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Banking

Liberty Bank: supporting the tiny living movement!

By | Banking

Liberty Bank is proud to support the tiny living movement! In 2020, we have received fantastic feedback, loan applications, requests for information about tiny homes loans and builders from all over the country that are interested in financing tiny homes.

In the picture, there is an 8×30 Allagash built by Tiny Homes of Maine, one of the builders that joined our team recently!

We work with constructors located throughout the whole country, and on our website https://libertybankofutah.com/tiny-homes/, you can check out our complete tiny home builders list and see their different range of tiny home models, and our clients could customize any of them!

We believe in helping others, and we invite everyone to know more about this affordable, alternative way of living and how to apply for a loan.

Disclaimer: Liberty Bank of Utah does not endorse or warrant the products or companies listed on this page and nor does it receive any compensation, monetary or otherwise, from these tiny home builders. Liberty Bank does work with customers who purchase homes from these builders and encourages tiny home purchasers to shop around for the builder that is best for them.

A new tiny home for Chris, Cara and Maise

By | Banking

Such a beautiful outcome inspires us to keep helping people apply for tiny home loans in these unusual times. Thank you for these words, Operation Tiny Home:

“Today, with great joy we welcomed Down Payment Assistance Grant Recipients, Chris, Cara, and their adorable daughter Maise into their newly purchased tiny home.This young family has struggled with the financial impacts of unexpected medical expenses after the birth of their daughter, along with lost income due to COVID-19. This beautiful home will provide safety and stability for years to come.

Thank you, Sutter Home Wines, Mega Tiny Homes, and Liberty Bank Inc for joining us in making this tiny home dream come true!”

The tiny living story of Rhonda

By | Banking | No Comments

Rhonda Wilson-Williams is beginning her tiny living journey after getting a loan from Liberty Bank, and we are happy to share her words!

“I’m so thankful for the thousands of people who have preceded me on this journey. Almost everything I read and learned on YouTube is real, and it’s been incredibly helpful, knowing so much, before I actually moved in! I’ve adopted a minimalist’s way of thinking over the past few years.

I realized “stuff” is not essential; people and relationships are.

Brett at Cornerstone designed a storage area for all my Art, so I can change out what I want to be on display and store the rest. The three deep drawers he gave me in the kitchen are substantial storage areas I love.

I’m parked on land owned by a tiny living pioneer, here in Jacksonville (Florida). He’s built two homes himself, converted a third, and is working on converting an Airstream. He has his own little tiny home community.

I hope I’m making a tiny difference in the world (pun intended). I know that telling my story in person to friends and strangers, has sparked interest in many people, both young and older like me, to start their Tiny home journey.

I firmly believe that what started 15 years ago, as a handful of people building their own tiny homes, has taken a foothold in modern building and is changing people’s way of thinking about what a “dream home” looks like. I think the time is right for tiny homes to become commonplace”.

Disclaimer: Liberty Bank of Utah does not endorse or warrant the products or companies listed on this page and nor does it receive any compensation, monetary or otherwise, from these tiny home builders. Liberty Bank does work with customers who purchase homes from these builders and encourages tiny home purchasers to shop around for the builder that is best for them.

Are you looking for tiny home financing? Check out our presentation for the THIA’s meet up

By | Banking | No Comments

Liberty Bank had the honour to talk about financing in the Tiny House Industry Association meetup, on May 21st. In the meeting, Kendall Phillips -CEO of Liberty Bank- and Henry Palma -VP Lending- covered the necessary steps to become a certified tiny home builder approved and ready to work with Liberty Bank.

They also explained the process of inspection used by the bank with third-party inspectors, and several tips for those interested in getting loans, which are available on the presentation used on the THIA meet up, clicking the following link!: How to get financing for a tiny home

5 keys to keep your finances safe from COVID-19

5 keys to keep your finances safe from COVID-19

By | Banking

Alfredo Montilla

These are times for taking care of ourselves and for redefining the special care given to our loved ones. People around the world are working from home as much as possible. Others are not currently working as COVID-19 intensifies its spread, affecting the public health and global economy. It is time to reorganize financial priorities and prepare ourselves for increasing social distancing measures and other consequences of the virus.

