In the Market: Sports rituals vs. housing rituals
This 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.During the football season, I have a ritual to “ensure” the Indianapolis Colts win: I cross my fingers, say a quick prayer, and throw on one article of “Colts Blue” clothing before every opening kickoff. Considering how this season has gone, I’m not sure the ritual is working, but it does help to ease my nerves … a little. I’m sure I’m not the only one with a special ritual or superstition to “get one’s way,” and real estate is maybe a bit like sports. We humans may do almost anything to find our dream home or sell our current home quickly. In this realtor.com article, Gina Roberts-Grey highlights some practices homeowners resort to in a time of need — burying a statue or smoking out bad influences could be just what you need to jump-start your home buying (or selling) process. No guarantees! Not all title insurance is created equal. There are two types, and only one of them is actually designed to protect you. Typically a bank will do a title search as part of the mortgage process to determine if any legal claims or rights are attached to the house. Many homebuyers mistakenly assume that getting a lender’s title insurance policy protects them. Not necessarily. This is one lesson you may not want to learn after you’ve put down your hard-earned cash to buy your dream home! Check out this realtor.com article where Gina Roberts-Grey covers two types of title insurance that may help you avoid five homebuying nightmares. If you’ve been paying attention to what financial experts are reporting, then you probably know one thing: Interest rates are rising! With all the hoopla surrounding rising interest rates, you may wonder what it means for you as a potential home buyer or borrower. According to Kristin Wong from NBC News, the short answer is that interest rates on all kinds of consumer loans (including mortgages) will likely go up, but there is no need to panic. Rates are expected to rise slightly, which means monthly payments on loans may rise slightly as well. But, she points out, even a slight change in rates can add up to a lot of money on a 30-year mortgage. Rising interest rates aren’t totally the pits; there is at least one potential benefit. Check out Kristin’s article in NBC News to find out about that.