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Malvern Bank’s "Money Matters"

Money Matters: Save the slippery slopes for skiing

December 3, 2021

Hello,

How's that budget holding up right about now? If you didn't overindulge in Black Friday or Cyber Monday shopping, kudos to you. The temptation to break the bank and slide down the slippery slope into uncontrolled holiday spending is especially fierce this time of year.

But keeping a sober and smart - yet joyful - attitude about your December finances can prevent a painful January debt hangover. These hand-picked articles can assist with that and provide a little inspiration as well.

Even if your end-of-year budget IS already blown, don't fret. There are many ways to refocus and realign goals to finish 2021 well. For example, a Home Equity Line of Credit (HELOC) can serve as a ready source of funds for many types of planned or unexpected expenses. You can use it to pay for home renovations, tuition, consolidate higher interest rate debt, or finance just about anything else that's on your end-of-year priority list.

Want to learn more about a Malvern Bank HELOC? I suggest contacting Georgette Krick, Financial Center Manager and Home Equity Specialist at 610.469.9172. She can review your current financial plan - or help you build one that is customized to meet your needs and achieve your dreams including how a HELOC can be beneficial.

Sincerely,

Anthony C. Weagley
President & CEO
Malvern Bank, National Association
Beyond Your Expectations ™
Office : 610.644.9400

Disclosure: The home equity line of credit (HELOC) promotion is a limited time offer, available for a new HELOC, and subject to credit and collateral approval and may be withdrawn at any time. Combined loan to value (LTV) ratio (including prior mortgage or liens) of 80% or less. Investment properties are not eligible for HELOC products.

*Introductory rate of 2.75% APR (Annual Percentage Rate) for six months is only available in the Bank's market area which includes portions of PA, NJ, or FL. Properties located outside of the bank's market area will be charged 0.25% above both the introductory and the standard rate.

Introductory rate offer is for HELOC and non-Malvern Refinance Loans. Existing Malvern HELOC customers require a new line of credit with a minimum increase of $25,000 to qualify for this introductory APR promotion.

Thereafter, the Standard Rate will be the Wall Street Journal Prime Rate, as of June 16, 2022 the rate is 4.75% (rates are variable and are subject to change on the first day of each calendar month). Maximum Annual Percentage Rate is 18%. Subject to a Documentation Prep Fee of $150. Title insurance, appraisal fees, and other costs may apply based upon loan size. The property must be the Primary Residence, single family of the Borrower(s) and not currently listed for sale. Malvern Bank, N.A., and its representatives do not provide tax or legal advice. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

Draw and Repayment Terms: The Line has a maximum period of 10 years for which you may obtain advances; during the first six months, the minimum monthly payment for the HELOC is interest only; during the remaining 9½ years, minimum payments that include both principal and interest must be made based upon the balance owed at the end of each billing cycle. After that, no additional advances may be taken, and the Line will enter into a 15-year repayment period during which you must repay both principal and interest.

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