#CreditChat Recap with Jeanne Kelly ā May 14, 2025
This weekās #CreditChat with @Experian focused on one of my favorite topicsāfinancially preparing to rent or buy a home. Whether you’re just getting started or looking to level up your living situation, your credit and financial readiness can make all the difference. I shared tips from my own experiences and advice I give clients every day. Here’s the full recap:
Q1: How do you decide whether to rent or buy a home?
A1: I knew I was ready to buy when I wanted to stay in one place for over five years and invest in something of my own. One of my favorite moments was when Cassandra got to pick any color she wanted for her roomāshe chose the prettiest shade of blue.
Q2: How do you determine what you can afford?
A2: Talk to a mortgage lender so you know whatās truly realistic. You might be comfortable with your rent now, but owning comes with property taxes, insurance, and maintenance. Better to be prepared than overextended.
Q3: How does your credit impact renting or buying?
A3: Your credit report and score are your financial report card. Landlords and lenders want to see responsibility. My #1 rule? Always know whatās being reported about you. Pull your credit and review it before making a move.
Q4: What upfront costs should you expect?
A4: Renting can require first month, last month, and security deposit. Buying might actually require less down, depending on the loan program. There are many optionsādo your homework and compare!
Q5: What are some ways to save for a down payment or deposit?
A5: Plan ahead and look into unexpected savingsālike credit card rewards. According to a LendingTree study, nearly 70% of people have unused rewards that could be converted to cash. Donāt leave free money sitting there!
Q6: How can budgeting help you prepare?
A6: Seeing where your money comes in and where it goes out is the first step to building a real plan. If your goal is to own a home, adjust your spending to move closer to that. Every dollar counts.
Q7: Why consider hidden or recurring costs?
A7: Taxes go up, utility bills vary, and not all listing prices include the full picture. The seller may have tax breaks you wonāt qualify for. Ask the right questions and keep a checklist of expenses like insurance, HOA fees, and maintenance.
Q8: How do you evaluate the neighborhood?
A8: Visit the area at different timesāmorning, night, school drop-off hours. Walk around and drive beyond the realtorās route. A neighborhood can shape your daily life, so donāt rush this part.
Q9: How can you protect yourself financially before renting or buying?
A9: Start with an emergency fund in a high-yield savings account. And if buying feels too financially risky right now, it’s okay to wait. Your peace of mind matters too.
Q10: What red flags should you look for in a lease or mortgage?
A10: Never sign anything without legal review. Thatās why I share LegalShield membershipsāitās affordable protection thatās saved me more than once.
š jeannekelly.wearelegalshield.com
Bonus Tip: If you’re starting your homeownership journey, check out my free First-Time Homebuyer Webinar here:
š creditlifestyle.com/home-buyers-optin
š¬ Final Thoughts
Thank you @Experian for another amazing #CreditChat! Iām always grateful to join these empowering conversations. Renting or buying, it all starts with smart planning and healthy credit. Keep showing up for your futureāyouāve got this!
