Friday, June 30, 2017

How Your Business Can Partner With Main Street Bank To Help Young Workers Save.

Through the America Saves For Young Workers program, you can aid and educate your younger workers on best-case practices to save for their futures. 

  • America Saves provides employees with the motivation to set up direct deposit and save part of their paycheck through a short, all-electronic program. America Saves also provides ongoing support, information, and motivation to save regularly through emails and text messages.

  • Youth Employment Programs provide direct deposit and the America Saves for Young Workers program to employees.

  • Financial institutions provide no-fee, low opening balance accounts for youth employees to save.
More Information Here:

Saturday, June 17, 2017

Monday, June 12, 2017

The Real Costs of Buying a Home

Your home is probably the most expensive thing you’ll ever own, and that expense goes beyond the closing price. There’s the cost of the house, but then there are other ongoing and upfront expenses that can catch you off guard. Especially if you’re a first time buyer, it helps to know what you’re getting into.
Zillow estimates that, on average, Americans pay about $9,000 a year in extra home ownership costs, but that varies depending on where you live, and how you buy. Some of these costs aren’t exactly “hidden” but they arecommonly overlooked. Let’s take a look at them in detail.

Home Inspections

You put an offer on a home, and it got accepted. Hooray! From here, inspections will be your first major expense. Yes, there may be more than one inspection.
Before you officially close on your house, you’ll want to schedule a thorough inspection. In fact, your lender will probably even require one. At a minimum, you want to order a general inspection of the house and an inspection for wood-destroying insects (also known as termites), if that’s not included in the general. A general inspection will run you a few hundred bucks, and a termite will probably be around a hundred. Depending on the age and condition of the house, you may also want to schedule a sewer inspection, which can be another couple hundred dollars.
All of these can add up to over a thousand dollars, but that’s a small price to pay to make sure you’re not getting a lemon. If the house requires a hefty amount of maintenance, you might renegotiate with the seller, pull out of the deal completely, or simply budget for the added expense.
In some states, if a previous buyer backed out but they conducted a home inspection, the seller is required to disclose that inspection. In this case, if your mortgage lender doesn’t require you to conduct your own, there’s nothing stopping you from skipping the inspection altogether. You already have a report, after all. However, it’s always a good idea to get your own inspection anyway. It’s a big purchase, so it’s better to err on the side of caution. Plus, you want to be around during the inspection to see things for yourself. In some cases, lenders require survey costs, too. That can be another few hundred bucks, but you’ll get a professional survey of your property so you know exactly where your boundaries are.

Closing Costs

After your offer is accepted, your lender will crunch some numbers and run the paperwork. At this point, they should give you a detailed list of what your closing costs are. According to Zillow, closing costs will run you an extra 2% to 5% of the home purchase price. So if you’re buying a $200,000 home, expect to spend between $4,000 and $10,000. Here’s what these costs usually include:
  • Lender fees: These include everything from administrative costs to wire transfer fees to fees for pulling your credit report.
  • Appraisal: The home appraisal can be a big expense, at several hundred dollars. The lender wants to make sure the home appraises for the sale price.
  • Title or attorney fees: Government filing fees, escrow fees, notary fees, and any other expenses associated with transferring the deed over to you.
  • Escrow fees: You might be required to pay some of your property taxes and insurance into an escrow account upfront.
  • Interest: You’ll have to pay interest that’s prorated from the date of your closing to the first of the following month.You can always plug some numbers into a closing cost calculator to get a bit more specific idea of what you’ll pay, but in general, expect to spend several thousand dollars on top of your down payment when you close on your home.

