What is a Bridge Loan?

May 28, 2021 by First Federal Bank

A bridge loan is a short-term loan used to provide immediate cash flow when financing is impending but not available right away. Bridge loans are sometimes also known as swing loans, gap financing, or interim financing. Homeowners typically use these loans to cover the cost of new property before they can sell their current house.

Topics: Personal Lending, Home Owners

Should You Cancel a Credit Card with $0 Balance?

May 26, 2021 by Stephanie McClendon

Many consumers are tempted to limit their debt by closing one or more credit cards, as a result of the steady rise of the cost of living, and credit card interest rates. However, while there are many reasons to close a credit card, there are ultimately even more and better reasons not to do so.

Topics: Financial Education, Credit Cards

CD vs. Savings Account

May 26, 2021 by First Federal Bank

Whether you’re putting aside funds for a rainy day, or a sunny summer vacation, saving money is an absolute must. When it comes to how you save, two of the most popular options are savings accounts and certificates of deposit. The best way to determine which choice is ideal for your situation is to understand the benefits of both.

Topics: Personal Banking, Saving Money

First Federal Bancorp Announces Divisional Name Change to First Federal Bank

May 24, 2021 by First Federal Bank

First Federal Bancorp Inc. announced that it has changed the name of a portion of the Retail Mortgage division from CBC Mortgage to First Federal Bank. The name change follows the 2018 merger with Coastal Banking Company Inc. and reflects the company’s commitment to a consistent brand and customer experience.

Topics: Company News

Car Service Essentials: Maintenance Milestones

May 24, 2021 by First Federal Bank

Following a car maintenance schedule can help prevent major car problems before they occur, as well as boost your car’s resale value if you keep a record of its service history. Most car components ought to be inspected, changed, or replaced at 30,000-mile intervals, but a handful of other components require attention on a more frequent basis:

Topics: Vehicles

Calculating Business Asset Depreciation

May 21, 2021 by First Federal Bank

The things you buy, including equipment and property, to help improve your small business are not only smart investments, they are valid deductions you can report on your tax return. Since you are dealing with taxes, though, how to calculate the depreciation of your business assets can be complicated.

Topics: Small Business, Entrepreneurship, Taxes

Advice for Building Relationships with Clients

May 19, 2021 by First Federal Bank

If you’re focused on the long-term success of your business, you’ve already realized the importance of building ongoing relationships with customers. The best way to boost your sales isn’t to focus on your bottom line; it’s to foster connections of respect.

Topics: Small Business, Entrepreneurship

Keep the Bugs Away from Your Business with these 3 Tips

May 17, 2021 by First Federal Bank

The sight of pests at your business will deter customers and stress out your employees, ultimately impairing the potential of your business’ success. Pests are a nuisance, and depending on the creature, can cause a range of harm to humans and destruction to your property. In order to protect the health of your staff, customers, products, and...

Topics: Small Business

Claiming Earned Income Tax Credit

May 14, 2021 by First Federal Bank

For low- or middle-income household, the Earned Income Tax Credit may be able to help reduce your tax burden or bolster your refund. However, tax firm H&R Block states as many as 22 percent of qualifying taxpayers miss out on claiming the EITC. Don’t be one of them — here’s a look at what you need to know to get the most out of your EITC.

Topics: Saving Money, Taxes

5 of the Best Meal Kit Delivery Services

May 12, 2021 by First Federal Bank

If you enjoy cooking but don’t have time to fully prepare a meal or head to the grocery store, signing up for a meal kit delivery service is a great option. Consider selecting one or more of these delivery services to make the most of your dinners:

Topics: Healthy Living

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