Learn How to Better Afford a Home in South Salt Lake, UT

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Steps to Afford to Buy a Home in South Salt Lake, UT

Your home should be a retreat from the worries of the world, not a place where new worries begin. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Be honest with yourself to determine if you can afford to buy a house in South Salt Lake, or if you should hold off until your situation is different. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to streamline the process.

Take a look at your finances—the whole landscape. How do you feel about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. A good way to begin your South Salt Lake 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 play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can get an idea of how much house you can afford to buy in South Salt Lake based on your desired maximum monthly mortgage payment and income. Will this number get you into the South Salt Lake home or neighborhood you've had your eye on? If not, think about looking in surrounding areas or increasing your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

It's time to prequalify for a home in South Salt Lake. 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 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 South Salt Lake, 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 purchase price and down payment. Provide a few more personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in South Salt Lake, factor in your time, too. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in South Salt Lake. Partner with a real estate agent in South Salt Lake who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing South Salt Lake real estate agent and potentially save thousands of dollars.* Try it—there's no strings attached. 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 South Salt Lake is to apply for a home loan. The finish line is right around the corner! Partner 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 are home buying experts who will work their hardest to present you with the best loan options possible.

Your dream home, or as we like to say, "The One" is waiting for you! Call now and let us help you ready your finances to buy a house in South Salt Lake. Let's get you started on your path to homeownership!

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