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In honor of National Love a Tree Day we are sharing our Lafayette live oak survivor story.

Advancial served members in the Lafayette area for a number of years, but finally took formal roots with our first branch in 1985. We relocated to 306 E. Kaliste Saloom Road in 2006 and, after much success, a second location opened in South Lafayette in 2012. Acadiana is the foundation of Advancial’s business in Louisiana and we’ve made a name for ourselves in the community, being voted Best Bank in the Times of Acadiana Best of 2018 and being nominated in 2019.

When Advancial began strengthening our roots in Lafayette in 2005 and started the process of building our new branch, part of the lot we chose was already occupied by a large live oak tree estimated to be 288 years old. An arborist was called out to examine the condition of the tree and reported that the tree was sick and would be dead in a couple of years if left alone. Despite the tree’s grim prognosis, cutting it down didn’t sit well with the local Advancial team. With commitment to community and business strategy in mind, Advancial saw no reason to cut the tree down immediately.  

Fast forward to 2019 and not only is the oak still standing, but it is alive and well! It provides a fitting metaphor because much like Lafayette, this beautiful tree carries its long and rich history into the future, thriving and growing stronger every year.
 

If you’re hiring a contractor to make improvements on your home, be alert! Home improvement scams are more common than you may think, and they can cost you a lot. 
 
Read on for eight ways to spot a home improvement scam:
 
1. The contractor insists on being paid up front
Be wary of any contractor demanding that you pay most of the fee up front. This is likely a scammer who is trying to cover their bases in case of shoddy work or even a no-show. 
 
2. The contractor refuses to supply references
Never hire a contractor without speaking to someone who’s used their services. If a contractor is in middle of another job, ask if you can check out their work yourself. If a contractor refuses to furnish names and contact information of previous clients, move on to other options. 
 
3. There’s negative information about them on the Better Business Bureau (BBB) site
Before hiring any business you’ve never used before, check them out on the BBB website. You’ll be able to read reviews and ratings and see if complaints have been filed against the company. 
 
4. The contractor demands payment in cash
Cash leaves no trail and makes it easy for scammers to walk away without doing much–or any–work. 
 
5. The contractor will work for an insanely low price
If you’re offered a bid that is a lot lower than the going price, ask questions. There’s a good chance you’re dealing with someone who will cut all corners. If you only get evasive answers, look elsewhere. 
 
6. They show up at your door … uninvited
Don’t fall for every contractor knocking on your door and claiming to have done recent work in your neighborhood. If the contractor does seem legit, look them up on the BBB site and ask for references. 
 
7. The contractor refuses to put anything in writing
Never hire anyone to do work on your home without a written contract. Include as many details as possible in the contract, like payment terms, a definitive date for the work’s start and completion, warranty information and a clear description of the job. 
 
8. They try to avoid permits
A contractor who tries to convince you there’s no need to pull permits is one who wants to avoid the authorities. You’re likely dealing with an unlicensed worker or one who will cut corners. 
 
 
SOURCES:
https://www.aarp.org/money/scams-fraud/info-2019/home-improvement.html
https://www.experian.com/blogs/ask-experian/the-ultimate-list-of-the-years-worst-scams/
https://www.thespruce.com/common-home-improvement-scams-4163354
 

Hackers often try to take advantage of unsuspecting people by posing as their financial institution, which is referred to as spoofing. They often use common communication methods such as phone call, email or text message.

The phone call, email or text may look like it’s coming from an Advancial number or email address, but it is better to be cautious and contact Advancial directly to verify the legitimacy of the communication.

An Advancial employee will never call, email or text you and ask for your personal information.  If we call you, we may ask some questions to verify your identity but they will not involve your account numbers, personal identification number (PIN), social security number, online banking password, or any other sensitive information.

Here are some key fraud words and definitions that can help shed some light on this type of fraud:

Phishing – This is a form of fraud in which an attacker masquerades as a reputable entity or person in email or other communication channels.  The attacker uses phishing emails to distribute malicious links or attachments that can perform a variety of functions, including the extraction of login credentials or account information from victims. 

