In the Market: Precautions to protect yourself

Posted By Nneka Madus In Your Home | No Comments

This weekly feature is a real estate information roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure. Nneka Madus, a marketing analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.

Man in jeans with tool belt carries a ladder walking on an empty room's hardwood floor. [1]Moving into a home from an apartment (or bedroom) can be super exciting, but it may also be a major adjustment. Aside from the decorations to pick up from Pottery Barn, there’s so much more that goes into making a home a home. Who can tell me when you should check your furnace and HVAC filters?

If you are like me, you haven’t the faintest idea. Thanks to this Houzz article from contributor Christine Tusher [2], I now know I may want to check the filters as soon as I move into a new home and before I run to the store to buy decorations. Christine’s maintenance guide may help new home owners avoid home hassles down the road.

It’s your money, so you may want to take precautions to protect yourself. The Consumer Financial Protection Bureau (good people, look them up) has been clamping down on some deceptive mortgage operators. As a first-time home buyer, it could be easy to fall for the tricks dubious lenders pull, but with a heads up and a little education, you may be able to avoid some traps. Lew Sichelman from the Los Angeles Times [3] exposes some common tricks consumers may want to know about.

OK, full disclosure here: The mortgage process may not be the easiest thing to go through, particularly closing on a mortgage. You would think that this is a happy, glorious time, but can you believe that people actually walk away at closing? Apparently it happens. Casey Bond, a personal finance writer [4] and contributor to Huffington Post gives some tips to help make the closing process smoother and avoid what the NYTimes piece called “the real estate version of road rage.”

Losing your job can be tough enough. So how do people deal if they are days or weeks away from closing on their dream home? Chris Birk explains in his Credit.com blog [5] why losing a job may not automatically mean the end of a home purchase or loan approval, and why he recommends that borrowers let their lender know if they lose their job.


Article printed from Bank of the West: https://changematters.bankofthewest.com

URL to article: https://changematters.bankofthewest.com/2014/10/21/market-precautions-protect/

URLs in this post:

[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2014/10/home_repair_man_crop.jpg

[2] Houzz article from contributor Christine Tusher: http://www.houzz.com/ideabooks/28900284/list/a-first-time-buyers-guide-to-home-maintenance

[3] Lew Sichelman from the Los Angeles Times: http://www.latimes.com/business/realestate/la-fi-lew-20140921-story.html

[4] Casey Bond, a personal finance writer: http://www.huffingtonpost.com/casey-bond/5-ways-to-avoid-real-esta_b_5864596.html

[5] Chris Birk explains in his Credit.com blog: http://blog.credit.com/2014/09/help-i-lost-my-job-while-i-was-buying-a-home-96263/

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