    Budget for Ongoing Taxes and Insurance

    Monthly mortgage calculators tell you what your mortgage payment, including interest, will be each month. They don’t always include the taxes and insurance, though, and that adds up. For example, if you have a $200,000 mortgage at 4% interest over thirty years, your mortgage and interest will be $954. Not too bad. But calculate your total monthly mortgage principal, interest, taxes, and insurance. (PITI).
    Of course, your taxes will vary depending on the value of your home and where you live, but WalletHub reports that the average U.S. homeowner pays about $2,000 a year. It’s about $1,000 for homeowner’s insurance, but again, that varies quite a bit.
    Depending on the terms of your loan, you might pay this monthly into an escrow account (also known as an impound account). In this case, you make these payments to your lender, and they’ll pay your taxes and insurance on your behalf. If you don’t have an escrow account, you’ll just pay them on your own directly when they’re due.
    However and whatever you pay, make sure to budget for this ongoing, recurring cost. There’s good news, though: you can deduct your property tax and mortgage interest from your taxable income, so you’ll pay a less in taxes every year.

    Keep Funds On Hand for Maintenance and Repair

    When your air conditioning craps out as a renter, it’s a pain, but all you have to do is call your landlord and hope for the best. As a homeowner, it hurts a little more because you have to pay for for the repair yourself.
    Most people know owning your own home means forking over the cash for your own maintenance, but you might underestimate how much these projects will run you. Jammed disposals, leaky faucets, and cracked exterior paint are just a few repair projects that catch most first-time homeowners off guard.

Thursday, June 8, 2017

New Additions To Our Banking Family

Main Street Bank is excited to announce the hiring of three individuals to our banking team. Kevin Mason has been appointed as Retail Banking, Senior Vice President, Jim Kinnaird as SBA Loan Officer, and Sharron A. Jekielek-Olko as SBA Credit Officer, Vice President.

Kevin Mason will be responsible for elevating the overall performance of the customer service team to find creative solutions for clients, and build long term relationships with customers that result in sustained revenue for the bank and new referral business.

Mason possesses a Bachelor of Arts degree from Wayne State University. Mason has extensive experience in the financial arena, having most recently worked at Bank of Birmingham as Banking Center Manager, Vice President where he streamlined branch operations to enhance customer experience and efficiency.

A Michigan native, Kevin resides in Farmington Hills with his wife Stacey. Mason is a member of the Rotary International, Birmingham Chapter, the Lions International, Birmingham Chapter, and the Professional Business Strategies BNI, Birmingham. He can be reached directly at (248) 530-2311 or by email to

Jim Kinnaird will be responsible for developing, growing and expanding the Main Street Bank commercial and business banking relationships, as well as growing the SBA portfolio.

Kinnaird possesses a bachelor degree in economics from University of Michigan, and a masters degree in corporate finance from Michigan State University. Kinnaird has extensive experience in the financial arena, having previously worked at Comerica Bank for 31 years. As Vice President he was responsible for ensuring loan groups maintained solid credit quality with regards to rated loans, net charge-offs, and past dues, while supporting and looking for opportunities to grow the business banking portfolio.

A Michigan native, Jim resides in Grosse Pointe Woods and has three children. Kinnaird is a member of the University of Michigan Alumni Club, Beta Theta Pi, and the Knights of Columbus. He can be reached directly at (248) 434-6004 or by email to

Sharron Jekielek-Olko will be responsible for developing, growing and expanding the Main Street Bank SBA lending division, underwriting loan requests, and managing the existing SBA portfolio.

Jekielek-Olko possesses a bachelor degree in Business Administration from Walsh College, and a masters degree in Finance from Walsh College. Jekielek-Olko has extensive experience in the financial arena.  Having previously worked at Crestmark Bank as a SBA Underwriter, Vice President she assisted in launching the bank’s SBA division as well as underwriting, presenting, and closing loan requests.

A Michigan native, Sharron resides in Macomb with her husband Robert and two children. Jekielek-Olko is a member of NAGGL where she is working on her SBA certification. Jekielek-Olko can be reached directly at (248) 434-6014 or by email to

Headquartered in Bingham Farms, Main Street Bank is a relationship-based community bank with branches in Bingham Farms and Troy, loan centers in Clinton Township, Northville and Rochester and a new Business Banking Center in Troy. The bank offers reward checking accounts, mortgages, consumer and business loans and other financial services to the communities it serves. Call (248) 645-8888, (866) 353-2265 or visit Member FDIC, Equal Housing Lender.

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