Like many local businesses, community bankers tend to be self-effacing. Sure, we’re proud of how we help customers and borrowers. We know we do a good job. We’re just not the type to boast about it.
A customer recently made an appointment to speak with me. A woman in her 70s, she had a home equity line with a big national bank and she’d used it wisely for many years.
Her home equity line was coming up for renewal in 2019 and the interest rate was going to be increasing quite a bit. That concerned her. She had done some research and her grasp of both her situation and her options was excellent.
Basically, all home sellers want three things: 1) A great offer, 2) From a qualified buyer and 3) A deal that will close quickly with no headaches.
That’s the perfect scenario. But price is not always the most important of the three. Because a “great offer” that falls through at some point before the closing is a significant hassle that sellers want to avoid if at all possible.
Here is a very important fact you will want to bear in mind if you or a family member are travelling outside of the United States – even if it’s “just” to Canada or Europe: Due to international financial fraud, U.S. banks (including Canton Co-operative) have turned off debit chip cards for transactions outside the United States.
Most homeowners think it’s going to be pretty easy to qualify for a home equity line of credit – and generally it is. You already have a home. You probably already have qualified for a mortgage. As long as you have equity in your home and you have maintained your credit rating/scores, you should expect to be approved for a home equity line.
Apparently Canton Co-operative’s annual Shred Day is on people’s calendars now. Many people who were here on April 21st for our 3rd Annual free community Shred Day told us they appreciated the opportunity to be able to safely get rid of old papers and documents. Some said they had actually waited for Shred Day to come around again. It definitely is a very popular annual event.
At Canton Co-operative, we were very lucky in our founders. Men and women who were devoted to the town of Canton and to the idea that people need a safe place to save and a fair place to borrow.
Basically they believed it was vitally important for a hometown like Canton to have a hometown bank. That was in 1891.