Learn How to Better Afford a Home in Arlington, VA

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Money Wise Tips for Affording a Home in Arlington, VA

Help make sure your home isn't a source of financial stress. A great way to make sure that happens is to prepare for your home purchase ahead of time. Be honest with yourself to determine if you can afford to buy a house in Arlington, or if you should hold off until your situation is different. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A solid way to begin your Arlington home buying journey is with confidence, a strong credit history, enough savings for a down payment, and a good handle on your current expenses.

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 Arlington based on income or your desired maximum monthly mortgage payment. Will this number get you into the Arlington home or neighborhood you've had your eye on? If it's 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!

You're ready to prequalify for a house in Arlington. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Arlington, 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. Share a couple more personal details and you’re on your way to getting 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 Arlington. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Arlington. Turn to a real estate agent in Arlington who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Arlington and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. 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 Arlington 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 personalized support from the moment you dream of owning a home to the reality of holding the keys in your hand. 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. Get your finances ready to buy a home in Arlington and give us a call. Let's get you started on your path to homeownership!

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