Money Wise Tips for Affording a Home in Layton, UT
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 Layton. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to talk strategy.
Evaluate every angle of your finances. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. A good way to begin your Layton 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 pencil to paper," as they say. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Layton based on your desired maximum monthly mortgage payment and income. Will this number get you into the Layton home or neighborhood you've had your eye on? If not, consider looking in surrounding areas or increasing your down payment. 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 time to prequalify for a home in Layton. 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 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’re looking to buy a home in Layton, 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. Share a couple more personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.
Don't forget to budget your time when doing the math on how you can afford to buy a house in Layton. Minutes and seconds are things you never get back, and discovering your perfect Layton home can really eat up the hours. Turn to a real estate agent in Layton who does the bulk of the work for you.
Applying for a home loan is the last step in preparing your finances for a home purchase. You're almost at the finish line! Partner with a home loan servicer like Mr. Cooper, and you'll gain the distinct advantage of one-on-one support all along the way—from loan to closing. 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. Call now and let us help you ready your finances to buy a house in Layton. Let's get you started on your path to homeownership!