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How to Afford to Buy a House in Great Falls, VA

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Steps to Afford to Buy a Home in Great Falls, VA

Help make sure your home isn't a source of financial stress. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when it might be better to wait until your situation improves and when you're in a financially strong enough position to buy a home in Great Falls. Get started with the following steps and call a Mr. Cooper Mortgage Professional to discuss strategy.

Examine your finances. Look at the whole picture. Are you confident about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A good way to begin your Great Falls 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 "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 Great Falls based on your desired maximum monthly mortgage payment and income. Will this number get you into the Great Falls home or neighborhood you've had your eye on? If not, consider 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 Great Falls. 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 want to buy a house in Great Falls, 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. The process is simple and your prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Great Falls, don't forget to budget your time, too. Time is non-renewable and non-refundable, and looking for the perfect home in Great Falls can be time-consuming. Partner with a real estate agent in Great Falls who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Great Falls 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 real estate commissions and closing costs with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the final step in getting your finances ready for a home purchase. You're almost at the finish line! Work 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 today. 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 Great Falls and give us a call. You can start on the path to homeownership today!

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