7 Steps to Buying a Home in Pierce County

how to buy a home in pierce county
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Buying a home can be a long confusing process, especially if it’s your first time. On top of that, Pierce County is feeling the pressure from the booming housing in King County, which adds another layer of difficulty and competition. So you might be asking yourself, how do I go about this home buying process? Here are 7 steps to buying a home in Pierce County.

Check Credit Score

Knowing where you’re at financially and credit wise, can help you understand the home buying process as well as make you confident in your decisions. The higher your score the better the interest rate your mortgage will be. On apps such as Credit Karma and Credit Wise, you’re able to see a fairly accurate representation of your credit score, as well as areas of opportunity. If your score is now where you’d like it to be, consider delaying buying a home in Pierce County until you’ve built up your credit.

Save Save Save

When buying a home in Pierce County, most home loans require at least 3.5% down, so it’s important to save enough so you’re able to cover that cost. A good rule of thumb is if you can’t save at least 5% down, you may want to reconsider buying. Ideally, you’ll be able to put 20% down, because anything lower will result in you having to pay mortgage insurance.

Plan For Expenses After Move In

Being a home owner includes additional costs on top of a mortgage. These costs can include property taxes, insurance and maintenance fees that can add hundreds of dollars per month. The bottom line is if your put everything you have toward this house, and have little left in your bank account, it may be wise to look at buying a home in Pierce County with a lower monthly mortgage.

Get Pre-approved For a Mortgage

Once you have your finances and credit all lined up, determine how much you can afford to spend and stick to that limit. To get pre-approved for a mortgage, you’ll have to find a lender. The lender will require documentation from you such as previous tax returns, pay stubs, and bank statements so they can determine the loan amount.

Start House Hunting

This is the fun part! Open up Redfin and Zillow and search for homes in the area you’d like to live. Spend your weekends touring homes and eliminating the homes you don’t like along the way. Remember, you’re not only buying a house but a life so be sure to look at schools zones, crime rates, and walkability of the neighborhoods.

Put in an Offer

You want to make sure the home your put an offer on meets your needs. It’s important to stay rations and stick with your price limit while buying. Home buying can be an emotional process, so it’s important to stick to your guidelines. A lot of times people go over their budget in bidding wars and end up over buying a home out of their price range.

Close!

If the seller accepts your offer, the offer will be contingent on securing the loan with your lender, a home inspection, and a walk through 24 hours before closing. Closing fees can add up to about 5% of the mortgage amount, so be sure you’re prepared to pay appraisal fees, title insurance, property transfer taxes, and inspection fees.

You may also like: Essential Home Buyer Tips.

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