Community Bank Lending for Homeowners and Businesses

Community banks offer a range of lending options for homeowners and businesses, providing a more personalized and flexible approach compared to larger banks.

Community banks often have lower loan-to-value ratios, typically between 80-90%, which can be beneficial for homeowners looking to minimize their debt.

For businesses, community banks may offer more favorable interest rates and terms, such as longer repayment periods or more flexible collateral requirements.

Community banks also tend to have a stronger focus on local economic development, which can result in more favorable loan terms and conditions for small business owners.

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Community banks offer a variety of loan options to suit different needs. One option is a Home Equity Loan, which provides a lump sum of money that can be used for large purchases or projects.

With a Home Equity Loan, you can choose from fixed and variable interest rates with flexible terms. This means you can select a payment plan that works best for you.

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The terms of a Home Equity Loan can be customized to fit your financial situation, with a set period of time to pay it back. This can help you plan your finances and make timely payments.

Some Home Equity Loans also offer no prepayment penalty, which means you can pay off the loan early without incurring additional fees. This can be a big advantage if you're able to pay off the loan quickly.

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Home Loans offer a range of options for acquiring or refinancing a home.

For owner-occupied real estate, loans are available up to $3,000,000 with terms up to 15 years.

If you're looking to purchase a home, you can opt for a fixed or adjustable rate mortgage.

Some loan programs offer up to 100% financing, which can be a huge help for first-time homebuyers.

You can also choose from various loan programs, including first-time homebuyer programs, construction and renovation options, and veteran programs.

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HELOCs & Home Equity Loans are a great option for securing a loan using the equity in your home. You can receive a lump sum to manage as you see fit.

With United Community's Home Equity Loans, you have the flexibility to choose between fixed and variable interest rates. This allows you to select the option that best fits your needs.

A set period of time to pay back the loan is also available. This can help you plan your finances and make timely payments.

There's no prepayment penalty, giving you the freedom to pay off the loan early if you need to.

Additional reading: Home Equity Loans

Community banks have a unique approach to lending, often focusing on the needs of their local community. They aim to provide financial services that are tailored to the specific needs of their customers.

According to the Federal Reserve, community banks hold nearly 40% of all bank deposits in the US, yet they only account for about 20% of total bank assets. This highlights the importance of community banks in providing financial services to their local communities.

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Community banks are often more willing to lend to small businesses and individuals who may not have a long credit history. They understand that these customers may have potential for growth and are willing to take on more risk to support their success.

A study by the Independent Community Bankers of America found that community banks originate more small business loans than larger banks, often with more favorable terms and lower interest rates. This can be a game-changer for small business owners who need access to capital to grow their business.

Community banks are also more likely to provide financial education and counseling to their customers, helping them to make informed financial decisions and avoid debt traps. This approach can lead to stronger, more sustainable relationships between the bank and its customers.

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