Navigating the 2024 Housing Market Trends and Insight

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Published On:
February 02, 2024

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Are you wondering what mortgage trends you can expect in 2024? We have taken a deep dive with our Arbor Financial Credit Union mortgage experts to see what they believe we can expect this year. Here are our 2024 mortgage trends.

Flexible Mortgage Products Will Continue to be Important

As the current rate environment changes, mortgage lenders need to provide and continue growing their product offerings to help fit each individual’s unique situation. Here at Arbor Financial, we have many products to help you achieve your goal of home ownership no matter where you are in the homeownership journey. If you are looking to build your forever home this year, we have great one-time close construction loan options. If you are looking to move shortly after purchasing a new home, one of our ARM mortgages may be right for you. We also have great options for first-time buyers, down payment assistance programs, and more. Learn about our mortgage options and talk to one of our mortgage specialists today to see what option is best for you and your specific needs.

Home Equity Loans Will Continue to be a Popular Option Over Refinancing

For homeowners with a low-rate mortgage, opting for a home equity product over refinancing can be a strategic financial move. Refinancing typically involves replacing the existing mortgage with a new one. Comparatively, home equity products leverage the equity in your home without altering your existing mortgage. This option can be helpful when interest rates are on the rise, as homeowners can access the equity for major expenses such as: home improvements, education, or debt consolidation without sacrificing their favorable mortgage rate. At Arbor Financial, we offer two exceptional home equity products. One is a Home Equity Loan, this provides a fixed rate for a set term. The second option is a Home Equity Line of Credit (HELOC); this product allows you to make draws on a specific amount and then make payments similar to a credit card. This option has an interest rate that can change over time, but you do not need to pull out all the money at once, and it can be used as a safety net, including as a form of overdraft protection.

An Increase in Down Payment Assistant Programs

Down payment assistance programs have begun to grow over the last few years and will most likely continue to do so this year. Here at Arbor Financial, we work with many organizations to provide down payment assistance and help you achieve your goal of homeownership. One of our most popular programs comes from our partnership with MSHDA. This partnership allows us to help qualifying members in Michigan get up to $10,000 in assistance. Talk to a mortgage specialist to see what you may qualify for.

An Increase in the Number of First-Time Homebuyers

Every year, we are able to help get more first-time homebuyers into their first home, and we will continue to see this in 2024. Here at Arbor Financial, we have a lot of services to help first-time buyers, including yearly seminars with our mortgage experts, a comprehensive e-book, and top-tier products created with first-time buyers in mind. Talk to one of our mortgage specialists to see how you can become a first-time homebuyer this year!

Looking at 2024, we see a mortgage environment that focuses on individual needs and products to help you achieve your goals, no matter where you are in your mortgage journey. Here at Arbor Financial, we look forward to helping find innovative solutions and getting more people to achieve their homeownership goals and aspirations with our unique products and services.  

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