  1. Make a budget: This is a special moment that demands an accurate prognosis of our resources. We could start asking, “How much money do I have and how much could I spent to satisfy my family needs?”.
  2. Minimize your bills and monthly spending: Eliminate unnecessary spending as much as possible. Organize your bills by priority. There are a lot of helpful free mobile apps and websites that will help you organize your spending and create and track budget such as Mint. Check what budgeting services your bank has available.
  3. Develop an emergency plan: Preparing for any financial difficulties and emergencies can help maintain peace of mind, even if we don’t end up needing to rely on them.
  4.  Follow health guidelines: It is essential to keep yourself and the people around you safe following the advice of health experts during the COVID-19 outbreak, like the Centers for Disease Control and Prevention (CDC). Their guidelines are posted in the website www.cdc.gov. Among them, are: Maintain space at least 6 feet apart, wash hands often, cover a cough or sneeze and stay at home when feeling sick.
  5. Contact your bank or lenders: The Consumer Financial Protection Bureau (CFPB) states: ¨if you are not able to pay your bills on time, contact your lenders and services to let them know about your situation¨. Credit card companies and lenders could offer diverse options in order to waive fees like ATM, overpayments, and late fees, or allowing customers to delay, adjust or skip some payments.

To help those borrowers affected by the COVID-19, Liberty Bank Inc is allowing up to 6 months deferral. This includes customers whose income has been impacted by business closures and other efforts to contain this virus.

Reviewing our alternatives and resources are essential to move forward for the excellent health of our community. The world has changed with COVID-19, but our commitment is to help you get this through and let you know that together we can succeed in this time to come. Our best wishes are for the health of you and your families.

 

To Liberty Bank borrowers affected by COVID-19

By | Banking

Liberty Bank is participating in the nationwide effort to contain the spread and consequences of COVID-19 (also known as Coronavirus). We are doing our part to protect employees, customers, our community, and our economy at large.

To help those customers in need, our policy is to allow up to 6 months deferral for borrowers affected by COVID-19. This includes customers whose income has been impacted by business closures and other efforts to contain COVID-19. The goal of this policy is to delay payments for those placed into financial stress by COVID-19 so that they may better weather the hardships we are all coping with.

If you are in need of this type of relief, we request a letter, from the customer, that details the reasons and the circumstances causing your need. Please attach to the letter documentation of your employment and the business closure that is impacting your income. We encourage all customers impacted by COVID-19 to contact us by email (customerservice@libertybankofutah.com). We will make every effort to accommodate you the best we can.

Liberty Bank thanks you for being a loyal customer. We wish you, your family, and your friends good health and spirits as we manage this situation together.

 

-Kendall Phillips, President

Liberty Bank informs: COVID-19 UPDATE

By | Banking, credit, Home Loans | No Comments

To help our community in this global concern related to the COVID virus (also known as Coronavirus), Liberty Bank Inc is monitoring the present situation and following the instructions and recommendations of the local and Federal government, so of the Center for Disease Control and Prevention (CDC), and the World Health Organization (WHO).

In behalf of the present situation, we are striving to offer the best service to our allies, borrowers and customers, and in the same time being prepared to protect the wellbeing of our employees and clientele. That’s why we encourage people to stay home when sick, excepting to receive medical care.

Nevertheless, we are responding to the requirements of any customer or anyone else interested in our services.

Our branch keeps its doors opened, and we understand if any of our members prefer to conduct business online or from their offices and homes. Therefore, we invite you to contact us through the usual channels via telephone: 801-355-7436, our email media@libertybankofutah.com or our social media accounts on Facebook: www.facebook.com/LibertyBankInc; Twitter: @LibertyBankInc, and Instagram: @libertybankinc.

In this particular moment, we endeavour for the vigorous health of our allies, borrowers and customers, helping to keep them and their relatives out of any risk in this unique situation. Still, most of all, we wanted to thank you for being a loyal member of this family called Liberty Bank Inc.

5 Tips To Help You Improve Your Credit In 2018

By | Banking, credit

Need To Improve Your Credit ?

Here are some helpful tips to help you boost your credit in 2018.

