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Banking Finance
May Special Section
2 northfulton.com
Sponsored Section • banking & finance
May 2018
Graduation Time! 5 tips for financing your next It’s Graduation Season again. If you have a child who recently graduated, you’re probably thinking about what sort of present to give. Here’s a suggestion: Consider offering a combination of financial gifts and burns tips. For example, you could give your child some shares of stock. Young people enjoy owning a piece of a company that makes the products and services they like – and the act of ownership can inspire them to learn more about investing. You might also encourage your child to consider opening an IRA. If your child has earned income, he or she can contribute up to $5,500 to an IRA in 2017. Finally, you could make an appointment with your child to meet a financial professional who can explain how borrowing, budgeting, saving and investing all fit together to help individuals stay in control of their finances. By providing your children with some appropriate financial gifts and
home improvement project
valuable advice upon graduation, you’ll help prepare them to make smart choices throughout their life. This is Chris Burns, your Edward Jones financial advisor located at Cumming. Please contact me at 770-2051579. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Christopher D. Burns Edward Jones 5285 Lake Pointe Center Dr. Cumming, GA 30041 770-205-1579
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1.95% APY* Minimum deposit $1,000.00
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* Annual Percentage Yield (APY) effective 05/10/2018. CDs offered by Edward Jones are bank-issued and FDIC-insured up to $250,000 (principal and interest accrued but not yet paid) per depositor, per insured depository institution, for each account ownership category. Please visit www.fdic.gov or contact your financial advisor for additional information. Subject to availability and price change. CD values are subject to interest rate risk such that when interest rates rise, the prices of CDs can decrease. If CDs are sold prior to maturity, the investor can lose principal value. FDIC insurance does not cover losses in market value. Early withdrawal may not be permitted. Yields quoted are net of all commissions. CDs require the distribution of interest and do not allow interest to compound. CDs offered through Edward Jones are issued by banks and thrifts nationwide. All CDs sold by Edward Jones are registered with the Depository Trust Corp. (DTC).
Chris Burns Financial Advisor 5285 Lake Point Center Drive Suite A Cumming, GA 30041 770-205-1579
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(BPT) - Whether it’s transforming a fixer-upper into your dream home or just giving a makeover to your kitchen or bathroom, home improvement projects are on the minds of many new homeowners across the country. While many things about renovating your home are flexible, your budget might not be. In general, not a single floor board is laid, or a new countertop installed without money, which is why every home renovation project should begin with careful financial planning. To help homeowners with their renovation projects, Marcus by Goldman Sachs(R) is working with home renovation expert, JoJo Fletcher, to share her budget-friendly home renovation tips. “Think about small changes you can make if you don’t have the time to take on a big project right now, like freshening up any kitchen by refinishing your cabinets with a bright white coat of paint,” said JoJo Fletcher, ambassador for Marcus by Goldman Sachs(R). “When it comes to financing a larger project, however, I recommend homeowners explore all their options in order to get the most out of their budget.” There are several ways to finance these projects and it’s important to explore your options to find the one that’s right for you. Below are five important tips to keep in mind when deciding how to fund your next home project. 1. Shop around. The better you plan, the better chance you’ll save money. Before anything gets torn out or installed, you should spend time consulting with contractors and getting estimates. Look at the work they’ve done to see if they would be a good fit. Most importantly, don’t be afraid to ask a lot of questions to make sure you’re working with the right people and paying the right price. 2. Consider financing options. There are several options when financing a home improvement project and it is important to choose the right fit for you. Home equity loans and home equity lines of credit (HELOC) require you to borrow against the value of your home, with home equity loans offering a lump sum while home equity lines of credit provide you with a credit line you can borrow against. An unsecured home improvement loan can be used based on your creditworthiness and ability to pay, not tied to a piece of collateral. JoJo Fletcher added, “I recommend homeowners consider a home improvement loan if they are looking to borrow money and have good credit. For instance, Marcus by Goldman Sachs
