How to Afford to Buy a House in Farragut, TN

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Money Wise Tips for Affording a Home in Farragut, TN

Your home should be a retreat from the worries of the world, not a place where new worries begin. A great way to make sure that happens is to prepare for your home purchase ahead of time. 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 Farragut. Get started with the following steps and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to start your Farragut 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 put some real numbers down. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can estimate about how much house you can afford in Farragut based on your desired maximum monthly mortgage payment and income. Will this number get you into the Farragut home or neighborhood you've had your eye on? If not, consider buying a house in a surrounding area or boosting your down payment. If it will, then move on to your next step. Call Mr. Cooper!

You're ready to prequalify for a house in Farragut. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. Prequalification is also a chance to learn about your mortgage options and work with your lender to find the right fit. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Farragut, the type of property you’d like to buy, how you plan on using the property, and if you’re currently working with a real estate agent. Enter your expected down payment and purchase price. Provide a few more personal details and you’re on your way to getting 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 Farragut, 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 Farragut. Turn to a real estate agent in Farragut who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Farragut and potentially save thousands.* Try it—there's no strings attached. 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.

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 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! Get your finances ready to buy a home in Farragut and give us a call. The path to homeownership is right in front of you!

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