Make your payments on time.

Everyone has done it at one time or another during their adult life, whether by accident or maybe you just forgot to pay your car payment or your credit card bill or maybe you just didn’t have the money when the payment due date rolled around.

Regardless of why previous bills weren’t paid on time, it’s never too late to start fresh and start improving your credit score. Beleive it or not late payments even on small balances can have disastrous effects down the line when you need to use your credit for more important purchases such as rental applications, car loans or home loans.

Making payments on time is one of the quickest and easiest ways to improve and build a strong credit score.

If you are going to be late on payments never let it go more than one full billing cycle, most billing cycles are between 21- 30 days between payments. The reason it is important to make sure you’re making your payments before the next billing due date expires is most creditors will automatically report late payments after one full billing cycle. Which reflects negatively on your credit score.

shocked-woman

Obviously, it is better to try to make your payments on time, on time payments give creditors more confidence in your ability to repay loans and to stick to your financial commitments helping you in turn to build stronger creditworthiness.

Request a credit report

Did you know that you can request a free copy of your credit report once a year?

If you contact one of the three credit reporting agencies (Experian, Trans Union, Equifax)  you can request a copy of your credit report.  It’s an easy way to review where you stand and to check what is reporting to your credit, it’s also a good way to check for inaccuracies or even in some cases lines of credit with your name attached that you may be unaware of.

Make sure you review your credit report for any inaccuracies, your credit score is based solely on the information reported to the three credit bureaus, (Experian, Trans Union, Equifax)  if the information in your credit report is inaccurate you should contact the reporting agency to dispute the information in the report.

Under the Fair Credit Reporting Act, you’re entitled to one free credit report from each of the three credit reporting agencies once every 12 months. You can request a free credit report here

Clean Up Past Debts

After reviewing your credit report it’s time to get busy cleaning up any past debts that could potentially hurt your credit score down the road.

Outstanding debt doesn’t just disappear and can stay on your credit for years affecting your credit score long after the money has been spent. If you can locate the contact information for the outstanding creditors it’s a good idea to reach out to them and try to negotiate an agreement to settle past due accounts, in doing so it’s important to secure in writing what type of agreement you’re able to reach and then stick to it.

Paying off old debts not only helps to pump up your credit score but will also help you feel better knowing you won’t have past debts coming back to haunt you later on.

Payoff smaller credit cards

So maybe you went on a shopping spree and created a hefty amount of credit card debt by opening up credit accounts at every store you visit, it’s easy to do. Retailers offering discounts up to 10% at checkout can be a tempting offer that is hard to resist for many people, before you know it you have 10 credit cards to retailers charging high-interest rates on balances if your unable to pay off the balance every month.

According to a recent study, Americans have an average credit card debt of 15k -$16k in credit card debt.

Regardless of what type of credit accounts you open, it’s very easy to find yourself faced with a lot of small credit card debt that adds up fast if you’re not wise about how you manage your finances.

Don’t let these numbers discourage you, there is hope if you really want to improve your credit score and give yourself some breathing room start by putting a stop on the spending an reel in your finances.

Instead of paying just the minimum payment every month, start paying as much as you can comfortably afford every month, start with the smallest debt and continue this until its paid off and then repeat the same process with other credit debts.

Over time this will have a positive effect, you’ll have more money available to pay off larger debts and it will help boost your credit score.

Live within your means

In a world filled with social media, smartphones and everyone wanting to impress their friends with photos of lavish trips to exotic places or show off coolest new electronics or living in a decked out crib, people are overextending themselves financially like no other time in history just to maintain the appearance of  ” keeping up with the Joneses” , if your serious about boosting your credit score and want to cut down on debt you will have to make a firm commitment to living within your means.

Creating a budget and sticking to is key to success if you’re serious about boosting your credit, it will make it easier to account for your expenses and pay your creditors every month.

If you’re shopping for a new car then buy a car that you can afford, if you’re making $46k a year don’t run out and try to buy a car that costs $50K, your better off finding a car that is more reliable and that you can afford the monthly payment without cutting into your allotted money for other bills.

Applying some of these simple common sense tips can help boost your credit score in 2018

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