 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. Follow that information with a few personal details and you're clicks away from being 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 Barrington. Minutes and seconds are things you never get back, and discovering your perfect Barrington home can really eat up the hours. Join forces with a real estate agent in Barrington who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Barrington and potentially save thousands.* Try it—there's no strings attached. See just how much you could save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the last step in preparing your finances for a home purchase. You're almost at the finish line! Work 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. They are home buying experts who will work their hardest to present you with the best loan options possible.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Barrington and give us a call. Let's get you started on your path to homeownership!

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