Just as a real estate agent guides you through the process of choosing a home and making an offer, your mortgage lender helps you navigate the mortgage application and closing process.

Buying a home is an exciting time but it can also be stressful. Luckily, the process can be a lot smoother when you have the right mortgage lender.

Ready to get the criteria for choosing your best match in a lender?

In this article, we’ll cover types of lenders, mortgage questions, and state loan programs in Vermont and New Hampshire.

Shop Around for Lenders and Mortgage Options

When it comes to finding a mortgage lender, homebuyers have plenty of options. That means you can be picky–look for a lender who has a proven history of expertise, reliability, and financing options for your specific situation.

For example, first-time homebuyers will want to find “a lender that knows the ins and outs of first-time home buying and makes you feel comfortable with the process,” says Melyssa Whitcomb, VP, Residential and Consumer Loan Officer.

The Internet makes it easy to compare current rates and, while there’s nothing wrong with getting a rate quote from more than one lender, don’t focus on one metric to the exclusion of all others. “It’s about the rates and fees together as well as local service,” says Kelly Deforge, Senior Mortgage Loan Originator.

Know What Kind of Lender You Want or Need

As you compare lenders, it helps to understand the different types.

• Mortgage Lenders work for banks or companies that lend money to a borrower for home purchase and set mortgage terms, interest rates, conditions, repayment schedule, and lending fees. Can take care of the entire process in-house. For example, the in-house lenders at Union Bank make themselves available to answer your questions, explain the different mortgage loan types, and discuss your hopes and dreams.
• Mortgage Brokers are independent, licensed professionals that serve as a matchmaker between lenders and borrowers. They are paid on commission by either the borrower or lender, but not both. Brokers can look for lenders and/or loan programs that are tailored to your situation. They also have relationships with lenders that could help you get competitive rates and terms. They do not fund loans; they don’t set interest rates or origination fees.
• Retail Lenders, aka Direct Lenders. They sell their own mortgage products directly to borrowers. For example, Quicken Loans is a retail lender.
• Correspondent Lenders originate and fund their own loans but quickly sell them to larger lending institutions after the loan closes.

Benefits of Working With a Local Mortgage Lender

“You want to work with a local lender–someone you can stop in to see or pick up the phone and call and know that you are going to get an answer,” says Melyssa Whitcomb.

• Personalized Experience: Local lenders are able to work face-to-face with their clients and are more hands-on than a larger lender might be. You always have someone available to answer questions and explain uncertainties. For example, at Union Bank, our lenders are always willing to go the extra mile for customers. “Folks can call me anytime with a question and if I can’t answer I quickly find someone who will. Union Bank remembers these are people’s lives we’re working with every day, and that is so important,” says Kelly Deforge.
• Local Knowledge & Expertise: Local lenders will be more aware of lending risks for certain areas. They have relationships with local real estate agents that can be helpful when looking for properties or if there are any issues during the home buying process. When asked why she thinks more Vermonters choose Union Bank for mortgage loans than any other Vermont bank, Melyssa says, “Our lenders are familiar with the mortgage process and offer assistance from start to finish.” Kelly says “At the moment, inventory is low, so it’s more important than ever to be prepared!” Of course, “things can change on a dime,” so it pays to work with local experts who follow regional trends closely.
• Reliability: Local lenders often live in the same communities they serve, and represent financial institutions who exist to help these communities thrive. Their local reputation is both earned and personal.
• Timely Turnaround: At Union Bank, all of our lending decisions are made locally, which helps to move the process along. In general, community banks and other local lenders can be more responsive throughout the process, especially when issues arise. Local relationships with real estate agents and title companies can also move the process along faster.

Vermont & New Hampshire State Specific Loan Programs

Union Bank is a participating lender in the following state loan and down payment assistance programs. Please note that this information is current as of the publication of this blog article. If you are interested, please contact us for the latest information.

Vermont Housing Finance Agency (VHFA) Mortgage Program Options

• VHFA ASSIST: An interest-free loan to help first-time homebuyers.
• VHFA Advantage: The most flexible program from VHFA with a low – down payment. Save $825 on Vermont Property Transfer Tax at closing.
• VHFA Mortgage Credit Certificate (MCC): Receive a tax credit of up to $2,000 each year.
• VHFA MOVE MCC: Annual tax credit of up to $2,000 plus other VHFA benefits.
• VHFA MOVE: VHFA’s lowest interest rate loan.

New Hampshire Housing Finance Authority (NHHFA) Mortgage Programs

• NHHFA Home Flex Plus (FHA, VA, RD): Cash assistance for up to 3% of base loan amount to help with your down payment and closing cost. Limited to household incomes up to $128,900.
• NHHFA Home Preferred Plus (Conventional): Cash assistance for up to 3% of base loan amount to help with your down payment and closing costs. Limited to incomes up to 80% of Area Median Income (AMI).
• NHHFA Home Preferred: Provides 97% Loan-to-Value (LTV) conventional mortgage financing with low, discounted mortgage insurance options. Offers lower monthly payments compared to other conventional/government-insured loans. Ideal for purchasers or those refinancing who are seeking a low monthly payment with a reduced mortgage insurance premium.
• NHHFA Purchase Rehab Mortgage: Allows you to add up to $35,000 to your purchase mortgage, with as little as 3.5% down, to assist with repairs and upgrades. Government mortgage option. Program for borrowers with incomes up to $128,900.
• NHHFA Home Start Homebuyer Tax Credit: Can decrease the federal income taxes you owe, thereby boosting your take-home pay, which may help you qualify for a mortgage and make your mortgage payments. This program is not a one-time credit—it is an annual credit for the life of the original mortgage, as long as you live in the home.
• NHHFA Home Preferred Manufactured Housing ROC’s: Provides homebuyers and current homeowners in qualified New Hampshire Resident-Owned Communities (ROCs) with affordable conventional financing options, including a low fixed rate, low down payment, and low mortgage insurance options. Serves borrowers with incomes up to 80% Area Median Income (AMI).

Questions to Ask Your Mortgage Lender

Don’t wait until you’ve found your dream home before talking with your lender! As Senior Mortgage Loan Originator Sue Ryan says, “Lending rules are constantly changing, do not assume you can get approved. Talk to a loan officer before you start to shop.”

1. Which mortgage is best for me?

The answer varies by individual. Ask your lender to recommend specific loan options and review the differences. Understand the advantages and disadvantages of each loan option.

2. What assistance programs do I qualify for?

 Ask about state-specific loan programs and what the eligibility requirements are.

• Find out if any assistance programs can be combined to maximize benefits.
• Make sure your credit rating and current finances are in good standings. Some assistance programs may require a minimum income or credit score.

3. How much of a down payment is required?

 Varies based on the type of loan and loan amount – many affordable housing programs allow for less than the typical 20% down payment.

• Putting down less than 20% can mean increased closing costs and increased monthly payments until you get to the 80% equity threshold.

4. What will my interest and annual percentage rate be?

 Understand base interest rate and annual percentage rate (APR). Ask what is included in the APR calculation.

