How to Afford to Buy a House in Newport, RI

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

Help make sure your home isn't a source of financial stress. A great way to ensure that happens is to ready your finances beforehand. 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 Newport. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to begin your Newport 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 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 get an idea of how much house you can afford to buy in Newport based on income or your desired maximum monthly mortgage payment. Will this number get you into the Newport 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 move on to your next step. Call Mr. Cooper!

It's time to prequalify for a home in Newport. 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 an opportunity to learn more about your various mortgage options and determine which one is right for you. Get started using Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Newport, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected purchase price and down payment. Share a couple more personal details and you’re on your way to getting prequalified. The process is simple and your prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Newport, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Newport home can really eat up the hours. Partner with a real estate agent in Newport who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Newport real estate agent and potentially save thousands of dollars.* 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.

The last step in preparing your finances to buy a house in Newport is to apply for a home loan. The finish line is right around the corner! Work with a home loan servicer like Mr. Cooper, and you'll receive personalized support from the moment you dream of owning a home to the reality of holding the keys in your hand. 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.

Your dream home, or as we like to say, "The One" is waiting for you! Call now and let us help you ready your finances to buy a house in Newport. You can start on the path to homeownership today!

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