Money Wise Tips for Affording a Home in Crozet, VA
Your home should be a retreat from the worries of the world, not a place where new worries begin. A great 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 Crozet, or if you should hold off until your situation is different. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to discuss strategy.
Evaluate every angle of your finances. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to start your Crozet 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 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 Crozet based on income or your desired maximum monthly mortgage payment. Will this number get you into the Crozet home or neighborhood you've had your eye on? If it's not, think about increasing your down payment or looking in surrounding areas. 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 Crozet. 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. Prequalification is also a chance to learn about your mortgage options and work with your lender to find the right fit. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Crozet, 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. Type in your likely purchase price and down payment. Follow that information with a few personal details and you're almost prequalified. The process is straightforward. Prequalification lasts 120 days.
When crunching the numbers on how you'll afford to buy a home in Crozet, 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 Crozet. Partner with a real estate agent in Crozet who does the legwork for you.
Applying for a home loan is the last step in preparing your finances for a home purchase. Can you see the finish line? 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 today. 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 in order to buy a house in Crozet. The path to homeownership is right in front of you!