• Have your lender explain the factors that go into deciding your interest rate.

5. Should I lock my interest rate?

 If you’re buying a home and suspect the interest rates could change then you have the option to pay your lender to lock your interest rate.

• If the interest rate increases before the lender processes the loan, your interest rate won’t change.

6. What are all the costs?

 Cost of loan includes fees that go to the lender plus third – party vendor fees – appraisals, credit check, title fees, home inspection fees, taxes, etc.

• Ask for a detailed write up of all the costs included in the loan and closing before you begin the loan application process. You will also receive a Loan Estimate once your application has been completed.

Meet your local mortgage lenders at Union Bank

At Union Bank, being local means we can make life easier and more convenient for our customers. Our Vermont and New Hampshire-based mortgage lenders have helped generations of homebuyers just like you. Contact our mortgage lending team today to get answers to your questions and learn more about the full range of home loan options from affordable housing loans to Jumbo, Build, and HELOC available from Union Bank.

The post How to Choose a Mortgage Lender in VT & NH appeared first on Union Bank.

Notable Scams of 2019

These two may not be new, but they surged in Vermont, New Hampshire and across the country last year. For a complete list of cybersecurity scams and tips, check out our previous posts on tax season scams, charitable giving scams, and identity theft protection:

• Computer Tech Support Scam: This one usually begins with a pop-up message on your computer, though you could also receive a phone call. The scammer claims to represent a name-brand tech company, such as Microsoft or Windows, and offers to “fix” the virus(es) infecting your computer. The objective is to take your money or gain remote access to your computer in order to install malware and steal sensitive data including banking information. Tech support scammers will also use a variety of tricks and coercion to convince you that you owe them money.

• Social Security Number (SSN) Phishing Scam: You receive a call from someone posing as a Social Security Administration (SSA) employee who tells you your SSN has been compromised or suspended for suspicious activity. Your caller ID may even show the real SSA 800-number. The scammer then asks you to confirm your SSN or to send gift cards to “prevent” your bank account from being seized. The FTC has a helpful recording of an SSN phishing scam and you should report scams directly to Social Security.

Rising Scams to Avoid in 2020

As with our 2019 list, these four scams may not be new but they’re on the rise this year:

• Romance Scams: People of all ages have been victimized through online dating sites and apps. In fact, the FTC reports more money has been lost to romance scams in the past two years than any other type of fraud. Read the article for signs of a romance scam and tips on how to avoid losing money to this type of fraud.

• Work-From-Home Job Ads: Always, beware of anything that seems too good to be true, whether it’s a low price on a popular product or an attractive hourly rate on a remote job. Scammers target job seekers on LinkedIn, Indeed, and other job-hunting sites, trying to get them to fill out I-9 (Employment Eligibility Verification) forms to “get the job.” In reality, there is no job and the scammer now has your sensitive information, including your SSN. You may also receive a large check with instructions to keep an amount as your first salary and send the remaining funds to a third party via a bank wire, gift cards, or other payment method.  Don’t do it!  The check is counterfeit and will eventually come back against your account.

• P2P Payments Apps: Union Bank’s Person to Person (P2P) system and Venmo each make it easier to split the tab among friends, but they’re also targets for scammers. Beware of any text message purporting to be from your bank or a payment app that prompts you to click on a login link to avoid an unauthorized transfer from your account. If you enter your login info on a fraudulent website, scammers can access your account and transfer money to themselves. NO financial institution or legitimate company will contact you to report fraud and then ask for your debit card number, online banking credentials, password, text message code, or other non-public, personal data.

• 20 vs. 2020: Law enforcement officials and consumer advocates are warning against the use of ‘20 as an abbreviation for 2020 on official documents. Scammers could add two more numbers to turn it into a future date, such as “2021,” in order to cash an old check or commit other types of fraud.

Where to Find Help with Scams in VT and NH

If you are the victim of a crime that occurred through the Internet, you should report it to the FBI by visiting the Internet Crime Complaint Center (IC3).

Vermonters can sign up for Scam Alerts through the Attorney General’s Consumer Assistance Program. You can also file a complaint or report a scam with the Vermont Attorney General’s office online.

In New Hampshire, the Office of the Attorney General operates a Consumer Complaint hotline and online filing is also available.

If any of your bank account information was compromised, make sure to contact your financial institution as soon as possible.

You can also file a police report with your local police department.

At Union Bank, we take proactive measures to protect the security of our customers. If you have any concerns about fraudulent activity on your account(s) with us, contact us immediately. We are also available to answer any general questions you have about scams. Find our latest blog posts here and check out our Security page for the latest information.

The post Be on Guard to These Recent and Emerging Scams appeared first on Union Bank.

What are the costs of buying a home?

• Median Home Listing Price: $247,450 in Littleton, $220,950 in North Woodstock, and $339,000 in Lincoln.
• Down Payment: Depends on the type of mortgage loan you choose and the percentage you can afford to put down. Aside from Veteran Affairs and USDA Rural Development Loans, which offer up to 100 percent financing, the minimum down payment is 3.5 percent based on a Federal Housing Administration loan amount of $200,000. That works out to about $7,000. For the most common mortgage options, you’ll need to put at least 20 percent down to avoid paying a private mortgage insurance premium. That would be about $40,000.
• Private Mortgage Insurance: If you put less than 20 percent down on a conventional loan, you’ll be required to pay Private Mortgage Insurance until you reach the 20 percent equity threshold in your loan balance. With Government loans, the mortgage insurance requirement lasts throughout the life of the loan. On average, you can expect to pay an annual premium (broken into monthly installments) of about one-half percent to one percent of the total loan amount.
• Property Taxes: Calculated as a dollar amount per $1,000 valuation. Keep in mind that your home’s property tax valuation is usually less than what you paid for it. Of the four New Hampshire towns we serve, Lincoln has the lowest tax rate, at $14.58 per $1,000 assessed, and Groveton has the highest, at $33.55 per $1,000 assessed.
• Homeowner’s Insurance: The average annual rate in New Hampshire is $680, 45 percent less than the national average.
• Closing Costs: This is the lump sum paid at closing to cover title searches, title insurance, appraisals, settlement fees, recording fees, land surveys, and transfer tax. The average closing costs for New Hampshire are $4,397.

Once you close on your new home, your monthly mortgage payment will consist of loan principal, interest, and an escrow payment for homeowner’s insurance, property taxes, and if necessary, the Private Mortgage Insurance discussed earlier. Escrow is a convenient service provided by your lender to ensure your insurance premiums and taxes are paid when due, without you having to remember or come up with a lump sum.  The loan program will dictate whether or not the borrower is required to escrow.

