Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

5 Steps for Purchasing a Home for the First Time

5 Steps for Purchasing a Home for the First TimeBuying a home is one of the biggest investments a person will make in their lifetime. The home buying process is stressful for most people, but for the first time homebuyer, the stress is amplified. No matter what type of home you are looking to buy, these steps will ease the process.

  1. Prepare yourself for commitment. The “five-year rule” is appropriate to follow. This means that unless you plan on living in a home for five years, buying a home may not be for you. This also applies to the capital gains tax. An individual does not have to pay the capital gains tax if they have lived in their home for at least two years.
  2. Work on your credit score. The majority of lenders require the borrower to have a minimum credit score in order to receive a loan. One of the most impactful ways to increase your credit score is through making payments before they are due. Another method is through paying off the loans that you already have. Ordering a credit report will give you your current credit score and provide you with any other information about your credit that may need to be fixed.
  3. Have a savings account. Before buying a home, you should be working on saving money. The entire home buying process requires money. Whether you are making the down payment or taking care of the closing costs, there are expenses that you need to be ready to pay upfront.
  4. Have a budget. You need to know what type, size, and area you can afford to purchase a home in. You also need to make a list of any additional costs that you will now have because of being a homeowner. This includes: taxes, mortgage payments, HOA fees, maintenance, etc. Experts advise that you spend less than 28% of your monthly income on your house.
  5. Have your mortgage pre-approved. A mortgage needs to be pre-approved before you begin the search for a new home. The pre-approval does not qualify you for a loan or ensure that you will qualify. It provides you with a good idea of how much you can spend on a home.

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