How Smart Home Equity Borrowing Can Take You Where You Want To Go

When I got my driver’s license at the age of 16, I repeatedly asked my parents to borrow the car. As you might imagine, back then, our views on “borrowing” were markedly different. For me, having access to a car was the fulfillment of a dream and freedom. For them, it represented a tremendous responsibility and potential danger.

A lot has changed since then (I have my own car now and kids of my own who plead to drive it), but borrowing hasn’t. Borrowing is and will always be a responsibility that gives us the freedom to reach our goals – whether it’s to buy a home, pay for college, or even manage debt.

That’s especially true of one type of borrowing – home equity borrowing. With the freedom to leverage the equity in one’s home to borrow for ANY purpose, home equity borrowing is an attractive way for people to get the money they need to reach their goals. But like newly licensed drivers, home equity borrowers won’t always have someone in the passenger seat telling them how to use it. It’s entirely up to them to proceed cautiously and avoid dangers, including the biggest one – losing their homes.

A few years ago, during the housing economic crisis, many people learned this lesson the hard way. They took out home equity loans to buy things they didn’t need, and lived beyond their means. Some lost their homes to foreclosure, while others still remain trapped living in homes that they can’t sell because they now owe more than their homes are worth #underwater mortgages. In these cases, the very benefit that made home equity attractive – the freedom to use it for any purpose – became their biggest downfall.

As a leader at a financial institution that’s heavily involved in home equity borrowing, I can tell you that home equity is still a solid way to borrow. It offers lower rates than those available with other types of credit as well as potential tax savings (consult your tax advisor) that can make it a very smart way to accomplish your goals and dreams for life. For example, home equity financing is a great vehicle for making home improvements to increase the value of your home, arguably your greatest asset. It also presents a “smart” opportunity for parents to provide a child with a higher education and brighter future. Other responsible uses of home equity borrowing include using it to consolidate debt or start a business.

There’s no question that if you’re fortunate enough to have equity in your home (a luxury that many people don’t have today), you have access to a powerful vehicle that can help you reach your goals. The most important thing to note, however, is that your ability to effectively use that vehicle to get where you want to be is your responsibility. You are after all, the one in the driver’s seat.

To Buy a Home or Not to Buy a Home Now? Survey Says…

Knowing when to buy and when to sell is the biggest challenge of successful investing. Of course, that’s also true when it comes to one of the biggest investments most people make in their lifetimes – home purchasing. You could ask 10 different people if now is a good time to buy a home and get 10 different opinions and rationale for them.

In their National Housing Survey for August 2014, Fannie Mae did ask 1,000 consumers. The results showed an interesting finding – the percentage of people who think now is a good time to buy a home dropped to its lowest level – just 64%. Not surprisingly, the number of people who think now is a good time to sell also dropped to just 38% as shown below.

Source: Fannie Mae National Housing Survey August 2014 Data Release

So what does that mean? Do the people in this survey know something that others don’t about home buying? Economic statistics aside, the decision of whether or not to buy a home really comes down to one single, but highly complex factor – you. You may have to purchase a bigger home to accommodate your family, or downsize to a smaller home that works better for your budget.

Whatever your need, there are some reasons that still make now an attractive time for home buying. Mortgage rates, for example, are still at relatively low levels (4.24% APR on a 30-year mortgage in bankrate.com’s weekly national mortgage analysis on September 3). And though housing prices have grown some, they are increasing at a slower, steady pace. Add to that, the fact that rent prices have increased significantly, and you have a strong case for home purchasing.

The good news is that lenders are still making mortgage loans. At DNB First, for example, we are more committed than ever to making homeownership possible through our new mortgage lending division. You can learn more about our mortgage offerings at dnbfirst.com.

So when it comes to that all important question of “to buy or not to buy,” it really comes down to one thing – you.

The Funny Ritual of the American Family Vacation

One of the funniest movies of all time… Next to Christmas Vacation!

Humor in America

A Celebration of thirty years of National Lampoon’s Vacation.

