Online, July 20, 2016 (Newswire.com) - LONG BEACH, Calif.--A new study from Southern California-based Farmers & Merchants Bank (F&M), one of the strongest commercial and retail banks in California for over 100 years, has found that over one-third of Southern California residents are ready to buy or refinance a home in the next year to year and a half.
"F&M has been built on serving community needs for over 100 years. We look forward to the opportunity of supporting millennials and everyone interested in improving their quality of life through homeownership"
The survey results suggest millennials are the most eager, followed closely by Gen X-ers, with 40% and 35% respectively of those reporting interest in refinancing or purchasing a home.
"Housing market trends at the local level often reflect what is happening on a national scale," said Daniel K. Walker, Chairman of the Board and CEO of F&M. "These findings indicate increased consumer confidence in the marketplace."
In the regional survey conducted by C.A. Walker Research Solutions of 600 adults with a household income of $25K or more across the Southland, 35% of residents stated that they plan on refinancing or buying a new home within the next 12-18 months, comprised of 16% who currently rent and plan on purchasing a home plus 19% who own and plan on refinancing their home. Among those reporting interest in refinancing or purchasing a home, 35% reside in Long Beach, 36% reside in Orange County, and 29% reside in Los Angeles County (does not include city of Long Beach residents).
"It is important to note that both Los Angeles and Orange Counties represent some of the most expensive markets in terms of affordability in the nation. I would highly recommend consumers do their homework around requirements to qualify for a home loan as early as possible in the process," said Michael J. McCarthy, Residential Lending Senior Vice President at F&M Bank. "At F&M we offer low down payment options with as little as 3% down which may be available to assist consumers with the affordability challenges."
"F&M has been built on serving community needs for over 100 years. We look forward to the opportunity of supporting millennials and everyone interested in improving their quality of life through homeownership," continued Walker.
F&M offers a wide variety of mortgage loans and lending products, including fixed rate and adjustable rate mortgages among others. F&M also offers Home Buying and Credit as an Asset workshops throughout the year at local branches. To date this year, F&M has provided $125 million in home loans.
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 24 branches across Orange County, Long Beach and the South Bay. The Bank specializes in commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the website, www.fmb.com.
Source URL: http://businesswire.com/news/home/20160720005262/en
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