Costs of Maintaining a Home

• Homeowners Association (HOA) Fees: This cost only applies if you buy a condo, townhouse, or single-family home in a community with shared amenities like snow plowing, lawn mowing, pools, playgrounds, or tennis courts. HOA fees average $200-$300 per month and go toward the expenses and maintenance associated with these shared resources.
• Utilities: Your monthly utility cost may increase if the home you buy is bigger than your current living space. Set aside extra money for spikes in heating bills during the coldest stretch of winter.
• Decorating: One of the most enjoyable aspects of buying a home is making it your own. From painting, purchasing furniture and rugs, and deciding where to hang pictures, there will be plenty you want to do, but try to go slowly and stick to whatever budget you can carve out from your fixed monthly expenses.
• Repairs: The water heater starts leaking; the garbage disposal gets jammed. These kinds of unexpected, need-to-be-fixed-immediately home repairs can get expensive. Start saving for them now, so you can handle the death of your furnace with grace, whenever it occurs.
• Lawn Maintenance: If you are not part of a homeowner’s association and have a big yard, you may not be able to keep the grass cut, the leaves raked, and the snow shoveled by yourself. Hiring a lawn service is convenient but it can also add $100-$200 to your monthly budget depending on the tasks you need done and how often they come.

The cost of homeownership can seem daunting, but you’ll get to know your house and its quirks, how much to expect your heating bill to be in January, and so forth. The best thing you can do is start a savings account that’s just for home maintenance and repairs. That way you’ll be prepared for the unexpected.

Next Steps

If you’re ready to assume the costs of buying and owning a home, the next step is to get your finances in order.

1. Check your credit score. You can get a free estimate through apps like Credit Karma and Credit Sesame. Some credit cards also provide access to your FICO score, which is the credit score calculation used by most mortgage lenders.
2. If your score is lower than 620, you may want to spend some time getting it higher before applying for a mortgage in order to ensure that you’ll get the best rate and lowest fees possible. Make sure all your bills are paid on time every month and try to reduce your credit utilization to less than 30 percent.
3. Don’t apply for other new loans or transfer large sums of money. Lenders want to know where your money comes from, including regular income sources and your down payment. Large transfers into and out of your accounts can be a red flag, as well as new credit applications.  

Stay Local. Go far! Union Bank is your local mortgage lender.

The experienced mortgage lending team at Union Bank is here to make your home buying process easier. Our Lenders can answer any questions you may have, help you gather necessary supporting documents, or recommend a local real estate agent or contractor. Because our lenders live and work in the same community, they can put their local expertise to work for you.

Contact a lender, start your mortgage application online, or visit one of our New Hampshire branches in Groveton, Lincoln, and Littleton.

Read Next

• Fixed vs. Adjustable-Rate Home Loans: Which Type of Mortgage is Right for You?
• The Home Buyer’s Guide To New Construction In Northern New Hampshire

The post How Much Money Do You Really Need to Buy a Home in NH? appeared first on Union Bank.

The Akley Building Town Hall, containing the Post Office, was built in 1902. Six years later the Post Office was robbed—the robbers blew up the safe and stole $500 in stamps, postal funds, and money orders. Today, you can still see a bullet hole across the street from the Akley Building on the facade of Shaw’s General Store building.

Skiing was introduced to the residents of Stowe in 1913 when three Swedish families began traveling around town on long wooden boards with upturned ends. This pivotal moment in our town’s history marks Stowe’s transition toward its true destiny as a skiing capital.

Eight years later, Stowe held its first Winter Carnival with ski jumping, skating, and other fun-filled events. However, downhill skiing didn’t blossom in Stowe until 1930’s, during the Great Depression, when the Civilian Conservation Corps established camps and began clearing ski trails on Mt. Mansfield.

Union Bank’s Stowe branch opens in 1919

The Stowe branch was one of Union Bank’s first expansions beyond our original Morrisville location. When it opened a century ago, Stowe had a population of approximately 1,900 people and Charles H. Stearns was President of Union Bank. In the 1970s, Union Bank’s Stowe branch moved to a new facility on Park Street, where it remains today.

In celebration of a century of community banking in Stowe, we talked to a few local Union Bank customers about their own histories here and what they love about the Stowe community.

Leighton Detora

Leighton moved to Stowe with his college roommate in 1969 and fell in love with the beauty of the place. Over the years, he’s watched the area become more developed, from a winter-only resort town to a residential area with more homes and developments.

The strong sense of community and outdoor activities are Leighton’s favorite things about living in Stowe. From snowshoeing and collecting firewood to hiking, bird watching, and even “mud season” with its promise of spring just around the corner, Leighton enjoys every opportunity to get outside.

Here in Stowe, Leighton says everyone will show up for you if you need them. You are likely to run into someone you know anywhere you go. There are plenty of opportunities to serve the community. Leighton is head of his home owner’s association, Stowe’s moderator for town meeting, a justice of the peace, and member of the Board of Civil Authority.

Of Union Bank, Leighton says it has been a great asset to the community. He’s been a Union Bank customer since 1972 and appreciates the fact that he can still call the bank and speak to a real person.

Barbara Allaire

Barbara is a lifelong resident of Stowe with 90 years of history here. She has worked for the town throughout her career and enjoys community events like the Veterans’ breakfast and Memorial Day parade. Barbara is also a member of the local historical society and the American Legion Auxiliary.

Of Union Bank, Barbara says she appreciates the nice people and helpful nature of the service. There is fun vibe in the Stowe office; you can joke around and be friendly.

John Decker

John has lived in Stowe for the past five years. He owns the Stowe Public House & Bottle Shop and gets involved with the community through coaching the high school boys’ basketball team. As a local business owner, he thinks the renovation of the downtown area is a big positive for the community. It feels more vibrant now, with new shops and increased foot traffic.

John runs his businesses with the help of Union Bank and appreciates the welcoming atmosphere the branch employees create. He says they always reach out and help whenever he needs anything.

Olivier Garret

Olivier moved to Stowe in 1994 and raised his family here. He was also CEO of The George Adams Company, one of the last manufacturing companies in the area.

You must be an outdoor fan to live in Stowe, Olivier says. He enjoys skiing and is passionate about hiking in the mountains every weekend. Olivier appreciates the small-town feel here; it’s like a village but there is also plenty to do.

When it comes to community involvement, Olivier is involved with his local church, as a chair member for the zoning board, and with the Catholic schools that his children attended.

Of Union Bank, Olivier says bank employees take care of you in a personal way. In a world where banking is mostly impersonal and fee-based, and decisions are made by others on the other side of the country, it’s nice to talk to real people who care.

Stay Local. Go Far!

Join us in celebrating a century of service in Stowe. Stop by the Union Bank office on Park Street to say hi and tell us what you love about living here. We are here to meet all of your personal and business banking needs with friendly and convenient service and a complete suite of modern financial products and services. Here’s to another century of prosperity and community in Stowe!

The post Celebrating 100 Years of Community Banking in Stowe, VT appeared first on Union Bank.

From choosing between conventional and government-insured loan programs to deciding on the right loan term and type of interest rate, it’s easy to feel overwhelmed by the variety of mortgage options. And here you thought all you had to do was establish a good credit score and save for a down payment.

Sometimes all you need is a helping hand from an experienced professional. At Union Bank, our locally-based mortgage lenders have been helping Vermonters become homeowners for more than a century. In this guide to choosing between Fixed-Rate Mortgages and Adjustable-Rate Mortgages (ARMs), we put our expertise and knowledge of the Vermont and New Hampshire markets to work for you. Here’s what you need to know to make an informed decision.

