Community Corner allows all of us at Lafayette Community Bank to shine a spotlight on many of our business partners in the community. Since 1977, Buckles Feed Depot and Pet Supply has provided Lafayette pet owners with quality products. From exotic lizards and snakes, to fuzzy rabbits and hamsters, Buckles has a wide variety of animals to choose from. Visit Buckles and bring home a new furry friend, or one that slithers, today!
Tempest Homes offers custom-built new homes at an affordable price and they are one of our trusted business partners. They build new homes with a focus on energy efficiency, quality, and affordability. Their team of sales representatives is very invested in each of their customers and they have countless positive reviews.
Tempest Homes builds homes in both the West Lafayette and Lafayette area and they have a reputation of building safe communities. If you’re in the market for a new home, don’t forget to contact the folks at Tempest Homes!
10 North 7th Street
Lafayette, IN 47902
Phone: (765) 742-0300
Fax: (765) 742-0304
Thompson Brothers Auto Sales is a used car dealership run by Dave and John Thompson off of 52 in Lafayette. Thompson Brothers is a business partner with Lafayette Community Bank and they have been in business for 25 years, since they opened in 1990. They serve our community by offering quality, used vehicles with easy payment plans.
We are happy to partner with a company that believes “in treating others in a way that you would like to be treated.” Their mission for serving the community and offering affordable vehicles are just a few reasons you should stop by Thompson Brothers the next time you are in the market for a new vehicle.
2207 Concord Rd.
Lafayette, IN 47909
We are proud to be a business partner with Service Master Clean for all that they do to keep the homes in our community in top-notch state! Next time you need your carpet and flooring cleaned, call Service Master Clean of Lafayette.
Office: ((765) 588-4225
4424 McCarty Ln, Lafayette, IN 47905
The quick answer is: in many of the same ways technology has changed almost everything in our lives. This blog can only contain a few of them, so to name a few:
“Back in the day”
- Fifty years ago, many banks still posted deposits and checks by hand.
- Electronic transfers of any kind (automated deposits, wire transfers, etc.) were rare. One of the results was that no one was paid directly into their account. Lines were long on payday!
- Most transactions had to be mailed-in or presented in-person at the bank.
- If you wanted to know how much interest was added to your savings account, you had to go to the bank and get it entered in your “passbook.”
- Once negotiated, checks had to be transported, often over long distances, back to the bank on which they were written.
- If you went to a store, and found you were $5 short, and they wouldn’t take your check, you were out of luck if the bank was closed.
- You can access your account 24/7.
- Get text alerts.
- Real-time activity reports.
- Checks are now images, not stuffed in bulky envelopes crowding your mailbox every month.
- Information available on your personal hand-held device.
- Debit cards so you don’t have to carry around large amounts of cash or checkbooks.
- Fraud monitoring and protection.
- Ability to pay your bills without writing and mailing checks.
- Direct deposits—no worrying about losing your paycheck!
What is coming tomorrow? Truly, nobody knows. The bankers of 1964 had no idea what was coming. The children and grandchildren of today’s banking customers may not know what a check book is, much less the checks in it. Their children probably won’t recognize a debit card or an ATM. The future will be exciting, but it won’t be predicable!
First, let’s clear up what a HELOC stands for. HELOC is an acronym for Home Equity Line of Credit. A HELOC is a consumer loan line of credit product that is typically secured by a primary real estate residence. Most often a HELOC is secured by a 2nd mortgage and the line amount is determined on the value of your home less the amount owed on your existing 1st mortgage and the repayment ability of the homeowner. The line is typically available for any discretionary spending needs of the homeowner and the amount available to use depends on the level of repayment by the borrower. Many HELOC’s require monthly payments of just the accrued interest due on the amount owed.
Now, the big question. If I’m a homeowner with equity in my home, why do I need a HELOC? While everyone’s situation is unique and their specific needs change over time, here is a bullet point list of the benefits that makes the HELOC such an attractive product for most homeowner’s.
- Let’s leadoff with the big one. Currently, all interest paid on a HELOC that is secured with a mortgage on your residence is tax deductible. No other consumer debt product that offers discretionary spending through a line of credit offers this important benefit. Credit cards do offer benefits for short term discretionary spending needs if you are planning on paying the incurred debt off quickly, but for your purchases with a longer repayment schedule, the tax deductibility feature offers a huge potential benefit.
- The HELOC typically has an interest rate that is usually much lower than most credit cards. The rate is typically variable, just like most credit cards, and like most credit cards the interest rate usually is tied to a bank or national prime rate. Due to the tax deductibility feature of the HELOC, your actual tax affected rate can be even lower.
- Once approved, a HELOC can be used for any discretionary spending needs. Depending on the amount available, it is always there for that home improvement project, that new car you have been putting off buying for a couple of years, or helping to pay that large student tuition coming up in the fall for your college-bound child. You will not receive a phone call from your credit card company asking about the purchase, or even worse, have the credit card cancel the purchase due to concerns about possible card fraud due to the significant size of the transaction.
If you have an interest in learning more about a HELOC and how it may meet your specific financial needs, your lending team at Lafayette Community Bank would happy to sit down with you at your convenience. We offer highly competitive terms on all of our consumer loan products and always strive to determine the best loan product that meets your financial need. Call any of our convenient banking centers and ask to speak to one of our many loan specialists today!
This little three digit number can really affect your budget. Lenders use this score to determine the terms of credit they may extend to you. Auto and homeowner’s insurance companies, and phone companies use credit scores to decide to do business with you. The higher the credit score the lower your costs may be. The credit score is also called the FICO score after the company, Fair Isaacs Corporation, which developed the system of analyzing the information contained in your credit report. The information analyzed includes your payment history, the number of delinquent debts you may have, your total existing debt, and the length of time you may have had the accounts opened.
If you want to improve your score, your journey begins with obtaining a copy of your credit report. Review the report for accuracy and immediately dispute the errors. Get current on all of your accounts and stay current on all your accounts. Past due amounts and late payments negatively affect your score. Pay down revolving accounts such as credit cards so that the balance of the account is no more than 30% of the credit limit. Do not close inactive accounts. Do not pay for your credit report (you are entitled to one free each year) and do not pay someone else to improve your credit score for you. Do visit www.consumer.ftc.gov and click on the “Money and Credit” tab. You will find instructions on how to obtain your free report and how to dispute any errors you find. There is a wealth of information on this consumer protection site that can help you improve your credit score.