Money Wise Tips for Affording a Home in Lorton, VA
Help make sure your home isn't a source of financial stress. A good 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 Lorton, or if you should hold off until your situation is different. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.
Examine your finances. Look at the whole picture. What are your general thoughts about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. A good way to begin your Lorton 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 Lorton based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Lorton 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!
You're ready to prequalify for a house in Lorton. 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. 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 Lorton, 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 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 figuring out what it will take to afford to buy a home in Lorton, don't forget to budget your time, too. Minutes and seconds are things you never get back, and discovering your perfect Lorton home can really eat up the hours. Join forces with a real estate agent in Lorton who takes care of the tedious work for you.
The last step in preparing your finances to buy a house in Lorton 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 one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.
Your dream home, or as we like to say, "The One" is waiting for you! Get your finances in order to buy a house in Lorton. The path to homeownership is right in front of you!