When you really focus in on the heartbeat of your community; the businesses that surround your overall well-being and drive the neighborhoods around you are usually smaller local retailers. Thinking of businesses or corporations in your area, you may home in on community banking; possibly even South Shore Bank. When you think of an institution like South Shore Bank you can feel a sense of comfort in knowing that the mutual bank you are dealing with knows the area—knows the right direction to lead you to achieve your financial goals.
One may ask what is the importance of community banking? Aren’t all banks basically the same?
The answer to this question is no, not in their entirety; a community bank focuses on supporting the areas in which they are thriving to support. Whether support is through sponsorship, volunteering or helping to develop an area near you, a community bank like South Shore Bank, which is a mutual bank is a bank that excels in supporting the territories that they reside and blossom in. It is a member owned business, not public. The ones who share profits and losses are those individual members, there are no stockholders. Beyond any regular maintenance fees and costs for upkeeping, all profits at a mutual savings bank are to the depositors that reap the benefit of an institution. Usually, mutual savings banks are categorized as being smart, strategic and usually conservative with investments to improve and prosper the company.
What does a Mutual Bank do for local businesses and consumers alike that is so great?
Your credit will be a big factor in determining how easy it will be to get a mortgage. It will also factor into your all-important interest rate. Check your credit and dispute any issues or errors on your credit report that might be lowering your score. Paring down debt will help, too, and avoid opening up new credit card accounts or taking on any loans before applying for a mortgage, as doing so may cause a temporary dip in your score.
Written By Kathleen Blandin