How to Afford to Buy a House in Charleston, SC

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Steps to Afford to Buy a Home in Charleston, SC

Help make sure your home isn't a source of financial stress. A great way 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 Charleston, and when it might be better to wait until your situation changes. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. What are your general thoughts about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. A solid way to begin your Charleston 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 some real numbers down. 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 Charleston based on income or your desired maximum monthly mortgage payment. Will this number get you into the Charleston home or neighborhood you've had your eye on? If 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 the right time to prequalify for a house in Charleston. 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Charleston, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Enter your expected down payment and purchase price. Share a couple more personal details and you're clicks away from being prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Charleston, don't forget to budget your time, too. Time is non-renewable and non-refundable, and looking for the perfect home in Charleston can be time-consuming. Join forces with a real estate agent in Charleston who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Charleston real estate agent and potentially save thousands of dollars.* Try it! See just how much you could 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. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals today. They're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

"Home" has never mattered more than it does right now. Get your finances in order to buy a house in Charleston. Let's get you started on your path to homeownership!

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