Money Wise Tips for Affording a Home in Lake Ridge, 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 Lake Ridge, 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.
Examine your finances. Look at the whole picture. Are you confident about your financial situation, credit history, savings, and current monthly expenses? A little "gut check" can go a long way. The best way to start your Lake Ridge 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 calculate how much house you can afford in Lake Ridge based on income or your desired maximum monthly mortgage payment. Will this number get you into the Lake Ridge home or neighborhood you've had your eye on? If not, consider 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!
You're ready to prequalify for a house in Lake Ridge. 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. Start with Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Lake Ridge, 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. Share a couple more personal details and you're clicks away from being 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 Lake Ridge, don't forget to budget your time, too. Time is non-renewable and non-refundable, and discovering your perfect Lake Ridge home can really eat up the hours. Partner with a real estate agent in Lake Ridge who does the legwork for you.
Applying for a home loan is the last step in preparing your finances for a home purchase. The finish line is right around the corner! Partner 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 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 Lake Ridge and give us a call. The path to homeownership is right in front of you!