Posts Tagged Money
Posted by Laura Nelson on March 14, 2010
DuPage Credit Union is a not-for-profit, full service, financial institution with more than 30,000 Members. With a long-standing tradition of superior service, DuPage Credit Union offers financial solutions to anyone who lives or works in DeKalb, DuPage, Kane, Kendall, Lake, McHenry or Will counties.
Members come to the Credit Union for a variety of reasons and in today’s Buyer’s Market many have chosen DuPage Credit Union as their trusted mortgage lender. Members feel secure knowing they are working with a knowledgeable team of non-commissioned Mortgage Specialists who have their best interests in mind. Another unique advantage is Members will always make their first payment to their last to the Credit Union and there are no pre-payment penalties.
The Credit Union also offers a variety of seminars and services tailored to the meet the ever-changing marketplace, such as:
– Buying and Selling a Home in Today’s Market Seminar
– First-time Home Financing Seminar
– Personalized Mortgage Evaluations
– Free Mortgage Rate Watch Service
DuPage Credit Union’s award-winning website, at dupagecu.com, features all of the Credit Union’s products and services designed to help Members save time and money including: online applications, Online Banking, seminar dates and free car-buying tools.
Branch Offices are located in Bloomingdale, Downers Grove, Geneva, Naperville, Villa Park and Wheaton. To learn more about DuPage Credit Union and the many benefits of Membership, visit a Branch Office, dupagecu.com or call (800) 323-2611.
Posted by Laura Nelson on March 14, 2010
By Bob Hutchinson, President, Wheaton Bank & Trust
More then ever people are needing to access their money to cover unexpected expenses. Every day, thousands of homeowners are getting notices that their lines of credit have been frozen and they can’t use them to borrow more money, while others are seeing their limits drastically lowered. Declining values and default rates in the past two years have caused lenders to tighten standards, while other larger banks have stopped making Home Equity Loans all together.
Borrowers still need money and finding the right bank to meet your needs seems harder than it sounds. Community banks have grown at a faster rate than their larger counterparts, due to the fact that smaller banks were not buying into risky securities.
Banks such as Wheaton Bank & Trust, a holding company of Wintrust Financial, are benefiting from the pullback of the larger banking institutions within the community. One of the many advantages that Wheaton Bank & Trust offers is the flexibility to review the application and meet with the borrower to gain a better understanding of their sometimes unique situations. In addition to looking at credit scores, cash flow and debt ratios, Wheaton Bank & Trust has the ability to look at other criteria that might not fit into clearly defined parameters which sometimes mean the difference between obtaining a loan or not having the security needed to cover those unexpected expenses.
If you are a homeowner and are in need of cash, it may be difficult to decide which loan best fits your needs. One must weigh the pros and cons of each product and understand the conditions before you sign.
A Fixed Home Equity Loan is a fixed rate second mortgage. Fixed-rate loans provide a single payment lump sum which is paid back over a defined period. The payment and interest rate remain the same over the life of the loan. The advantage of this type of loan is knowing how much you have to pay each month which makes for easier budgeting.
A Home Equity Credit Line is product where the borrower is pre-approved for a specific spending limit and can withdraw the money as needed. You pay only the interest on the amount that you borrow, if you don’t borrow anything, you don’t pay back any interest. The interest rates on these products are much lower than credit cards, and the interest paid can be deducted when you file your taxes.
For more information on these products stop by or call Wheaton Bank & Trust located at 211 S Wheaton Ave, (630) 690-1800, and talk with a banker to see if one of these products is right for you.
Posted by Laura Nelson on January 18, 2010
Steve Thoren, Certified Senior Advisor, First Choice Bank
A reverse mortgage enables homeowners 62 years of age or older to tap into the equity of their home and receive a tax-free source of cash. With a reverse mortgage, you don’t make monthly payments, you receive them.
This special type of home equity loan is not due or payable as long as you occupy your home as your primary residence. Simply stated, you get the equity in your home returned to you to use as you need it. The amount of money you can receive is based upon your age and the value of your home. There are no restrictions on what you use the money for because it’s already yours.
The most common need for a Reverse Mortgage is to offset monthly expenses so you will be able to remain living in your home and continue life as you know it: independent! It is often used to offset caregiver expenses or to pay off an existing mortgage so as to eliminate that monthly bill. Additionally, it can be used to enhance your life by allowing you to afford to travel; or maybe even help kids or grandkid with expenses like college.
