May 1, 2013

Today’s housing market: The best of three worlds

Low mortgage rates are driving the new home purchase market from both ends−buying and selling. Buyers are eager to lock in on these low rates, but home values are steadily rising as well, making selling a more attractive option to those who might have been holding out.

But a third market is heating up as well−home equity. With rising home values, owners are finding their increased equity useful for financing structural improvements, college education plans and other purchases. So even if you plan to stay put for a while, rising home values make it easier to qualify for a home equity loan.

This is a dynamic lending environment that seems to change daily. It’s been quite some time since we’ve seen this combination of low mortgage rates and rising property values. Visit a branch, call (616 or 800) 242-9790 or go online at today to find out more about our mortgage programs or to find a loan officer in your area.