Malvern Bank's "Money Matters"

Money Matters: Never put off till tomorrow...

April 8, 2022

Hello,

Who hasn’t procrastinated filing their taxes?

Now it seems the IRS is even pushing the deadline — in issuing your refund.

Millions of taxpayers’ refunds are delayed this year, and the IRS has admitted that tax returns are piling up. The Forbes article below can tell you more about how this could affect you in the coming weeks.

It’s really common to procrastinate about money tasks, especially if negative emotions are involved, but procrastination could cost you in the long run.

That’s where Malvern Bank can help. Working together, we can prioritize your goals and break down tasks into smaller, more manageable chunks. Doing so turns intimidating deadlines into achievable, realistic goals — and increases your confidence as well.

For example, if you’ve been waiting for the right Home Equity Line of Credit, you’re in luck! Malvern offers a unique, six-month introductory fixed rate of 2.25% APR* on a HELOC. Repayment during that period is interest only. There’s no annual fee, and the closing fee is just $150. For more information, contact Georgette Krick, Malvern’s Senior Vice President of Retail Banking, at GKrick@MyMalvernBank.com.

Check out the New York Times article for the science behind beating procrastination. I’ve included some additional articles for insight and advice as well.

I’d love to hear what you think!

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promotion is a limited time offer, available for a new HELOC, and subject to credit and collateral approval and may be withdrawn at any time.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 2.25% 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 March 18, 2022 the rate is 3.50% (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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