HELOC

Summary of Goals, Needs and Recommendations After a review of the information gathered by Mr. Bartlett during your initial meeting, we have been able to prepare a financial plan that will speak to your specified short-term and long-term goals and concerns. We have listed your goals based on your needs and time horizons. Short-Term Goals • Complete the home renovations (basement) in two years of $12,000.00 • Purchase the family business within two years - $100,000.00 • Pay off Natalie’s student

This summer, I had the pleasure of interning at Fortress Bank, previously known as First State Bank of Illinois, at the branch in Monmouth Illinois. The internship surrounded topics that correlated with my international business degree. I gained first hand experience with everything from financial regulations to loans. It was wonderful to be able to take concepts outside of the classroom and see how they are applicable within the international business world, specifically the world of banking.

The Truth In Lending Act was established 30 years ago, and governed mortgage loan disclosure procedures. New rules regarding procedures set forth by the Truth In Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) went into effect on October 3, 2015. The rules combine provisions previously set forth by both acts, and combine rules regarding mortgage disclosures. The new guidelines are published in a document that encompasses nearly 2,000 pages and affects every agency that deals

estate lending at the examination date. The real estate loan portfolio totaled $3.74 million and represented 33.98% of total loans and 62.92% of net capital at the examination date. The real estate loan portfolio consisted of 52.43% in fixed-rate HELOCs and 47.57% in fixed-rate first

In the past years we have seen a huge decline in the housing market. There have been numerous failures with some of our large institutions and we have woken up in a financial work completely different from two years ago. Our current recession was brought on by many things. People have been using their home equity lines as credit cards, corporate greed, bad loans including subprime, and a lot of very bad decisions by consumers. Our government has taken many steps towards trying to improve our

As we approach the middle of October, many of our friends and neighbors are thinking about updating their New Jersey or New York Metro home with Energy Star certified replacement windows and patio doors. Cold weather is ahead, and you've decided this year you aren't going to fight drafty corners or put up with excessive condensation that drips onto the floor beneath your windows, we can help. Making financial decisions if just as important as considering which style, or styles, are perfect for every

Which is the best way to pay off credit-card debt? a. Dip into your emergency savings. b. Pay the largest portion you can afford from your salary every month. c. Take out a loan from your 401k at a lower interest rate than the credit card. d. Use a HELOC (Home Equity Line of Credit) to pay off

second mortgage was a statistically significant indicator negatively impacting the value of financial assets. The home equity line of credit payment was statistically significant at the .05 level for predicting a decrease to financial assets. The HELOC represents an important source of liquidity for borrowers. However, the risk of borrowing equity from the home decreases resources that would be available in retirement and increases the number of years required to pay off the home. Pre-retirees with

Fixing Up tThe Homestead: Where tTo Spend Your Money Is there anything in the world that’s quite the same mix of frustrating and rewarding as home improvement projects are? Perhaps raising children — definitely raising goats. In that respect, at least your house doesn’t put up a struggle at bedtime or jump the fence to get into the neighbor’s garden. However, when it comes to home improvement, you can end up a bit stumped as to what projects to tackle first. Luckily, it’s not too hard to make the

1.  What are the two ways Countrywide – or any mortgage lender - made money?   In the beginning, Countrywide started making money by offering people mortgages that had very low rates. That didn’t make them #1 in the industry and when Angelo Mozilo became the only owner and the CEO of Countrywide, he decided to enter the risky-mortgages business so that he has the biggest share in the industry. This is how Countrywide started making the big money. Angelo’s theory was that all people should have