4 Keys to Being A Smart Real Estate Consumer

We have another blog post dedicated towards consumers! Buying a home or renting an apartment is a big decision personally and financially and it can sometimes seem like an intimidating process. Use these tips to make the right decision!

Educate Yourself

Do your research! Instead of relying on what others say, figure out for yourself how much you can afford. This way, you can go into the conversation with the real estate agent, landlord, property manager, mortgage lender, or seller armed with information. Having that knowledge will allow you to make better decisions and feel more confident financially.

Ask Questions

Some of the real estate lingo will be new to you. Even after doing your research, you may come upon some issues you don’t fully understand. Don’t be afraid to speak up. You are spending a lot of money and should feel comfortable.

Don’t Forget to Look at Alternatives

Just because you’ve reached a certain age or stage of life doesn’t mean buying a home is always best. Look at the alternatives if you need to. In this case, you could rent instead of buy a home. Make sure you know if you should rent or buy before you sign the mortgage agreement.

Know Your Credit Score

Your credit score can have a big impact on how much you will ultimately pay for your house. Mortgage lenders will use your credit score to determine how creditworthy you are, which factors into the interest rate on your mortgage loan. The greater the risk that you might not repay as agreed, the more interest they will charge, and the more you will pay in total to own the home. You may also want to pull your credit reports, on which your credit score is based, to make sure they’re accurate and up-to-date.

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