What’s the difference between fixed-rate and adjustable-rate mortgage (ARM) loans?

The most important difference between the two is the consistency of the interest rate. As the names of the loans suggest, the payment of principal and interest on a fixed-rate mortgage will never change. You’ll keep the interest rate you signed up for throughout the life of the loan. That means your monthly payment of principal and interest should stay the same, except for when your real estate taxes or homeowner’s insurance premiums rise. Your payment may change if you have an escrow for your real estate taxes or homeowner’s insurance.

On the other hand, what we often think of as an ARM loan is really a hybrid of the two, often with an introductory fixed-rate period and then annual rate adjustments based on the terms of the loan.

ARMs may have a lower introductory rate than fixed-rate loans. However, ARM borrowers risk rising rates (and payments) after the introductory period ends. That’s why many articles on ARM loans recommend them to buyers who don’t plan to stay in the home long-term. If you plan to sell the house at the end of the initial fixed-rate period, you may decide the lower rate is worth the risk. You can also refinance an ARM into a fixed-rate loan, but you’ll have to pay closing costs again. And what if the real estate market slows down and the value of your home falls, or you can’t sell it as quickly as you hoped? This is why ARM loans aren’t always the great deal that some online articles make them out to be.

The main risk with a fixed-rate loan is that rates will fall and you’ll be stuck with a higher rate. However, there isn’t much chance of this when the United States is in a low-rate environment. No one can predict the future, so it’s better to focus on your current situation. For example, if you can afford the monthly payments on a 15-year loan, you may find that the fixed rate is comparable to the introductory rate on an ARM loan.

Of course, your interest rate and loan term both affect the size of your monthly payment, which affects the total amount you get approved for. If this is a concern for you, we recommend talking to an experienced loan officer to weigh the pros and cons of your particular situation.

Finally, it’s important to know that you can choose between a fixed or adjustable-rate mortgage regardless of the loan type:

• Conventional: The standard mortgage loan.
• FHA: Insured by the Federal Housing Administration, this type of mortgage can have a lower down payment.
• VA: The Department of Veteran’s Affairs insures mortgages with up to 100 percent financing for eligible veterans, service members, and surviving spouses.
• Jumbo: A mortgage with a principal higher than the conforming loan limits set by Fannie Mae and Freddie Mac.

How do Fixed-Rate Mortgages Work?

After the creation of the Federal Housing Administration (FHA) in 1934, the 30-year fixed-rate mortgage was introduced, putting homeownership within reach of many more Americans across economic classes. In contrast, ARM loans only date back to the early 1980s.

Today, the majority of new mortgage loans have a fixed rate. This type of mortgage is pretty straightforward and easy to understand:

• The rate doesn’t change during the life of the loan.
• Fixed-rate loans are fully amortizing, which means the total principal and interest will be paid off at the end of the loan term.
• Your monthly payment of principal and interest will stay consistent throughout the mortgage term.
• In the beginning, more of your monthly payment is allocated to interest; in time, more of it will go toward the principal. Regardless, the total amount is stable.

As you can see, fixed-rate loans provide payment predictability regardless of what happens in the economy. If rates rise, you get to keep your lower rate. The consistent monthly payment is easy to budget for and, as your household income increases, you can put extra money toward your mortgage to pay it off faster if you wish.

How do ARM loans work?

Adjustable-rate mortgages are a bit more complicated. Here’s a breakdown of their four main components:

• Adjustment Period: The frequency with which the rate adjusts up or down based on the index, margin, and lifetime caps. One year (as in a “5/1” ARM) is the most common adjustment period.
• Index Rate: ARMs are tied to an external (not controlled by the lender) market-related interest rate like the 1 year US Treasury rate as published in the Wall Street Journal. There are several for lenders to choose from, but the most important thing for you to know is that the fluctuation of your ARM’s index rate determines the movement of your own rate.
• Method of Adjustment: This is the way your mortgage payment is re-calculated after a rate adjustment. The most common method of adjustment is to raise or lower the payment according to the change in rate, in order to ensure that the loan is paid off by the end of the remaining loan term. Chances are, if your rate adjusts higher, your monthly payment will increase. If your rate goes lower, your monthly payment will decrease.
• Margin: This is the amount added to the index rate to calculate your overall rate. For example, if the margin is 2.75, then 2.75% would be added to whatever the index rate is to arrive at the interest rate.

While these four features represent the core components of the Adjustable-Rate Mortgage, the modern ARM is typically a hybrid with two additional terms:

• Interest Rate caps: A limit on how high the interest rate can go over the life of the loan.
• Interest Rate floor: This is the minimum interest rate on the loan over the life of the loan. The rate will never go below the floor.
• Initial Rate Discount: This is what we’ve referred to above as the introductory fixed rate. For example, let’s break down a 1 year US Treasury 5/1 2/2/6 ARM. The index is the 1 year US Treasury. The 5 represents the number of years the rate will be fixed at the initial rate. The 1 means that the interest rate will adjust annually after the first 5 years. The first 2 represents the maximum percentage interest can increase or decrease at the first adjustment period after the first 5 years. The second 2 represents the maximum percentage interest can increase or decrease every year thereafter. The 6 represents the maximum percentage interest can increase or decrease over the life of the loan.

As you can see, choosing an ARM loan requires more upfront research and consideration to make sure you end up with an overall loan rate and terms that work for you.

Mortgage Pros and Cons

Let’s look at the most important considerations in your mortgage decision-making process. We’ll identify the pros and cons of each mortgage type in the context of these factors.

Interest Rate Risk

With a fixed-rate mortgage, the borrower has peace of mind knowing their interest rate will never change during the life of the loan. The borrower reaps the benefit when rates increase, but is potentially overpaying when rates decline. With an ARM, there is no interest rate risk after the initial fixed period as the rate is always adjusting to the current market conditions. Therefore, the borrower is never over-paying or getting a better deal than the current market rate.

Monthly Payments

As we’ve shown, an ARM may come with a lower monthly payment in the beginning, but fixed-rate loans offer payment stability. Whatever type of mortgage you choose, the loan term has a lot to do with the size of your monthly payment. For example, with a 15-year loan you’ll pay off the mortgage sooner and pay less interest overall, but your monthly payments will be higher. A longer term, such as 30 years, would make the monthly payments lower.

Early Pay-off

Some people have a financial goal of paying off their mortgage loan early. If this is you, keep in mind that this is easier to do with a fixed-rate mortgage. It’s possible with an ARM, too, but more complicated calculations are required, given the adjustment method and other terms of an ARM.

Interest Rate

Rates for new mortgages are updated daily—you can check Union Bank’s current rates for Vermont and New Hampshire here.

