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Turning Dreams Into Reality Can Require Preparation

Turning Dreams Into Reality Can Require Preparation

March 1, 2018southbrcu

By Kate Alexander for The Sturbridge Times, March 2018.

If you are like me, you binge watched HGTV over the holidays and while home during bad weather. Always this time of year, I get these grandiose ideas — a screened in porch I’ve always wanted, or the garage renovation for more storage, or my current craze — the fieldstone patio I have sketched out a thousand times complete with fireplace and outside seating. The grill is off to the side with a soothing water feature behind my sectional sofa…yet void of mosquitoes and drooling dogs. There is the smell of the grill and just enough warmth to make me want to curl up with a blanket, a beverage and drain the daylight from the day. Do you get me?

As my bubble bursts and I realize there is shoveling to do, I then retreat with an aching back to get more ice melt at one of the local chain hardware stores. There, I see their tempting displays, fueling outdoor oasis dreams. But, that’s when I start to put a price tag to my prospective project. I find myself pricing various stones and durable outdoor fabric, and it’s over. I start creating a spreadsheet in my head and suddenly — budget blown! Maybe for you, it’s the once-in-a-lifetime vacation, or consolidation of higher interest debt you are looking to get out from under. Regardless of the spring plans are swirling around in your head, now is the time to work towards making it reality.

There are many ways to approach the project, the trip, the whatever…but a good way to start would be with a phone call or to stop by your local financial institution. Chances are, your local banks and credit unions will have a loan product that is more economical than throwing it on a high interest credit card.

The most common way to access funds for a project, as taken out of my February brain, would be with a Home Equity Loan or Line of Credit. These products allow you to borrow against the equity you have in your home. Funds are either given to you in a lump sum or as a line of credit for you to take money out as desired. In a perfect world, the project, would add to the value of your home when completed.

While this is fine and dandy and works for a lot of people, there are others that do not have the equity in their home and still need to accomplish more timely projects such as a new roof, heating upgrades, etc. There are other options available such as home improvement loans, heat loans, or perhaps options secured against other assets of the homeowner.

The point is, if you are looking to launch a project, do your homework NOW before the warmer weather hits. Talk to a local financial institution with local decision making that can help you through the process in person or over the phone. Local financial institutions can often get more flexible or creative as opposed to the online lenders that cannot put a face with a name or understand the nuances of a particular town or county. There could even be special loans specific to your state that you may have never known you would qualify for. You just need to talk to someone that can serve as an advisor and find the best product for your situation.

What better way to lose the winter blues than to start looking at stones or fabrics? Or maybe in your case, it’s appliances or furniture to fill a new space. If you are looking for me, I’ll be the creepy lady in the lumber aisle with her eyes closed — not because I am doing an addition, but it truly is the best smelling aisle and I can hide from my family, who insists on sitting on every single riding mower in the joint having imaginary races. Just give me that moment in lumber and don’t tell anyone you saw me!

Happy spring dreaming and hope this year YOU can make your dream a reality.

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“When you are part of Southbridge Credit Union, you have access to world class benefits – low rates, exceptional service (I cannot stress this enough) and the products and services you deserve as a member. Here, you can expect access to your money the way you want and when you want it. So whether it’s online, on your mobile device, in person, or at an ATM, they have what you need. After being a member for over 40 years, I still feel the personalization of a small bank to where it has grown to today.”

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“When I needed a personal loan to help consolidate some of my previous debt, I went to the Southbridge Credit Union branch located at Bay Path. Jessica Joseph talked with me about my needs and options. Instantly, she got to work processing my information to receive the loan. During the process, a problem became evident. Due to the tight-knit and local nature of the bank, she was able to get an answer from a higher-up within a couple of hours. It feels good knowing that if a problem ever comes up with my accounts or loans, they are all right here in the community to take care of my needs.”

Matthew FallSCU Member

“Angie was very helpful and professional when I applied for a first mortgage and later, for a home equity loan. I had a great experience on both occasions, and she was very efficient processing all the associated paperwork. I would highly recommend her to anyone looking for a friendly helpful professional to assist with any lending needs.”

Bob CournoyerSCU Member

“We have worked with Paula at Southbridge Credit Union a few times for refinancing, home equity lines and mortgages, and she has always been great to work with. She is organized, professional and kind. We have had nothing but wonderful service at Southbridge Credit Union, not only from Paula but all other employees we have worked with there. We have found that Southbridge Credit Union has always had the best interest rates around, and they make the process of mortgages and home equity understandable! We have since transferred all of our banking there. Thank you, Southbridge Credit Union for always being so great to work with!”

Lori & Jason CzechSCU Members

“What a great experience we had working with Paula on our construction loan! It was very easy for us using today’s technology with the application, sending in the design, plot plans, etc. With my wife working in Boston and for myself being on the road as a Project Manager, Paula’s help guiding us through this on line was the key. All the legal documents were sent secure, which made us feel safe with such private information. The process of payment dispersal directly into our checking account after inspections kept this project moving along and gave me the control I needed with the contractors. SCU was a great partner to work with helping us complete our dream home!”

Glenn & Karen GregoireSCU Members

“I have been a customer of Southbridge Credit Union for the past seven years. After shopping for a mortgage online (Quicken, Lending Tree, etc.) I then looked at local lending institutions. What I discovered was SCU had the lowest rates of all. In addition to my mortgage, I now have a home equity line of credit and two auto loans. SCU’s rates are competitive and the bank personnel are always pleasant and willing to help to meet the needs of the customer. The customer service is second to none at SCU and I will continue to do business with them in the future.”

Chris HavenSCU Member

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