In the Market: Thoughts on choosing a mortgage
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.Choosing a mortgage can be difficult. First-time homebuyers have a lot to consider when buying a home: location, new versus existing home, how much they can afford, and, of course, what type of mortgage. Mark Huffman from Consumer Affairs offers some help with a look at FHA and conventional mortgages. One point he makes that’s worth emphasis: It’s not always about the lowest down payment. Your home is your sanctuary. You buy furniture to make it comfortable and decorate your home to give it your personal touch. Sometimes people go further on giving their home a personal touch by remodeling an entire room. Maybe you’re like me and your bathroom doesn’t have enough space for you to admire yourself in the mirror. Perhaps you want to add a kitchen island for additional eating space. Making your home more “you” may seem like a good idea, but Kira Brecht from US News & World Report says to do the math first. She reports that the resale value of remodeled bathrooms or kitchens declined this year. You may want to check out Kira’s piece before plunging into a home improvement project.