Social Engineering – Techniques employed by cybercriminals designed to lure unsuspecting users into sending them their confidential data, infecting their computers with malware or opening links to infected sites. 

Spoofing – The act of disguising a communication from an unknown source as being from a known, trusted source.  Spoofing can apply to emails, phone calls, and websites, or can be more technical.  Spoofing can be used to gain access to a target’s personal information or spread malware through infected links or attachments.

Fraudsters will try to exploit a consumer’s trust and catch you when you’re unsuspecting. Stay alert and if something seems fishy, it probably is!

If you receive a call, text or email from someone claiming to be an Advancial representative and that person begins to ask you questions about your personal information (i.e your card number, pin number, password, account information), immediately cease the communication, do not respond or click any links, and contact Advancial directly at 1.800.322.2709 or msc@advancial.org.
 

You don’t need to spend a fortune to give your house a new look this spring. Read on for a list of home improvement hacks and learn how to upgrade your home on a budget. 
 
1. Cabinet makeover 
You can give a tired kitchen a fresh look by just replacing the cabinet fronts. You’ll pay a fraction of the price and no one will know it’s your old, creaky cabinets hiding behind those beautiful new fronts. 
 
2. Cover your countertops with contact paper 
Granite countertops may be gorgeous, but they’re also pricey. Instead of taking out a second mortgage for beautiful counters, try covering them with patterned contact paper. You’ll find loads of granite lookalikes at home improvement stores and you can learn how to apply it neatly from DIY tutorials on YouTube. 
 
3. Use PVC pipes for curtain rods 
Pretty curtains and drapes add a splash of color to any room. Lower the price tag on your new window treatments with this hack: Use PVC pipes instead of curtain rods. You can paint them to match the décor of the room and hang them with inexpensive hooks that fit well. Curtains, done! 
 
4. Create a mirrored backsplash 
All you need for this fantastic hack is a pack of self-adhesive mirror tiles, which retail at about $15 per 20-tile pack. Use your snazzy tiles to create a mirrored backsplash in your kitchen. The mirrors will give the illusion of greater space and you won’t have to deal with grout and caulking. It’s a super-cheap way to make your kitchen sparkle! 
 
5. Slipcover your sofa 
You can find a leather-look slipcover to match the shape of your sofa for $100 or less. They’re not just for protection; the right slipcover will give you an (almost) brand new couch! 
 
6. Let the light in 
Light fixtures can make or break a room. Walk through your home and take note of the fixtures that are relics from a past life, paying close attention to highly visible areas. Then take a trip to a home improvement store or check out sites like Wayfair and Hayneedle for trendy, striking light fixtures you can use to replace those in your home. For less than $100, you can give your home an entire new look! 
 
7. DIY paint 
If the walls in your home are desperate for a fresh coat of paint, look no further than your local home improvement store. House painting is fairly simple and you’ll find loads of tutorials on YouTube. You’ll only have to spring for the actual paint and a few supplies.
 
 
SOURCES:
https://www.google.com/amp/s/www.thrillist.com/amphtml/home/home-improvement-hacks-under-50-diy-home-projects
https://diyjoy.com/diy-remodeling-hacks/
https://www.architectureartdesigns.com/15-smart-hacks-that-will-save-you-money-while-remodeling-your-home/
https://www.google.com/amp/s/www.remodelista.com/posts/apartment-rental-simple-easy-budget-hacks/amp/
 
 

Are you desperate to own a home of your own?

If that’s your dream, you are likely saving up, dollar by hard-earned dollar, until you have that magic number: 20% of your dream home’s total value. That’s what all the experts say, right?

For the average American home, 20% amounts to a pretty big number. Throw in closing costs and you’ve got a small fortune to raise – and years to go until you reach your goal.

It’s great that you’re putting money away toward what will likely be the largest purchase of your life, but there’s one huge mistake in your calculations: You don’t need to put down 20%.

Yes, you read right. The 20% myth is an unfortunate leftover from the era after the housing crisis, when out of necessity, access to credit tightened up. Thankfully, times have changed, and since FHA loans were introduced more than 80 years ago, mortgages have not required a 20% down payment.