In the summer of 1983, Americans were treated to one of the best comedy films to examine the American family vacation and its inescapable heart of darkness: National Lampoon’s Vacation, directed by Harold Ramis and written by John Hughes, who based the screenplay on his short story “Vacation ’58.” The film stands as the best cultural document to exploit the humor of the American family vacation, that mainstream celebration reasserting the right to own the landscape and be miserable in the process–and all at great expense. There is no cultural behavior that is so consistently marked with promise year after year and also, in equal proportions, disappointment–unless we talk about marriage itself, but I dare not suggest that.

Few movies tapped into the zeitgeist more effectively than Vacation. This is not only evidenced by its success in the…

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The National Italian American Foundation’s Voyage of Discovery

The executive vice president and chief banking officer with DNB First, Vince Liuzzi has a long history in the banking industry. Vincent also supports charities ranging from low-income housing programs to the Boys and Girls Club. Additionally, Vince Liuzzi has served as an executive member for the National Italian American Foundation (NIAF) for more than 10 years.

Founded in 1975, the nonprofit National Italian American Foundation strives to promote Italian-American heritage by researching the group’s history and culture, funding scholarships and grants, and supporting youth programs and the teaching of the Italian language in schools across the country. The NIAF also offers Italian-American students the chance to travel to Italy and experience 10 days of programs through the Ambassador Peter F. Secchia Voyage of Discovery Program. Designed to strengthen the bonds of the visiting students to the country of Italy, the program includes the opportunity to perform community service in the host city. Open to students ages 18 through 23, the program offers a visit to a different region each year.

What is Lupus?

With almost two decades of experience in the banking industry, Vince Liuzzi currently serves as the executive vice president and chief banking officer of DNB First. A community leader, Vincent has been named Man of the Year by Shelter for the Homeless, and has placed on the San Fernando Valley Business Journal’s 40 under 40 list. Vince Liuzzi was also a member of the Lupus Foundation of America’s board of directors.

Established in 1977, the Lupus Foundation of America is the largest organization dedicated to fighting the autoimmune disease, with more than 300 chapters across the country. Because its symptoms often resemble those of other diseases, and can range from fatigue and fever to chest pain and dry eyes, lupus can be difficult to diagnose. Lupus is characterized by the body’s immune system attacking part of itself. Commonly afflicted areas include the brain, heart, skin, joints, and blood cells, among others. No two cases of lupus are the same, as symptoms can come and go for years, and its most distinctive symptom — a facial rash that looks like open butterfly wings — is not always present.

Although there is no cure for lupus, there are treatment options, depending on symptoms. Most involve a series of medications to treat the range of symptoms as they occur or preventively.

Best Father’s Day BBQ recipe EVER – seriously you have to try this!

If you are celebrating in your community this Father’s Day weekend surrounded by family and friends around the barbecue, you’ve got to try this awesome BBQ recipe. Its quick and easy, and very tasty. Thanks to our friends at Epicurious and the Bon Appetit test kitchen, this one is a real winner!

Grilled Portobello Parmesan
by The Bon Appétit Test Kitchen
Bon Appétit | August 2009
Yield: 6 servings
Active Time: Prep: 35 min
Total Time: Total: 40 min

Why stick with chicken or eggplant? Portobello Parmesan is just as tasty—and it doesn’t need any breading. Choose mushrooms that are fresh (you’ll know because they’ll still be curled up around the edges). Older ones are flat and won’t hold the filling as well.

Ingredients

6 tablespoons extra-virgin olive oil
3 tablespoons balsamic vinegar
1 large garlic clove, pressed
6 large portobello mushrooms, stemmed, gills scraped out
1 cup whole-milk ricotta cheese
1/2 cup plus 6 tablespoons finely grated Parmesan cheese
3 tablespoons chopped fresh basil, divided
6 1/3-inch-thick heirloom tomato slices (from 2 very large tomatoes)
7 to 8 ounces Fontina cheese, thinly sliced

Preparation
Prepare barbecue (medium-high heat). Whisk extra-virgin olive oil, balsamic vinegar, and pressed garlic clove in small bowl. Season dressing to taste with salt and pepper. Arrange portobello mushrooms on rimmed baking sheet, gill side up. Sprinkle with salt and pepper. Spoon generous tablespoon dressing into each mushroom; swirl to coat. Stir ricotta cheese, 1/2 cup Parmesan cheese, and 2 tablespoons chopped fresh basil in small bowl to blend. Season to taste with salt and pepper. Arrange tomato slices on plate; sprinkle with salt and pepper.

