Martin LaMar: Ready to be a Homeowner? Here’s What You Need to Do
You hear the words you’ve been waiting to hear for months, maybe years now: “She’s all yours!” You’ve just purchased your very first home, and you couldn’t be more elated. But how exactly do you get to this point? Here is a rundown on what you can do buy your first home as quickly and efficiently as possible, according to real estate expert Martin LaMar.
Are You Truly Ready?
Be sure that you are truly ready to purchase a house, both financially and emotionally. If you’re considering relocating in the near future, this might not be the best time to buy. In addition, if you’re lacking the money you need for your down payment as well as closing costs, it may behoove you to wait. (In fact, if coughing up the money for a down payment and closing costs means you have to empty your bank account, it’s probably best you hold off on buying a home.) If you choose to buy a house at the wrong time, the home may quickly become a curse rather than a blessing.
What Does Your Real Estate Team Look Like?
Make sure that you surround yourself with the right professional team. Sometimes deals don’t close simply because the wrong professionals are involved. The real estate agent you hire needs to be able to act quickly when new listings enter the market. This individual must also be able to advise you in an honest manner when you’re ready to prepare your offer.
Who’s Your Lender?
You’ll also need to have a reputable lender lined up already when you’re ready to embark on your home search. After all, your lender is the most critical party when it comes to closing on a home in a timely fashion.
Part of the process of working with a lender is getting preapproved for a mortgage. This process will let you know how expensive of a home you can actually afford according to your mortgage professional and what your closing costs will total. Of course, keep in mind that just because you’re preapproved for a $250,000 home doesn’t mean you need to buy a house that expensive.
Your ultimate goal is to find the perfect house for your personal needs or your family’s situation without necessarily breaking the bank. After all, if you’re like many Americans, buying a home is a 30-year commitment, according to Martin LaMar. It simply pays to get it right the first time around.