A Home Equity Loan leverages the equity you’ve built in your home to get access to funds at a lower rate than other loan types. A Home Equity Loan is a closed-end loan, meaning you get a lump sum and repay it with interest over a specified term.
Your HELOC provides more flexibility to support your goals than other loan options due to the low adjustable rate, no minimum advance requirements, no prepayment penalty, and flexible repayment terms — during the initial 10-year draw period your minimum payments are interest-only, followed by a 15-year repayment period to cover any outstanding balance.*
The U.S. housing market, already strong before the pandemic, has heated up to record levels in 2021. The Case-Shiller U.S. National Home Price Index, which measures home prices in 20 major metropolitan areas, reported a 12-month increase of 18.6% in June 2021, the largest year-over-year gain in data going back to 1987.1
It’s a seller’s market out there — between historically low interest rates and low inventory, prospective home buyers are facing stiff competition. In our local market, homes are getting dozens of offers within just a few days of listing. Our partners at GreenPath Financial Wellness recently presented a webinar with insight into buying a home in this competitive market. In case you missed it, here are 5 tips for buying in a seller’s market:
“Home Title Theft” or “Deed Fraud” has received a lot of attention lately and sounds as scary as it actually is. Let’s take a look at what defines Home Title Theft and just how prevalent it really is.
Refinancing your mortgage might seem daunting, but a refi can lower your monthly payment or save you money with a better interest rate. We’re answering the most frequently asked questions about refinancing below,
It can be difficult to know where to begin when you’re handling someone else’s financial affairs. Below you’ll find the answers to the most frequently asked questions, and we’re here to help in the branches or at (805) 543-1816 during this challenging time. We also recommend you contact your legal advisor for assistance, as needed.
The purpose of home insurance is obvious. The tax rules surrounding home insurance, though, aren’t always so clear. For example, if your insurance won’t cover you for a given loss, are you simply left holding the bag, or can you expect some tax relief? And what about premiums — can you deduct them or not? Here are some tax tips to help you make sense of it all.
There are several ways to insure your possessions while you’re moving. Perhaps your current homeowners policy includes coverage for your personal property during a move. The policy may cover your possessions at the new location for a limited time, also. The same coverages, exclusions, and deductibles apply while you’re moving as they would for a regular homeowners claim.
One of the benefits of homeownership is equity. A Home Equity Line of Credit (HELOC) or a Home Equity Loan (also know as a second mortgage) allows a homeowner to borrow money using the home’s equity as collateral.
We are excited to announce that Melinda Bagby has joined SESLOC as Senior Member Business Loan Officer. In this role, Melinda is responsible for initiating new business growth and overseeing business member relationships, with a focus on Santa Maria and Northern Santa Barbara County, plus the five cities area of San Luis Obispo County.
We’ve asked our incredible staff to nominate their favorite 501-(c)(3)-designated organizations. Here are the eight groups we’ve selected for August:
We’ve asked our incredible staff to nominate their favorite 501-(c)(3)-designated organizations. Here are the eight groups we’ve selected for July:
As we celebrate our 80th anniversary, we’re building a more sustainable community for the next 80 years by doing 80 local acts that have a global impact.
As we celebrate our 80th anniversary, we’re building a more sustainable community for the next 80 years by doing 80 local acts that have a global impact.