offers no-fee, fixed rate home improvement loans up to $40,000, which could be a better option than putting renovation costs on a higher interest credit card, or borrowing against your home’s equity. Applying for a loan is easy and you can see your offers in as little as five minutes.” 3. Create a budget. Because of the nature of remodels, things often end up costing more than you might think. No matter how big or how small the project, you need to have a solid sense of what your “all in” budget number is. This should not only account for hard and soft costs for things like labor, materials and designers, it should also account for contingency costs. Experts typically recommend budgeting an additional 15 to 20 percent for unexpected scenarios that might arise. A thoughtful budget will help keep your priorities in front of you and prevent you from spending more than you want. 4. Remember, this is an investment! Not all home renovations will pay off in the long term. It’s important to consider cost vs. value before you start making changes, especially for homeowners looking to sell in the near future. If you plan on putting your house on the market sooner rather than later, be sure to keep track of the top home features to get the best return on your investment. 5. Work with a designer. This might sound like a luxury or an added expense, but in many cases, a designer could actually help save money by finding deals or providing suggestions for less expensive alternatives, such as using quartz or white concrete instead of marble. Above all, their expertise can help avoid costly mistakes that can often arise when people try to cut corners on their own. With these tips, you should be better prepared to finance your home improvement project. When you’re ready to start, you shouldn’t have to wait weeks for a home appraisal to get your renovation project underway. You could see your home improvement loan options from Marcus by Goldman Sachs in as little as five minutes and once approved, most people see the funds in their bank accounts in as little as four days. With Marcus you could be one step closer to your dream home.
May 2018
banking & finance • Sponsored Section
northfulton.com 3
Afraid of missing out on Rising Rates?
Carlos Laverde, American Commerce Bank market president, Hwan Chung of JHN Properties and Kevin Ahn of Global Realty & Associates stand outside of Chung’s recently acquired property on Peachtree Industrial Blvd. in Duluth.
Local banks succeed as their customers succeed Local banks succeed by enabling their customers to succeed. American Commerce Bank in Johns Creek notched another recent success by providing customized, long-term financing for a commercial investor. Carlos Laverde, ACB’s Atlanta market president, was pleased to work with Hwan Chung, principal of JHN Properties and commercial real estate broker Kevin Ahn to provide financing for JHN’s first investment acquisition. Chung, a Georgia Tech engineer, was eager to acquire and finance a commercial office property in order to diversify his investment holdings, but he couldn’t find what he needed at larger banks. “He told me that he had approached several of the biggest banks in Atlanta”, said Laverde, “but he couldn’t get any traction. Hwan was seeking a local decision-maker who understood the Duluth market and his particular investment needs. By the time Hwan contacted me, he was a little frustrated, but still eager to find a banking partner”. ACB evaluated the building and found it to be a great opportunity. Hwan was most interested in
long-term financing, and we were able to provide him with a 25-year amortizing loan. Long-term financing is hard to come by these days, but we were able to come to terms. It was a successful transaction all around”. American Commerce Bank offers commercial and personal banking services across the North Fulton communities. The bank offers customized lending solutions and SBA loan programs as well as highly convenient on-line banking and treasury management services. The bank’s experienced staff pride themselves in knowing their customers by name and in meeting the needs of businesses and their employees. By catering lending and deposit services to the specific needs of business and consumer borrowers, ACB provides industryleading lending solutions to support the growth and success of the communities it serves. For more information about American Commerce Bank, stop by their branch located at 10690 Medlock Bridge Road, or visit www.AmericanCommerceBank.com
P M U Let Us B You Up! With ACB’s Adjustable Rate CD
2.25%* APY 36 Months If we raise our 36-month CD rate during the first 18 months of your term, we’ll automatically raise your rate on the 18th month – no action required on your part!
10690 Medlock Bridge Rd. • Johns Creek, GA 30097 AmericanCommerceBank.com • 470-422-1200 For New Accounts
*Rate effective May 9, 2018 and is subject to change without notice. CD minimum deposit of $500. APY = Annual Percentage Yield. APY assumes principal and interest remain on deposit until maturity. A penalty may be imposed for early withdrawal. If we raise our 36-month CD rate during the first 18 months of your term, we will raise your rate one time on the 18-month anniversary to our prevailing rate for the remainder of your term.
American Commerce Bank proudly supports the 2018 Annual Giving Campaign
4 northfulton.com
Sponsored Section • banking & finance
May 2018