With a reverse mortgage, you can choose to either receive monthly checks or a lump sum at closing for you to manage, or a combination of both. All you are responsible for is paying your annual real-estate taxes and home owner insurance. The interest rate is very low and is only imposed on the amount you have taken out.
A reverse mortgage is not for everyone. For instance, if you have plenty of money saved or your income is greater then your living expenses, you do not need a reverse mortgage. However, if for instance your spouse passes away and subsequently his pension goes away, you may find yourself tapping into savings every month. In this case a reverse mortgage might be the option of choice to assist you with being able to “age in place”. There are many scenarios where a reverse mortgage can help you stay in your own home.
Steve Thoren, a Certified Senior Advisor (CSA), is a Reverse Mortgage Specialist with First Choice Bank. Steve is available to meet with you and your family to discuss whether this is an option that fits your situation. If you or someone you know might benefit from meeting Steve, pass along his contact information.
Reach Steve Thoren at (630) 845-0500 (office) and (847) 840-7319 (mobile) or via email at SThoren@firstchoicebanks.com. First Choice Bank is located at 330 S. Naperville Rd., Wheaton, and 1900 W. State St., Geneva. www.firstchoicebank.com.
Posted by Laura Nelson on November 20, 2009
Go ahead, peek into that tiny drawer in your jewelry box or the corner of your dresser where you keep all the broken and mismatched jewelry. If you are like most women, you have: 1) a single stud earring whose twin went down the drain; 2) a pearl or beaded necklace with a broken string; 3) a cocktail ring with a stone missing; and / or 4) a long, karat-gold chain that is hopelessly tangled.
Steve Woodworth, of Matthew Erickson Jewelers, Aurora (Fox Valley), says “The best thing about fine jewelry–aside from its beauty–is that it can be recycled, restyled and redesigned by our experts to produce a piece that will give you years of wearing pleasure.”
Gold and platinum can be melted down; diamonds and gemstones can be reset into stylish pieces. It’s time to gather all those damaged pieces and have them recycled into something you can enjoy.
In addition to damaged and broken jewelry, how about that old diamond stick pin you inherited from your aunt? Or that ring from Grandma that is several sizes too small? Keep the sentiment, but change the design.
For example, some clients have turned a single stud earring into a modern, bezel-set pendant. Others have popped the diamonds out of the ring and used them to create a scintillating pendant or to frame a sparkling colored gemstone in a contemporary ring.
A single gold earring? Change the ear wire into a bale and wear it on your favorite chain. Finally, any pearls, gold or gemstone beads can easily be matched to recreate a longer version of the original necklace or reworked into a fashionable bracelet.
A current Holiday special allows customers to double the cash back in store credit on gold sales. Visit Matthew Erickson Jewelers at 4421 Fox Valley Center Drive (located in the outer ring of Westfield / Fox Valley mall), Aurora, (630) 820-0300, www.matthewericksonjewelers.com
Posted by Laura Nelson on November 20, 2009
Linda Scott, VA Loan Specialist
November is a month to reflect and give thanks. On Veteran’s Day, November 11th, we thanked our Veterans for their sacrifices which have kept our country free.
Our Veterans receive home loan benefits through the GI Bill originally passed by President Franklin Delano Roosevelt in 1944. Through the GI Bill, Veterans are able to secure federally guaranteed mortgage loans with no down payment. This feature has helped many Veterans and their families turn the dream of home ownership into a reality.
VA loans will guarantee a maximum of 25% of a home loan amount up to $104,250 to the lender, which limits the maximum loan amount to $417,000. Generally the reasonable value of the property, or the purchase price, whichever is less, plus the funding fee may be borrowed. Veterans are not automatically eligible, so they must meet the program’s qualifications.
VA guaranteed loans are made by private lenders, such as banks and mortgage companies, to eligible veterans for the purchase of a home, which must be used for their own personal occupancy. Banks and mortgage companies will pre-qualify the veteran and determine his/her eligibility for the program.
Some of the highlights of the program are:
• No down payment
• VA funding fee can be financed
• Seller can contribute up to 4% towards closing costs
• Competitive interest rates / 30 year fixed rates
Glen Ellyn Bank and Trust participates in the VA Home Loan Programs. Interested Veterans please call Linda Scott, VA Loan Specialist, at (630) 588-4079. Glen Ellyn Bank and Trust is located at 500 Roosevelt Rd., Glen Ellyn.
Posted by Laura Nelson on September 5, 2009
Fall is almost here, and holiday engagements and jewelry purchases aren’t far behind. We thought this would be a great time to present our mini refresher course on diamonds:
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