How to Afford to Buy a House in Bristol, VA

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Your Step-by-Step Guide to Afford to Buy a House in Bristol, VA

Help make sure your home isn't a source of financial stress. A good way to ensure that happens is to ready your finances beforehand. Be honest with yourself to determine if you can afford to buy a house in Bristol, or if you should hold off until your situation is different. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. Are you confident about your current monthly expenses, credit history, and savings? A little "gut check" can go a long way. A good way to begin your Bristol 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 put some real numbers down. 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 Bristol based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Bristol home you've been dreaming about? 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!

It's the right time to prequalify for a house in Bristol. 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Bristol, 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 on your way to getting prequalified. The process is straightforward. 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 Bristol. Time is non-renewable and non-refundable, and discovering your perfect Bristol home can really eat up the hours. Join forces with a real estate agent in Bristol who does the bulk of the work for you. You can get connected with a top-performing real estate agent in Bristol and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it! 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.

The last step in preparing your finances to buy a house in Bristol is to apply for a home loan. Can you see the finish line? Work 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 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 Bristol. You can start on the path to homeownership today!

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