In the Market: A word to avoid in describing homes

Nneka Madus
Posted by Nneka Madus
Mortgage Market Analyst

This weekly feature is a real estate news and 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, an 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.

Young couple with woman holding a baby looking inside new home with an agent. The walls are very white.Resolutions are frequently goals set to improve yourself. I normally don’t make resolutions, but this year I decided to make one? to take more pictures (I’m that annoying friend who is always asking you to text me the pics later). Maybe some of you have a more serious goal in mind for 2015, like buying a home? Before plunging into the homebuying process, you may want to check out some resolutions Brendon DiSimone from FoxBusiness suggests. Brendon’s article might help you determine if buying a home this year is a resolution you want to tackle.

Appraisals seem simple enough. They are used to determine a property’s value so a lender feels more comfortable providing a loan backed by that particular home. But there’s a lot about appraisals that may surprise you. Luckily, Daniel Goldstein from MarketWatch has compiled several did-you-know appraisal tips for potential homebuyers. My favorite? You pay for the appraisal, but the appraiser works for the bank.

In my world, anything that looks good is “cute.” “Congratulations on your new home, it’s super cute.” **record scratch!** Did I just say about someone’s home? You might want to be more careful when describing someone’s new home as cute, according to MarketWatch’s Quentin Fottrell. In his article, Quentin gives some etiquette tips to use when visiting your friend’s new home. Looks like I may need to find a new word to use!

Lower mortgage rates are dominating the headlines, and homeowners that haven’t been paying attention may miss out on an opportunity to lower their mortgage rates. Currently, interest rates are far below the 5% rates that ruled in early 2011. If you haven’t already done so, you may want to bust out your calculator and call your lender. There are many factors that may help determine whether now is the time for you to refinance. Neil Irwin from the New York Times presents some considerations that may help you make that decision.

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