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

Qualify for a Home in 5 Steps

One of the first steps to home ownership is preparing your finances. By following these five steps, you will be on your way to being approved to purchase a home. Each step is essential to moving the home buying process along smoothly. Here’s how you can qualify for a home in 5 steps:

  1. Pre-qualification. Talk to a loan officer to determine how much you can afford to spend on a home. The loan officer will ask you specific questions about your finances. The conversation should only take about an hour. They will then give you an estimation on how much you should be able to spend, providing you with better knowledge of what types of homes you should be looking to purchase.
  2. Pre-approval. Prior to finding a home, you will need to be pre-approved for a mortgage. This process is done with a lender. It is a more detailed and longer process, as you will have to turn in documents regarding your income, employment, and so forth.
  3. Home shopping. One you are pre-approved, you can begin looking for a home. The amount you are given from the pre-approval should be your budget. A pre-approval will help you be more favorable to the seller.
  4. Make an offer. After finding a home that you like, you have to make an offer for that home. If the offer is accepted, then you can begin the application process for a loan. If you have been completing these steps, then you should already be pre-approved for a loan. This should help the process go faster.
  5. Keep your financial situation stable. If you make any drastic changes to your finances, you may not retain your status of being pre-approved. You should refrain from making large purchases and changing jobs. If all of the paperwork is processed smoothly, you will be approved for the loan, enabling you to purchase the home.

If you complete these five steps, all you will have left is officially signing the documents and receiving the keys! The home is yours! Pat yourself on the back; you made it through the financial aspect of buying a home in a smart manner.

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