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

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

You want your home to be a haven of happiness, not a financial burden. One of the best ways to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Oak Ridge, and when it might be better to wait until your situation changes. Start the process with the following steps and reach out to a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. Are you confident 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 Oak Ridge 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 estimate about how much house you can afford in Oak Ridge based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Oak Ridge home you want? If it's not, think about 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!

You're ready to prequalify for a house in Oak Ridge. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's based on some financial information 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. Get started using Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Oak Ridge, 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. Provide a few more personal details and you're almost 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 Oak Ridge, factor in your time, too. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Oak Ridge. Partner with a real estate agent in Oak Ridge who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Oak Ridge real estate agent and potentially save thousands of dollars.* Try it! Get an idea of how much you might be able to 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 Oak Ridge is to apply for a home loan. Can you see the finish line? 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Call now and let us help you ready your finances to buy a house in Oak Ridge. The path to homeownership is right in front of you!

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