Can You Afford to Buy a House in East Ridge, TN?

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Money Wise Tips for Affording a Home in East Ridge, TN

You want your home to be a haven of happiness, not a financial burden. A good way 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 East Ridge. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. A solid way to begin your East Ridge 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. 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 East Ridge based on income or your desired maximum monthly mortgage payment. Will this price range get you into the East Ridge home you've been dreaming about? If not, consider increasing your down payment or looking in surrounding areas. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's the right time to prequalify for a house in East Ridge. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you want to buy a house in East Ridge, 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 almost prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in East Ridge, don't forget to budget your time, too. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in East Ridge. Partner with a real estate agent in East Ridge who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in East Ridge 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. 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. 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.

The house of your dreams is waiting for you and your loved ones. Get your finances in order to buy a house in East Ridge. The path to homeownership is right in front of you!

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