The theme of this month’s Fifth Third Community Connection is, “Options and Opportunities.”

Options, to let you know that whatever situation you find yourself in financially as a result of the tough Michigan economy, there are ways to work through the difficulty. Fifth Third, and I would say most banks, are more interested in keeping customers than owning a home or a car. It is good business for banks to have a large growing customer base. We are not in the business of owning property. So keep this in mind when unexpected financial hardship or life changing events make it difficult to pay your mortgage, car or other loan payments. Banks have experts prepared to accurately identify and analyze the problem and find a solution to remedy the situation. These are often long-term fixes and will require diligence and patience on the part of the customer. But in the end you may get to keep a house you thought you were going to lose. The most important thing for you or someone you know to do is to call your bank. It does no good to wait. I know it can be a hard call to make but you can’t begin to solve the problem until you talk to someone at your bank about what is holding up your payments.

At the same time this is a market with lots of opportunities. If you do not own a home and would like to, this is a great time to be in the market. Interest rates remain historically low. If you qualify, mortgage options are perfect for first time homebuyers. The Federal Housing Administration (FHA) has programs designed to assist you with your first mortgage and banks like Fifth Third facilitate these FHA programs. The affordable rates can be applied to fixed rate mortgages so you don’t have to worry about the mortgage rate adjusting up at a later date.

Mortgage programs like FHA coupled with a housing market that is ripe with bargains make it an opportunistic time to be out looking for a new house. As with any major purchase you should consult the experts. Come into any Fifth Third Bank or call us to find out how we can help you in this important decision. One meeting will give you the information to know if you can qualify for a mortgage and importantly what price range you should be house hunting in.

Finally, for those of you who own a home and can’t see yourself moving because it would be too hard to sell what you have, think fix up. Many home builders have shifted their business to the remodeling mode and you should be able to find one that can do your job whether it’s an addition or just some fresh siding. Again, your Fifth Third banker can help here as well.

An east side developer taught me years ago that in every market there are options and opportunities. Those that have the vision to see them and the strength to reach out for them will win in the long run. Here’s hoping that options and opportunities come through for you.