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Social Security Basics

Blog August 9, 2021 by American Riviera Bank

What You Contribute If you’re in the Social Security system—and more than 96% of the workforce is—you usually contribute 7.65% of your salary every year, 6.2% for retirement and disability benefits and 1.45% for Medicare coverage. Your employer contributes an equal amount, and if you’re self-employ…

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Transitioning to Retirement

Blog August 2, 2021 by American Riviera Bank

The Critical Factors When making key choices for your retirement, the things that you should consider include your age and health, if and how you need to provide for your family, and what other sources of income you'll have. Or, if it’s your employer’s financial health you’re concerned about, you…

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Mortgage Application Checklist

Blog July 26, 2021 by Idea Vault Blog

Employment/ Income As you might have expected, income plays a significant role in a lender’s decision-making process. Multiple documents are needed to prove you can afford the payments. Tax returns. Many lenders require at least two years of tax returns & W-2s to prove income stability. Check with…

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Insuring Your Home

Blog July 19, 2021 by Idea Vault Blog

How It Works Home insurance works the same way renter’s insurance and other forms of insurance do. You pay a regular premium for the privilege of being covered. If your home is damaged, you’re responsible for covering any repairs up to the amount of your deductible. After that, your insurance kicks…

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To Buy or Not to Buy?

Blog July 12, 2021 by Idea Vault Blog

Pros of Buying a Home Fulfilling a Dream There’s a reason buying a home is considered a major part of the American Dream. It’s an impressive accomplishment that allows you to put down roots and transition to an exciting, new phase of life. Whether you opt for a traditional single-family home with a…

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Selling Your Home

Blog July 5, 2021 by Idea Vault Blog

The Costs of Selling In most cases, there are substantial costs in selling real estate that reduce the amount you realize on the sale. If you use a real estate broker, as many sellers do, you'll owe a commission on the sale price. Rates vary by geography and the state of the economy, so you'll want…

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The Cost of a Mortgage

Blog June 28, 2021 by American Riviera Bank

Since monthly payments spread the cost of a mortgage loan over an extended period, it’s easy to forget the total expense. For example, if you borrow $200,000 for 30 years at 6% interest, your total repayment will be around $431,680, more than two times the original loan. What seems like minor diffe…

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Making a Down Payment on a House

Blog June 21, 2021 by American Riviera Bank

What is a Down Payment? A down payment is a percentage of the home’s purchase price that you pay upfront. In other words, the down payment is the part of what you pay to buy a house that is not included in your loan amount; instead, you owe it at the time of the purchase. The amount that you’ll nee…

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Working with a Mortgage Lender

Blog June 14, 2021 by American Riviera Bank

Applying for a mortgage is a big endeavor. Most lenders require you to complete a mortgage application—a comprehensive financial statement. The information you provide on your application determines whether you qualify for a loan and how much you can borrow. The key numbers are your regular income,…

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Buying a Home

Blog June 7, 2021 by Idea Vault Blog

When making the decision to buy, there is a lot to consider. Start by defining your goals. Consider where you want to live, the features you're looking for, what you can afford, and a realistic date for having the money you'll need. Then apply your knowledge to making this key decision. The Cost of…

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