The Takeaway

Fixed-rate mortgages have been more popular than ARMs since the Great Recession of 2008. In general, ARMs tend to be more common in metro areas with expensive real estate. That is likely due to homebuyers who need to qualify for a larger loan in order to buy where they live. In Vermont and Northern New Hampshire, an ARM is typically used if a borrower plans on selling or refinancing on or before the initial fixed period, thereby benefiting from the lower ARM rate and payment when compared to a fixed rate loan.

Stay local and go far with a mortgage from Union Bank!

As a longtime community bank, we’ve seen it all and offered a steady hand to guide our customers through the latest trends and economic ups and downs. We believe homeownership benefits both the individual and family as well as the larger community. That’s why we love helping our customers through the mortgage application process on their way to becoming homeowners. Find out why more Vermonters choose us for their mortgage than any other bank.

Want to learn more about mortgages? Check out our guide to VT and NH Homebuyer Assistance Programs, Vermont Homebuyer Guide, and The Home Buyer’s Guide To New Construction In Northern New Hampshire.

Ready to get started? You can apply for a mortgage online or contact our team of friendly and experienced mortgage lenders for help finding the right home loan.

The post Fixed vs. Adjustable-Rate Home Loans: Which Type of Mortgage is Right for You? appeared first on Union Bank.

Sam Guy of Guy’s Farm and Yard

Founded as a bulk feed business in Morrisville in 1960, this family-owned-and-operated business opened a retail location in Williston nearly 25 years ago. Sam says that the expansion to Williston was a crucial part of Guy’s Farm and Yard’s evolution from only selling bulk feed to becoming a retail store. Williston is “the spot where it all happens.”

As a longtime Union Bank client, Sam speaks positively about his experience. “They’ve always been a good partner to me. Not only were they a lender, but they were also there to provide good advice.”

Claudine C. Safar, Esq. of Monkey Do!

In addition to being one of three partners in a nearby law firm, Claudine has been working with Union Bank to finance a new 12,000 square foot indoor play space in Williston called Monkey Do! As a parent herself, Claudine found inspiration for her business idea while on vacation with her family. When it rained at the beach, it was so helpful to have a place to take her two young children to run around inside and move their bodies for a few hours. Every parent knows what a godsend such places can be when the weather is bad or during the winter months.

Claudine is excited to bring this exciting new indoor play space to Williston this October, so families in her community will have a fun and affordable option for passing the time on a rainy day, a snow day, or anytime the kids need exercise and Mom and Dad need a break. Monkey Do! will also feature a gourmet coffee shop with WiFi and comfortable couches overlooking the play area.

Claudine began working with Union Bank when Monkey Do! was just a concept. Throughout the process, she says they’ve been great. Like Sam, Claudine found more than just a business loan–Union Bank helped her develop a business plan and get her ducks in a row for the SBA loan application.

Doug Ellwood of G.W. Savage

G.W. Savage has many ties to the Williston community. Originally headquartered there, the main office is still very close by in South Burlington. Company president, Bill Savage, lives in Williston and built the town’s first affordable housing units there.

G.W. Savage’s community involvement in Williston includes membership in the Home Builders & Remodelers Association of Northern Vermont, volunteering with the Green Mountain Habitat for Humanity ReStore, and sponsorship of “Groovin’ on the Green” at Maple Tree Place. They also do a lot of projects in conjunction with the Williston fire department.

Doug says that Williston is a great small town with a close-knit feel. It’s also a convenient place for businesses due to the quick interstate access and abundance of local suppliers. Of his working relationship with Union Bank, Doug appreciates the quick turnaround on loan decisions and the bank’s ability to find a solution whenever there’s an issue.

Elizabeth Walker, DMD, MSD of TMJ, Sleep Therapy & Airway Orthodontics

An orthodontist who specializes in undiagnosed pain of the jaw, head and neck, and sleep breathing disorders, Dr. Walker moved to Vermont and opened her practice in Williston in 2016. She and her partner chose Vermont together after living in Massachusetts because he had attended UVM and wanted to return to the community.

When asked what she loves most about the Williston community, Dr. Walker says, “the like-mindedness of having the highest quality of life with outdoor activities, quality of farming and food, and quality of whole-body healthcare.” She is also a big fan of the Thursday night Groovin’ on the Green concert series at Maple Tree Place.

Stay Local. Go Far!

As a community bank, we’re loyal to the people and businesses we serve across the great state of Vermont. We invite you to meet our Williston team and learn more about the convenient banking services you can find at Union Bank. We look forward to being a part of your community!

The post Voices of Williston, VT appeared first on Union Bank.

Here at Union Bank, we’re partial to Northern Vermont since it’s been our home for more than a century. Of the state’s 23 recognized historic downtowns, three are Northern Vermont towns where we have branch locations: St. Albans, St. Johnsbury, and Stowe and another three are in towns adjacent to a Union Bank branch (Barre, Montpelier and Waterbury). We also do many construction loans in Burlington and surrounding Chittenden County, the most populous county in the state. With beautiful Lake Champlain bordering part of the area, as well as the medical center and the University of Vermont campus and other local colleges, the Burlington metro area is very attractive to new home buyers.

Because Vermont is such a desirable place to live, and still relatively undeveloped, it’s an attractive place for new construction. On January 1, 2019, the Remote Worker Grant Program took effect, providing even more incentive for out-of-state residents to consider becoming Vermonters. If you’re thinking about building your dream home from scratch in Vermont, Union Bank’s Build/Construction Loans provide convenient, one-stop financing throughout the entire process from start to finish. Wherever you are in the planning stage, this guide will tell you everything you need to know and expect from building or buying a new construction home. If it doesn’t answer all of your questions, give us a call at 800.753.4343 or visit your local Vermont branch. Our experienced lending team is always available to share our local expertise.

Is it better to buy a house or build your own home in VT?

With an unemployment rate lower than the national average and a culture of strong support for small businesses, Vermont has a thriving economy with benefits for both employees and entrepreneurs. Visit Think VT’s Economic Overview page to learn more.

Our state is also strong on education at every age. From Universal Prekindergarten, which provides 10 free hours of PreK education per week during the school year, to Vermont’s notable institutions of higher education like the University of Vermont and Northern Vermont University, Vermonters value the culture, civic skills, and economic benefits that come with education. The state legislature is currently debating a bill that would provide additional funding for in-state residents who attend Vermont’s state university system.

If you choose Vermont as your permanent home, the primary question that remains is whether to build a new home or buy an existing home Here are the pros and cons of both options:

New Construction Homes

This option gives you the most control over where you live and how your home is designed. From farmland to suburbia and cities, you can decide which location best suits your professional needs and lifestyle goals. Think VT breaks down some the state’s regions as follows:

• Northwest Vermont “is characterized by a diverse economy, a growing tech scene, strong academics…and, revolving around the Church Street Marketplace, one of America’s most walkable and engaging downtowns. Union Bank has locations in the Northwest Vermont communities of Fairfax, Williston, St. Albans, and Jericho.
• Northeast Vermont “is known for its rugged natural beauty and eclectic character.” You can find Union Bank in the following Northeast towns: Hardwick, Jeffersonville, Johnson, Lyndonville, Morrisville, St. Johnsbury, and Stowe.
• Central Vermont, “ranging from the narrowing waters of Lake Champlain in the west to the Connecticut River in the east, provides a dynamic cultural cross-section of the state.” Visit our Central Vermont locations in Berlin and Danville.