While it’s true that a higher down payment means you’ll have a smaller monthly mortgage payment, there are lots of reasons why this isn’t always the best road to homeownership.

Let’s explore loan options that don’t require 20% down and take a deeper look at the pros and cons of making a smaller down payment.

Loan options

If you’d like to go the route of government-backed loans, these are your options:

1. FHA mortgage: This loan is aimed at helping first-time home buyers and requires as little as 3.5% down. If that number is still too high, the down payment can be sourced from a financial gift or via a Down Payment Assistance program.
2. VA mortgage: VA mortgages are the most forgiving, but they are strictly for current and former military members. They require zero down, don’t require mortgage insurance and they allow for all closing costs to come from a seller concession or gift funds.
3. USDA home loan: These loans, backed by the United States Department of Agriculture, also require zero down, but eligibility is location-based. Qualifying homes need not be situated on farmlands, but they must be in sparsely populated areas. USDA loans are available in all 50 states and are offered by most lenders.

If you’d rather take out a conventional loan, though, you can choose from the following loan types:

1. 3% down mortgage: Many lenders will now grant mortgages with borrowers putting as little as 3% down. Some lenders, like Freddie Mac, even offer reduced mortgage insurance on these loans, with no income limits and no first-time buyer requirement.
2. 5% down mortgage: Lots of lenders allow you to put down just 5% of a home’s value. However, most insist that the home be the buyer’s primary residence and that the buyer has a FICO score of 680 or higher.
3. 10% down mortgage: Most lenders will allow you to take out a conventional loan with 10% down, even with a less-than-ideal credit score.

Bear in mind that each of these loans require income eligibility. Additionally, putting less than 20% down usually means paying for PMI, or private mortgage insurance. However, if you view your home as an asset, paying your PMI is like paying toward an investment. In fact, according to TheMortgageReports.com, some homeowners have spent $8,100 in PMI over the course of a decade, and their home’s value has increased by $43,000. That’s a huge return on investment!

Why make a smaller payment?

If you’re thinking of waiting and saving until you have 20% to put down on a home, consider this: A RealtyTrac study found that, on average, it would take a homebuyer nearly 13 years to save for a 20% down payment. In all that time, you could be building your equity – and home prices may rise. Rates likely will as well.

Other benefits to putting down less than 20% include the following:

• Conserve cash: You’ll have more money available to invest and save.
• Pay off debt: Many lenders recommend using available cash to pay down credit card debt before purchasing a home. Credit card debt usually has a higher interest rate than mortgage debt – and it won’t net you a tax deduction.
• Improve your credit score: Once you’ve paid off debt, expect to see your score spike. You’ll land a better mortgage rate this way, especially if your score tops 730.
• Remodel: Few homes are in perfect condition as offered. You’ll likely want to make some changes to your new home before you move in. Having some cash on hand will allow you to do that.
• Build an emergency fund: As a homeowner, having a well-stocked emergency fund is crucial. From here on, you’ll be the one paying to fix any plumbing issues or leaky roofs.

Cons of smaller down payments

In all fairness, there are some drawbacks of making a smaller down payment.

• Mortgage insurance: A PMI payment is an extra monthly expense piled on top of your mortgage and property tax. As mentioned above, though, PMI can be a good investment.
• Potentially higher mortgage rates: If you’re taking out a conventional loan and making a smaller down payment, you can expect to have a higher mortgage rate. However, if you’re taking out a government-backed loan, you’re guaranteed a lower mortgage rate despite a less-than-robust down payment.
• Less equity: You’ll have less equity in your home with a smaller down payment. Of course, unless you’re planning to sell in the next few years, this shouldn’t have any tangible effect on your homeownership.

Of course this doesn’t mean you should buy a home no matter how much – or how little – you’ve got in your savings account. Before making this decision, be sure you can really afford to own a home. Ideally, your total monthly housing costs should amount to less than 28% of your monthly gross income.

Ready to buy your dream home? We’d love to help you out! Call, click or stop by Advancial today to learn about our fantastic mortgage rates. We’ll walk you through all the way to the closing!