Place mushrooms on grill, gill side down. Grill until edges begin to soften, 3 to 5 minutes, depending on thickness of mushrooms. Transfer mushrooms to same baking sheet, gill side up. Nestle 1 tomato slice into each mushroom. Divide ricotta cheese mixture atop sliced tomatoes, spreading to cover, about 3 tablespoons per mushroom. Top with Fontina cheese slices, dividing equally. Sprinkle 1 tablespoon Parmesan cheese over each. Carefully return mushrooms to grill. Cover barbecue and cook until mushrooms are soft and cheese is melted, about 5 minutes. Sprinkle remaining chopped fresh basil over. Place mushrooms on plates. Drizzle remaining dressing around mushrooms and serve.

HAPPY FATHER’S DAY DAD!

Nutrition Information
Per serving: Calories (kcal) 375.4, % Calories from Fat 69.6, Fat (g) 29.1, Saturated Fat (g) 12.7, Cholesterol (mg) 70.0, Carbohydrates (g) 6.1, Dietary Fiber (g) 0.6, Total Sugars (g) 4.2, Protein (g) 21.9
Nutritional analysis provided by Bon Appétit

Vince Liuzzi

Marian Anderson Award Honors a Legacy of Cultural Change through Art

Having served for 16 years in several executive positions at Wells Fargo, Vince Liuzzi currently serves as an executive vice president and chief banking officer at DNB First, a community bank based in Chester County, Pennsylvania. When not supervising the development of commercial and retail banking sales at DNB First, Vince Liuzzi enjoys listening to classic rock, such as The Beatles, as well as the music released by several prominent artists on the Motown Records label. As a member of the board of directors for the Marian Anderson Award, Vincent Liuzzi helped select Berry Gordy, the founder of Motown, to be the 2013 recipient of the Fifteenth Annual Marian Anderson Award.

The Marian Anderson Award is named after the classically trained African-American contralto vocalist and opera artist born in Philadelphia in 1897. Marian Anderson is considered one of the artists crucial to the triumph over the prejudices barring African-Americans from the highest levels of recognition in classical music. Her groundbreaking achievements include a now famous 1939 performance on the steps of the Lincoln Memorial to a crowd of 75,000 spectators, and in 1954 she became the first African-American member of the elite Metropolitan Opera Company in New York. Furthermore, she was honored with the NAACP’s Spingam Award in 1939 and the Presidential Medal of Honor in 1963.

Established in 1998, the Marian Anderson Award is intended to recognize present-day artists who have had a similarly profound and positive influence on society. In selecting honorees, the award’s board of directors considers both artists’ cultural contributions within their field and any efforts they have made in support of causes for the betterment of humanity. Past recipients include Harry Belafonte, Sidney Poitier, and Norman Lear.

The Lupus Foundation of America Supports Student Research

An experienced banking professional, Vince Liuzzi currently serves as an executive vice president and the chief banking officer at DNB First in Philadelphia. Outside of his professional pursuits, Vince Liuzzi supports the work of a number of charities and nonprofits, including the Lupus Foundation of America, an organization that seeks to improve the lives of individuals with lupus through research, education, and advocacy programs and activities.

As part of its ongoing efforts to advance the scientific understanding of lupus, the Lupus Foundation of America operates the Gina M. Finzi Memorial Student Summer Fellowship Program for individuals interested in pursuing careers in biomedical research. The program provides financial support to several students each year and connects them with established principal investigators, who assist them in conducting research projects on lupus.

Established in 1984, the Finzi Memorial Student Summer Fellowship Program has provided grants to nearly 200 promising young students over the last 30 years and has helped inspire a new generation of researchers. A number of program participants have published their work in peer-reviewed journals, and several have gone on to earn advanced degrees and become medical practitioners or academic researchers.