Home Buying

Building new construction can be a smart move in a robust real estate market, such as the one Vermont is currently experiencing. Based on late-2018 reports from the Vermont Association of Realtors, the inventory of homes for sale isn’t matching demand, with homes selling quickly and leaving fewer available. That assessment is supported by Zillow, which currently describes the Vermont real estate market as very hot. The state’s median home value is $201,700. Buyers in lower price ranges may find it difficult to find homes that don’t need a lot of renovation and updating. These are all reasons to consider building instead of buying. Next, we’ll look at the costs of building new construction in Vermont.

How to Buy a New Construction Home

A third option is to buy new construction instead of building it yourself. Ask your real estate agent about new communities in the region you’re looking in. It may be possible to pick a model or buy one that has already been constructed.

What is the cost to build a home in VT?

According to the home construction website ProMatcher, the average cost of building a new home in Vermont is $148.23 per square foot for basic construction. That works out to be $296,460 for a 2,000 square foot home, which isn’t much higher than the state’s current median listing price of $275,000. Why not get exactly what you want instead of compromising in a seller’s market?

Ultimately, the total cost of your new construction home will depend on a variety of factors, including costs unrelated to the house itself. Here’s what to expect:

• Floor Plans: The home construction firm you hire will have its own selection of floor plans. If you want to find your own, you may be charged a fee. Before you make a final decision on a floor plan, make sure it will fit your lot, both literally and in terms of aesthetics. A house that is too big for its lot can look out of proportion and out of place. Keep in mind the square footage of the floor plan directly affects the total cost, so it doesn’t pay to believe that bigger is always better.
• Style: The more you sign off on standard interior design and architectural features, the lower you’ll keep the total cost. Anything unique or unusual will be more expensive for the builder to execute.
• Construction Costs: It should go without saying that you need to shop around, collecting estimates from more than one builder before you sign a contract. You should also request references from contractors and follow up with their previous customers. Your builder will give you a price for basic construction costs. It’s up to you to choose the quality of materials inside your home, such as flooring and kitchen cabinetry. These are important choices as they will either keep the basic costs level or raise the total significantly.
• Site Preparation: Depending on the condition of your lot, you may need to pay for pre-construction clearing of trees, rocks, and other obstructions.
• Permit Fees: Contact your local municipal office to learn about your town’s regulations and fees for building and zoning permits. Your builder can usually tell you the cost of permit fees in advance.
• Labor Costs: Vermont is currently experiencing a shortage of qualified workers in the construction industry, which could potentially increase the cost of labor for your new home construction.
• Materials: This is another factor to discuss in advance with your builder. The cost of construction materials has been rising lately, due in part to tariffs and higher fuel prices. Fluctuations in the economy and the timing of your construction project will determine costs of materials.

How to Find a Vermont Land Lot to Buy and Build On

Whether you choose a unique location to build on, or purchase a lot in a planned community, the regulations of your local municipality will influence much of your decision-making process. It’s crucial to work with a real estate agent who has proven experience with land transactions. You’ll also want to keep this checklist of questions within reach (taken from our New Hampshire guide to new construction):

• What is the land zoned for? Are there any zoning restrictions on what you can build?
• Is your land in a wetland area?
• Is it part of a designated Historic District?
• What are the required setbacks? Are there any view ordinances on the land?
• Is the land contaminated with asbestos, spilled fuel, or other environmental toxins? Conduct your own testing to be sure.
• Are there any landslide or flood risks?
• What are the easements (if any) on your land? Will you have road access?
• Is the land “raw” (meaning nothing has been added) or “improved” (meaning there may already be some or all utilities installed)?
• Are there any utilities set up on the land, such as electricity?
• Is the water source from the municipality or from a well?
• Is there a septic or sewer system installed?
• Will you own any mineral or timber rights to the land?
• What is a fair price? If you obtain land financing from a bank, an appraisal will be part of the process. If you’re paying in cash, make sure you hire an independent appraiser before you agree to a sale price (something that would be part of the normal process if you were getting a mortgage).

A timeline of the home building process in VT

There are four primary phases to any home construction project:

1. Financing: Work with a local lender like Union Bank to obtain your home construction loans to ensure you have easy and quick access to your loan funds.
2. Prep Time: You may be eager to watch your new home rise from its foundation, but first the builder needs to take care of paperwork (like permits) and clear the site as needed.
3. Construction: This phase encompasses all of the steps needed to build the frame of your house up from the ground and turn it into a livable home. From the foundation to the hardware on your kitchen cabinets, construction is the most exciting phase.
4. Inspections and Certificate of Occupancy: Here’s where you’re reminded that the true purpose of permits, zoning, and building regulations is to keep everyone safe and make sure your home’s value will stay intact. Before you can move in, your municipality may inspect the property and issue a certificate of occupancy.

How to Choose Between Home Construction Companies in VT

The  National Association of Home Builders is an excellent resource for finding qualified and highly rated Vermont home builders in your area. For example, a search NAHB members in Vermont returns 14 Vermont home builders. You can look at each builder’s prior work, which will help you find someone whose style matches your design preferences.

You’ll also want to look at examples of your builder’s work in person. It may not be possible to tour a private residence, but you can drive by to see the exterior.

Word-of-mouth is also a timeless way to get good referrals. If you’re already part of the community you plan to build in, ask your neighbors if they know anyone who had a positive home construction experience. Ideally, you want to find someone with extensive local expertise, to help you navigate local ordinances and permitting regulations.

The last step in choosing a Vermont home builder is to review the contract carefully before signing. Make sure all of the factors we mentioned above are included, so there won’t be any unpleasant surprises along the way.

How to Get a New Home Construction Loan

How do home construction loans work? Let’s cover the process of financing your home construction project. It’s different from getting a traditional home mortgage.

• First, your lender will check your credit and appraise the value of the lot and floor plan for your new home.
• Next, you’ll be required to purchase the necessary insurance policies.
• Home construction loans usually require a higher down payment than a conventional mortgage because your home won’t hold its full value until construction is finished.
• Once the loan is approved, funds are released incrementally as your builder makes progress and submits invoices.
• After the home is 100% complete and you get a Certificate of Occupancy, if needed, for your new home, you’ll need to refinance your construction loan into a home mortgage loan.

Partner with a local lender for home construction loans and land financing!

Enjoy a smoother home construction experience when you work with a local lender. Union Bank has been helping Vermonters buy and build their dream homes since 1891. Our successful service of local communities in Northern VT and Northern NH has been recognized by American Banker Magazine, which ranked us among the top ten performing community banks in America, four years in a row.

The Union Bank lending team is especially experienced in construction lending. Our Land Loans and Home Construction Financing are customized to fit the needs of your project. Most importantly, our Build/Construction Loans are designed for maximum convenience. We save you time, money, and hassle by offering complete financing from beginning to end with the same lender. Funds are disbursed from your Union Bank Construction Loan Checking Account. And once your home construction is complete, we’ll help you turn the loan into a permanent conventional mortgage.

