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How to Afford to Buy a House in Charlottesville, VA

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Steps to Afford to Buy a Home in Charlottesville, VA

Help make sure your home isn't a source of financial stress. One of the best ways 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 Charlottesville, 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 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 quick check-in with yourself can get you on the right path. A solid way to begin your Charlottesville 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 play with some real numbers. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can estimate about how much house you can afford in Charlottesville based on your desired maximum monthly mortgage payment and income. Will this number get you into the Charlottesville 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 move on to your next step. Call Mr. Cooper!

It's the right time to prequalify for a house in Charlottesville. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Charlottesville, 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. Provide a few more personal details and you're almost 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 Charlottesville. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in Charlottesville. Partner with a real estate agent in Charlottesville who does the bulk of the work for you. You can get connected with a top-performing real estate agent in Charlottesville and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. See just how much you could 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 Charlottesville is to apply for a home loan. The finish line is right around the corner! 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 are home buying experts who will work their hardest to present you with the best loan options possible.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Charlottesville and give us a call. Let's get you started on your path to homeownership!

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