You’re ready to realize your dream of homeownership. You spotted the perfect neighborhood, the one with the tree-lined streets, tidy houses, and well-manicured lawns. The next step is to get a mortgage. It can become overwhelming very quickly! Take a deep breath and relax – although there is a fair amount to do – we can get you through the process fairly pain free!
Here are 5 tips to help you secure your first mortgage and make the process easier.
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Your home is probably your biggest asset. Have you ever thought of using the equity in your home to finance other “stuff”?
A home equity line of credit, or HELOC as we call it in the banking world, allows you to borrow money against the value of your home. It works like a credit card, you withdraw money as you need it> The difference between plastic and a HELOC is a home equity line of credit carries a low interest rate and is tax deductible. Win-Win!
5 Situations where a Home Equity Line of Credit makes sense:
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Sales are great. Customers keep coming back. Your cash flow is positive.
Congratulations! It sounds like your small business has successfully capitalized on a great idea. It might be time to expand.
At Litchfield Bancorp we know that small businesses are the workhorses that drive the U.S. economy. We love seeing them grow and prosper.
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Purchasing a second home is often the first step toward fulfilling a dream. Maybe you’ve reached retirement age and hope to relocate to a sunny climate soon. Or maybe you want a second home for your growing family to gather on holidays and on the weekends.
Whether you are buying your second home as a family retreat, for a future primary residence or an investment, here are four ways to get you started.
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“Recycled.” “Gently used.” “Vintage.” Call them whatever you like. But buying second-hand goods is a great way to save money to achieve your financial goals.
During the recession, Americans looking for ways to cut spending began shopping at thrift stores and buying used merchandise. The trend continues today with sales increasing 12 percent since 2008, according to the Association of Resale Professionals.
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I have spent my long banking career at a few (some people say “a number”) of banks here in Connecticut. At each stop I have had the pleasure of working with small and medium sized businesses who work every day to promote their products and provide jobs for thousands of people in our state. Each of those businesses also realize that the communities that they are in are very important to the success of their business. It is those people in the community who buy their products, educate their employees and their employees’ children, and provide a secure environment in which to live.
Continue reading “Why should a business bank with a local community bank?”
House Hunters and other HGTV shows can make home buying seem so breezy. Spend the day with a fun, sassy real estate broker, check out a few fabulous properties, relax with a glass of wine, and decide on your dream home.
But for first-time homebuyers who aren’t living in a “reality TV” fantasy, the process can be stressful and overwhelming. So much to think about and so many options!
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We applaud the entrepreneurial spirit of those who take the plunge to start their own business. Whether you will be cleverly filling a retail niche or hanging a professional shingle, there are “must do’s” that apply to virtually all start-ups.
A key takeaway is that even if you are striking out on your own as a solo practitioner, you really do have to build a team to be effective and successful. Most of our tips involve making sure you have the right folks in place to support your nascent enterprise.
When planning your business, add these five “must do’s” to your agenda:
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The trend toward employers offering high-deductible health plans (HDHP) — and no other option — seems here to stay, like it or not. HDHP coverage is growing at a 15% pace, annually. In 2005, such plans covered 1 million people. Now, they cover more than 15 million, including 10% of those in Connecticut who are under 65 and have private insurance.
Some consumers fear a HDHP because they worry about being on the hook for that deductible, should they need significant medical care. The silver lining, though, is the ability to pair an HDHP with a tax-advantaged Health Savings Account (HSA).
Continue reading “Health Savings Accounts: Get the details and grab the tax benefits”
Getting caught in a cash flow crunch is an all-too-common headache for even the most successful small business owners. It’s the reason why 29% of startups fail, the second most common cause behind “no market for the product,” according to research by CB Insights. Even profitable small businesses that don’t have a substantial cash cushion can meet this unfortunate fate.
There are multiple options for averting a cash crisis, but all are definitely not equal. For example, it’s tempting for owners to whip out a business credit card (or even a personal card) for a cash advance or to cover an unexpected expense. Viewed as a very short-term boost, the quick credit card solution comes with earnest plans to pay it off just as quick, in a month or two, max.
Continue reading “Should I use a line of credit for business working capital?”