Take the next step toward building the new home you’ve always dreamed of. Call us for more information or visit your nearest branch in northern Vermont or northern New Hampshire today.

The post The Vermont Home Buyer’s Guide to New Construction appeared first on Union Bank.

Before You Leave

• Only use trusted and secure sites to book travel reservations. In addition to using reputable travel booking sites, make sure the site is secure before you enter your payment information. Look for a web address that starts with “https://” instead of just “http://.” The ‘s’ means secure. There should also be a padlock symbol in the address bar.
• Take the time to update your devices’ software. Many people ignore these notifications because they’re afraid of losing files or the ease of use they experience with the current software. Or, you try to update your phone’s operating system, only to get an error message that the storage is too full. Whatever your obstacles, we strongly encourage you to set aside enough time and get help if you need it in order to update your devices. You may think you are only missing out on the latest features, but you’re actually missing out on critical security updates, leaving your device vulnerable to cyber-attacks. This article from Popular Science has a helpful list of instructions for updating every type of computer and mobile device.
• Create a unique password for each of your devices. You probably already have a passcode for your phone, but what about your laptop or tablet? The strongest smartphone/tablet passcodes consist of 6 numbers (not 4) or a swipe pattern with at least one change in direction. For laptops, cybersecurity experts recommend a password with at least 8 characters. Use both upper and lowercase letters, special characters, and numbers. If you have trouble remembering passwords, try using the first letter of each word from a favorite phrase. For example, “Heard it through the grapevine” could become HiThG with 3 more characters at the end such as “@311.”
• Impose an automatic lock. If you don’t already have this feature enabled, make sure all of your devices will automatically lock after a certain period of inactivity. While a thief may be able to take your physical device, they won’t be able to steal your data if the passcode and lock screen is in use.
• Set up “Find my Device/Phone.” Both Apple and Android devices have free apps for finding your phone from another device if lost. You can also ring, lock, or erase the data on your phone. These apps also work for other mobile devices such as tablets. “Find my Phone” can help you recover a lost or stolen device while traveling.

While You’re Away

• Avoid public Wi-Fi networks. Open-access networks are not encrypted, so cybercriminals could potentially spy on your device and steal sensitive information. If you’re going to use public Wi-Fi for general web browsing, just be sure to exit the network and use your phone’s data plan or personal hotspot for logging in to personal accounts.
• Keep your mobile devices physically secure. Now that you’ve taken steps to secure your devices from cyber-attacks, make sure to keep them physically secure while traveling. Many hotels provide a safe deposit box to store valuables in. When you’re out with your phone, don’t leave it unattended and be wary of pickpocketing
• Wait to post about your vacation. Keep your social media accounts private so only your friends can see your posts. And even with that precaution, don’t post vacation snapshots until you get home. Not only do you run the risk of a home break-in when you announce you’re out of town, but scammers may also target your family and friends.

Union Bank Wishes You a Fun and Secure Vacation!

From all of us here at Union Bank, enjoy your summer and any trips you have planned! If you need help securing your device or have questions about these tips, feel free to give us a call or visit the nearest Union Bank branch location in Northern Vermont and Northern New Hampshire. For more cybersecurity advice, check out our blog articles on Keeping Your Devices Secure, Online Shopping Mistakes, Social Media Security Tips, and more.

The post Staying Cyber-safe on a Summer Vacation appeared first on Union Bank.

Social media isn’t the only online space where we overshare information. How many shopping websites have you created an account on? Even ordering a pizza online may require you to provide personal information such as your name and address, phone number, and email. While there’s usually a “guest checkout option,” we often choose to store our information and even our preferred card number because it’s convenient. Unfortunately, that convenience comes with a price. You may not fall victim to identity theft or other cybercrimes, but if the company you stored your information with sells it to others, you could end up receiving annoying marketing messages via email and snail mail.

Even when cybercrime occurs close to home in Vermont, it isn’t realistic to expect everyone to stop using the devices and apps that have improved our lives in many ways, despite serious problems around privacy and safety. Education is the best means of prevention, especially among kids and young adults who may not understand the consequences of sharing personal information and photos online. In this article we’ll cover the risks of oversharing online and the steps you can take to protect yourself, your family, and your personal data.

What is cybercrime?

When we talk about cybercrime, most people think of identity theft. The prospect of having your sensitive personal and financial information stolen is, of course, terrifying. But identity theft isn’t the only type of cybercrime Internet users can fall victim to. The full range of cybercrimes includes: online identity theft, financial fraud, stalking, bullying, hacking, email spoofing, information piracy, and forgery and intellectual property crime, according to The National Cyber Security Alliance, which also describes the best-case outcome of cybercrime as “major inconvenience and annoyance.” On the other end of the spectrum, “cybercrime can lead to financial ruin and potentially threaten a victim’s reputation and personal safety.”

Posting on social media doesn’t always lead to cybercrimes, but there are other consequences. You may think you are only sharing photos and information with your followers or friends list, but employers and universities are looking, too. Of course, you can only control the posts you make from your own account. What about the content others may post about you? Take the “share with care” advice of the STOP.THINK.CONNECT campaign: “Think before posting about yourself and others online. Consider what a post reveals, who might see it and how it could be perceived now and in the future.” This means you may have to ask friends to take down certain posts, or explain in advance that you’re not comfortable sharing photos of your child online. Instead of feeling like you’re spoiling others’ online fun, consider yourself a model for how to be a good online citizen. Most people will simply respect your wishes if asked to do so.

Rethink what you share online

Now that you understand the risks that come with online activity, it’s time to rethink what you share and take these steps to protect yourself and your loved ones online.

• Read the fine print. Yes, there are plenty of memes illustrating how much we don’t want to read terms of use and privacy policies. However, before you sign up for a retailer’s loyalty program or check the box to create an account and store your information for “easier checkout” next time, consider reading the fine print to learn whether the company will keep your data private or sell it to other companies for marketing purposes.
• Avoid phishing scams. “Phishing” is when a cyber criminal pretends to be a legitimate company in order to trick you into sharing personal information, account logins, and other sensitive data. You could encounter this kind of scam via email or on social media. Whereas phishing messages were once pretty obvious for their misspellings and grammatical errors, or botched logos, cyber criminals have gotten more sophisticated. They may pose as a company you already shop with and send you a link to “track” an order you don’t remember placing. They also offer up the “bait” of something irresistible such as a sweepstakes prize or no-interest loan. If you are ever unsure whether a message is legitimate, don’t click on the link. Instead, open a new browser window and visit the company’s website directly or call their customer service line to enquire.
• Listen for fraudulent phone calls. Spam calls have become a national concern and nuisance. And like phishing emails, robocall scammers have gotten better at their tricks. Recent phone frauds include callers posing as Microsoft or an anti-virus software company and asking for money to renew a supposedly lapsed license. During tax filing season, IRS scam calls become popular. As with phishing, never give out your personal or financial information over the phone. If you are concerned about the legitimacy of the caller’s claim, hang up and call the company or organization directly to check on your account.
• Be mindful about social media sharing. First, check your current account privacy settings to make sure only your friends can see what you post. Even then, you want to be deliberate about what you do (and don’t) share. For example, it may seem obvious that tagging your location in a photo makes you vulnerable to crimes like burglary or stalking. But have you considered that sharing basic information like what kind of car you drive or the town where you were born could help cyber thieves figure out the answers to your security questions on other sites? Some cybersecurity experts even recommend giving false answers to security questions (during account enrollment) for this very reason. And, as we mentioned earlier, the information and photos you share about yourself online are likely to be used by schools, employers, and other strangers to make snap decisions about the kind of person you are. Curate your online presence wisely!

