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What is a Home Improvement Loan?

March 10, 2017

Live Smarter with the right financing

When is a Home Improvement Loan the Right Choice?
This loan program was created for those newer homeowners who have not yet built equity to use as collateral for a home equity loan, yet still want or need to do home improvements. It is also for those homeowners who are looking for shorter term loans with an immediate timeline for funding.

Home improvement loan proceeds are typically used for home repairs and renovations, such as a furnace, hot water heater, roofing or siding project, or kitchen or bathroom remodels. You decide!

Home Improvement Loan Options and Terms
Home improvement loans are funded within days of applying. Rates are fixed, and can be amortized from 1 to 10 years. If you’re approved, we can help you find a solution that fits your needs.

What About a Home Equity Loan?
A home equity loan is simply based on the value of your home less any outstanding mortgage balances. If there is equity, the home would be collateral, giving you more attractive terms, such as a lower interest rate, and longer repayment options up to 20 years. It does take time to fund a home equity loan, as an appraisal and other required tasks are necessary.

There are two types:

A Home Equity loan offers a one-time distribution of funds. Repayment of principle and interest begins immediately, over a period of time selected by you. We offer a variety of terms to fit different needs.

A Home Equity Line Of Credit (HELOC) is a revolving line of credit with a maximum loan amount determined by the equity of your home. These funds can be available over a period of time. You can use them as you need. Interest-only monthly payments are required during the draw period. Additional principle payments are also accepted any time you wish to pay the line down.

Applying
The application process is simple. We’ll review your credit when you apply, find where you can save, and review all your options. Let us handle the financing while you shop for your home project.

Contact us to set up an appointment today, and get started on your way to a better home!

Discover the Mohawk Valley Home Show

March 16, 2017

Live Smarter with New Services and Seminars

First Source is proud to support the Home Builders & Remodelers Association of Mohawk Valley in their initiatives year-round. They educate, train, and network, and bring together builders, contractors, interior designers, realtors, home owners, and others to learn and discuss all things home building in the Mohawk Valley. We are a financial resource for consumer and business loans, and are pleased to work with the Home Builders Association.

One of the organization’s major annual events is the Mohawk Valley Home Show. We sponsor this wonderful event, a showcase for area trends, products, services, resources, and demonstrations.

As part of our sponsorship this year, we are bringing other local organizations to the home show on April 1st and 2nd! We have sponsored the Utica Zoo, Red Cross, Williams Variety Shop, and Willson’s Nursery. We’re excited to share their unique offerings to homeowners. 

We will be at the show as well, and offering a variety of home loan options to finance whatever need you may have. If you’re in the buying stage, we can review the different types of mortgages we offer. If you’re in the renovating stage, we can talk about our remodeling loan options. Whatever your need, ask us for help!

We’ll be hosting financial seminars at the Show; on Saturday at 11:30am and 2:30pm, and on Sunday at 11:00am. You’ll learn about home financing options, and which fits your needs best. And just for fun, we’ll once again have Bill Pope at our booth to draw caricatures. He’ll be there Sunday from 11:00am to 3:00pm.

Financial Seminar Topics:

Mortgages

  • Conventional Mortgage
    This type of mortgage allows you to finance up to 95% of your purchase price (or appraised value). It sometimes has a shorter processing time, and same-day qualification if you are “credit qualified”. Flexible rates and terms are available. 
  • FHA (Federal Housing Administration) Mortgage
    An FHA Loan is perfect for first-time home buyers, shoppers who need a low down payment, or those with less than perfect credit. This type of loan allows the seller to contribute up to 6% toward closing costs and prepaid items. Flexible rates and terms are available. 
  • VA Mortgage
    This type of mortgage is available to Veterans and their surviving spouses, and is guaranteed by the Department of Veterans Affairs (VA). The mortgage company works directly with the VA, since each loan is unique to a veteran’s individual situation. A VA Loan allows for 100% financing of the purchase price or appraised value, for owner-occupied properties with one to two units. The applicant must be an eligible veteran. Similar to the FHA Loan, the seller can contribute up to 6% toward closing costs and prepaid items. Flexible rates and terms are available.
  • Home Possible Mortgage
    Through our partnership with Homeowners Advantage, we offer this unique program. Home Possible allows low and moderate income borrowers to finance a home with low down payments, and flexible sources of funds. Members must qualify by income and other factors. 

Housing Project/Home Improvement Options

Home Equity Loans or Lines of Credit
Are you a homeowner?
Chances are you’ve built up some equity, which you can use to borrow against. Home Equity options are best used for financing larger initiatives, like major home improvements, weddings, tuition, or even debt consolidation. A loan versus a line of credit depends on when you need to access the money, and the purpose of the funds.

A Home Equity loan offers a one-time distribution of funds. Repayment of principle and interest begins immediately, and continues over a period of time selected by you. We offer a variety of terms to fit different needs.

A Home Equity Line Of Credit is a revolving line of credit with a maximum loan amount determined by the equity of your home. These funds can be available over a period of time. You can use them as you need. Interest-only monthly payments are required during the draw period. Additional principle payments are also accepted any time you wish to pay the line down.

Home Improvement Loan
This is a great alternative to our Home Equity loan options, when there is little or no equity available in your home. This program can also be an ideal solution for home improvement projects. Rather than end up with a retailer’s high interest credit card or payment plans, we offer a low, fixed-rate Home Improvement loan option. These funds must be used for items or services that are home improvement in nature. 

Home Energy Loan
If your home improvement or renovation is energy-efficient in nature, check out our Home Energy Loan. Often there are grants and tax rebates associated with these types of projects from the retailer as well.

Come to the show, explore all the area has to offer, and stop by our booth to learn more. See you there!

 

Social Media Awareness for Parents

March 24, 2017

Keeping Kids Safe Online

As part of our community education series, we’re sponsoring a great program to educate parents on the basics of keeping our children safe online, especially on social media channels like Facebook, Twitter, Instagram, Snapchat, and others.

Technology that was once the stuff of science fiction is now in our children’s hands. This presents both exciting new possibilities, and significant risks.

Did you know . . .
  • 85% of Oneida County students say they use “instant messenger services” (e.g. Facebook, Snapchat)
  • 41% of Oneida County students hide their online identity
  • 87% of Oneida County students have a personal email account
Become more educated, and more aware of the current technology landscape—and what you can do—through this program.

The talk is titled, “Social Media Awareness: What All Parents Need to Know”. 

Presented by: Jeremy D. Butler, Chief Program Officer, Safe Schools--Healthy Students
Date: March 29, 2017 
Where: James A. Meyers Performing Arts Center- New Hartford’s Bradley Elementary School*
Time: 6:30 to 8:00 PM
  • Learn more about what forms of technology young people are using, from social media sites, to various apps and games
  • Develop a framework necessary to keep children safe
  • Take part in an interactive discussion so all participants can learn and grow together
Hope to see you there!

*You do not have to have children in New Hartford Schools to attend; any parents/grandparents can attend.
 

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