Salvation Army’s Soup’s On! Program in Philadelphia

After spending 16 years as a branch manager, district manager, and regional president for Wells Fargo Bank, Vince Liuzzi joined DNB First in Downingtown, Pennsylvania, where he provides strategic advice on both retail and commercial banking matters. Vincent Liuzzi is also active in his local community, serving on the board of directors for the Salvation Army. In 2012, he earned the organization’s Doing the Most Good Community Leadership Award.

The Salvation Army offers a number of services in the Philadelphia community, including vocational training in the culinary arts industry. The Soup’s On! Program teaches unemployed and underemployed participants the skills they need to pursue a career in the culinary arts; in addition to cooking, topics include business management, marketing, and distribution.

Combining classroom instruction with hands-on training, Soup’s On! provides the skills required to earn a ServeSafe certificate from the National Restaurant Association. To date, the program has enabled more than 420 graduates to pursue jobs and generate ongoing income for the Salvation Army.

Best Graduation Gift? Financial Indpendence

Michael F. Kay – Forbes Contributor

New Graduates: Ramping Up For Financial Independence

Diploma in hand, you walk, skip, stroll, hop, run or lumber into “real” adulthood. What’s next?

Maybe you’ve got a job waiting for you or perhaps an internship opportunity; or you might, like many, be left with the daunting task of finding a way to fully support yourself—to finally secure your independence.

Being independent means different things to different people, kind of like defining what “rich” is. It could mean you cover 100% of all your costs, or maybe it’s 50% because your parents are helping out for a time. Ramping up for independence requires some planning, preparation and a—rational—budget.

After graduation, make a budget so that you’re on steady footing in the real world. (Photo credit: Wikipedia)

Consider five basic elements to create the right budget:

1. Available income

2. Debt

3. Cost of Living

4. Cash Reserves

5. Thinking of the future

Available income means the amount you deposit into your checking account. It is not your salary before taxes, medical insurance and other deductions are withheld. Available income might include subsidies from relatives or gifts you know for certain you will receive. Side note: if you are receiving any income as a contractor, you are responsible for paying your own taxes, which means it’s time to consult a CPA.

Debt—aka credit cards, car loans and student loans—needs to get satisfied. The higher the interest rate, the quicker you should be paying off the balance. Student loans can be tied to your income for repayment purposes, so make sure you investigate fully before you decide what makes the most sense. Ask questions!

Cost of living covers your rent, food, transportation, dry cleaning, insurance, clothing and utilities costs. These are the basic necessities: what does it cost you to survive? You can impact this number substantially if you choose to share costs with roommates or head home to bunk with mom and dad until your economic situation improves.

Cash reserves mean an emergency fund. The general rule is to keep six to nine months of living expenses in the bank in case you lose your job or have another emergency. FYI—a great sale at Bloomies probably doesn’t constitute an emergency. Yes, grabbing that cash for something fun is tempting, but trust me, unexpected situations do happen. In fact, a safer bet is to bank a year’s worth of cash reserves, since sometimes finding a new job can take awhile. Being prepared gives you options should the worst happen.

Thinking of the future lets you decide when—and where—to make trade-offs. Let’s say you are eligible to participate in your company’s 401(k) plan. Since retirement feels a million years from now, it’s pretty easy to say “no thanks!” Instead, think ahead. Even a small amount of money deferred every month can pay back big time over many years. And, you can afford to take more risk than someone closer to retirement. When the market goes down, you’ve benefitted by your ability to purchase at a lower price. And of course you win on the upswings. It’s a good deal.

7 Financial Skills Every 20-Year-Old Needs To Know

Another example of future thinking is how you manage your surplus income—the amount beyond your cost of living. You can expand your discretionary spending (vacations, entertainment, etc.), or you can accumulate—for a down payment on a home, for a wedding or other major expenditure. Choose wisely.

Building your life—and your wealth—is a process that is rarely a straight line from graduation (where would be the fun in that?) But I promise you that a thoughtful approach to your money is a much better gift to yourself than a Spring-break mentality.

Enjoy the journey from diploma to your definition of “the corner office,” and know that financial independence awaits you.