Local Help From Union Bank

If you want more information about staying safe online to prevent identity theft and other cybercrimes, our friendly and knowledgeable employees are here to help. You can contact us by phone or email, stop by your local branch office, or read our other blog posts on protecting yourself from cyber scams and identity theft.  And remember that Union Bank and other financial institutions will never solicit your personal information via email, text message, or telephone call.

The post Best Practices For Sharing Information Online appeared first on Union Bank.

Bob and Joanie White

Founded in 1990, White’s Tree Farm in Essex, VT, is a beloved local “cut-your-own” tradition. Owners Bob and Joanie White expanded their Christmas tree farm in 2008, when they acquired 12 acres in Jericho. Since holiday trees need up to 10 years of growth before they’re ready to take center stage in your living room, the first Jericho harvest occurred in the 2017 Christmas season. White also works with his son on a maple sugar operation during the rest of the year.

When White was growing up in Jericho, it was primarily a dairy farming community. He was raised on a small dairy farm that he purchased from his father in the mid-80s. That family farm turned into White’s Tree Farm in Essex. As the Jericho area has grown, so have the Whites’ businesses. If you want to get more involved in the local community, Bob recommends checking out the Jericho, VT, Front Porch Forum, an online community for local residents.

Jennifer Siple Katz

A Jericho resident since 1994, Jennifer Siple Katz worked as an Animal Control Officer for the Town of Underhill for 30 years. She is now a town Finance Officer and owns several rental properties and a laundromat in Jeffersonville, VT. Katz is also the founder of South Hill Business Solutions LLC.

Katz is a frequent traveler but always looks forward to coming home. “My neighbors are my family. It’s home,” she says of Jericho.

When asked what she loves the most about living here, Katz listed the incredible landscape and community, as well as the unique character and extremely tight-knit nature of Jericho and Underhill.

Katz is excited about welcoming Union Bank to the new town center in Jericho. She’s glad that Union Bank will have a unique building to match the town’s character and she looks forward to walking into Union Bank’s Jericho branch office to visit with friends, neighbors, and colleagues. Katz has worked with Stacie Griffiths, the Union Bank Jericho branch manager, for the past 15 years to support and grow her business.

Katz’s favorite local landmarks and organizations include Mount Mansfield; Mills Riverside Park, which is operated by the Jericho/Underhill Land Trust and a great place for all seasons that is also within walking distance to the new bank; and the amazing Deborah Rawson Memorial Library in Jericho.

Jennifer and JD Bugbee

The Bugbees bought Autosmith Sales and Service in Jericho in 2006. At the time, it was a two-person shop. Since then, the auto repair business has tripled in size to 8 employees under the Bugbees’ management. Jennifer and JD attribute their success to the “great sense of community” in Jericho, where it’s possible to grow via word of mouth because “everyone knows everyone and trusts you this way.”

The Bugbees aren’t just Jericho business owners; they also have a deep personal connection to the town. Their whole family, back to their grandparents’ generation, has lived in Jericho Center. When asked what they especially love about their community, Jennifer and JD said, “The people, the public school system, vicinity to Burlington, and [the] landscaping. [Also,] having a sense of commercial growth and supporting that.”

For Jericho residents who want to get more involved, the Bugbees recommend supporting school sporting events and checking out the local Lions Club.

Brenda Boutin

After working for the Essex Reporter for many years Brenda decided to launch her own business in 2002, the Mountain Gazette. The paper works to provide the community with comprehensive information about Jericho and the surrounding towns.

When asked to comment on the Jericho community Brenda responded, “I have found the area to be full of friendly and welcoming people.” She continued, “Jericho is a thriving community of ideas and opinions where natives and transplants, known to us locals as flatlanders, meet, disagree and eventually come to some sort of agreement. The town government works hard at communication with its residents. Volunteers who step up to build playgrounds, run blood donation programs and the food shelf. Churches have banded together to provide free meals. People who run marathons to raise money for cancer research and carry a list of names in remembrance of those who have fought but lost the battle against the disease. Schools that work hard to provide the best education for the kids in their care.”

And for anyone looking to increase their engagement locally, Brenda mentioned there is ample opportunity to do so. “Volunteers abound in Jericho from the group that has raised the funds to keep the community center in Jericho Center alive to those who came and helped provide for a family when they lost a teenage son in a car accident and then their barns to wind storms. The family has started the Elijah Davis Memorial Fund that provides a scholarship to a student at MMUHS. Folks can volunteer to tutor children, be a part of the mentoring program for students, or like Community Bank does get involved in the programs at school and help raise funds for different programs. The youth sports programs are always looking for coaches. Their is a local PBS cable network. Mount Mansfield Community Televison is always looking for volunteers to work filming public meetings, parades and other events. There is a very active Jericho Underhill Park District which rely on volunteers. The park provided room for the summers farmers market.”

And for anyone new to the Jericho community, “you should know that Underhill and Jericho communities are joined at the hip. The Memorial Day parade starts at Clark’s trucking each year and goes in a different direction each years. One toward Underhill and one toward Jericho. In the fall the United Church of Underhill puts on the Old Fashioned Harvest Market that draws thousands of folks who enjoy a parade, vendors, music and a flea market. The road from the Village Cafe to the end of Underhill on Route 15 becomes one giant garage sale. Volunteers from all of the organizations in the two towns make it possible.”

Christa Alexander

Alexander grew up on the farm in Jericho that she now operates as Jericho Settlers Farm with her husband Mark and their two kids. Alexander’s parents also still live on the land. Jericho Settlers Farm was founded in 2002; today, it’s an important part of the community, offering year-round CSA memberships, farmstand sales, and local events for students, seniors, and more.

In a blog post about what the Jericho community means to her, Alexander writes:

“I grew up here in Jericho Center where our main farm is located. When we started dabbling in farming over 15 years ago, our first customers and supporters were the great network of friends I have from having lived here all my life. They supported us and helped us get going, and as the farm has thrived we have been able to give back.”

Stay Local. Go far!

As a community bank, we’re loyal to the people and businesses we serve across the great state of Vermont. We invite you to meet our Jericho team and learn more about the convenient banking services you can find at Union Bank. We look forward to being a part of your community!

The post Voices of Jericho, VT appeared first on Union Bank.