How to Afford to Buy a House in Roanoke, VA

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Steps to Afford to Buy a Home in Roanoke, VA

Help make sure your home isn't a source of financial stress. 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 Roanoke, or if you should hold off until your situation is different. Start the process with the following steps and reach out to a Mr. Cooper Mortgage Professional to talk strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. The best way to start your Roanoke home buying journey is with adequate savings for a down payment, a strong credit history, and a good grasp on your everyday expenses.

Now, let's play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can estimate about how much house you can afford in Roanoke based on income or your desired maximum monthly mortgage payment. Will this number get you into the Roanoke 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 time to prequalify for a home in Roanoke. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Roanoke, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected down payment and purchase price. Share a couple more personal details and you're almost prequalified. The process is simple and your prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Roanoke, 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 Roanoke. Turn to a real estate agent in Roanoke who does the legwork for you. You can get connected with a top-performing real estate agent in Roanoke and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it! See just how much you could save on real estate commissions and closing costs with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in Roanoke 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 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 Roanoke. Let's get you started on your path to homeownership!

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