CHB Blog

Buying a home is exciting—but before you start touring houses or submitting offers, it’s essential to understand how the mortgage process works. Being prepared can help you select the right loan, avoid surprises, and move forward confidently. Here’s a clear, beginner-friendly explanation of what you need to know before you apply.

Types of Mortgages

Understanding your loan options is an essential first step. You’ll need a mortgage pre-approval before you start working with an agent. According to guidance from the Consumer Protection Bureau (CFPB) and housing agencies, these are the most common types of residential loans:

Conventional Loans
Offered by private lenders rather than the government. Pros include flexible terms and lower costs for qualified borrowers. Cons include higher credit score and down payment requirements.

FHA Loans (Federal Housing Administration)
Designed to make homeownership more accessible. Pros include lower down payments and more flexible credit requirements. Cons include having to pay mortgage insurance premiums.

USDA Loans (U.S. Department of Agriculture)
Available for qualifying rural and suburban areas. Pros include no down payment, but cons involve location and income restrictions.

Who are these loans best suited for?

FHA loans work well for buyers with lower credit scores or limited savings for a down payment.
USDA loans are perfect for buyers who are purchasing in eligible rural areas, meet income limits, and prefer a no-down-payment option.

What you need to qualify or be prepared for.

Before applying, make sure you’re prepared with the following:

Credit Score:
Conventional loans typically require a score of 620 or higher, while FHA may approve scores as low as 580 (or lower with larger down payments).

Down Payment:
Conventional loans usually require a down payment of 3 to 20%. FHA loans start at 3.5%. USDA loans require no down payment.

Income and Debt Limits:
USDA programs have income limits. Lenders also consider your debt-to-income ratio, usually aiming for 43% or lower.

Work with a Trusted Local Lender
Partnering with knowledgeable, local residential lenders like the team at Coastal Heritage Bank can make the process smoother and more personal. Our lenders understand the local market and offer First-Time Homebuyer programs designed to help buyers navigate financing, down payment options, and available
assistance.

Preparing in advance puts you in control. With the right knowledge, guidance, and mortgage, you’ll be one step closer to turning a house into your home.

It’s never too early to start teaching kids about money. In fact, the earlier children learn how money works, the better prepared they’ll be to make smart financial decisions as adults. Developing healthy money habits from a young age helps children understand the value of work, the importance of saving, and the power of generosity. The good news? Learning about money doesn’t have to be boring—it can actually be fun!

Start with real-life experiences

Kids learn best by doing. Instead of just talking about money, let them experience it in simple, tangible ways. Give young children a clear jar to save their coins and watch their savings grow over time. Use cash for small purchases and show them how money is exchanged for goods. For school-age kids, off er a small allowance or pay for extra chores so they can learn the connection between effort and earning.

Introduce bigger lessons as they grow

As children grow older, expand their financial lessons. Teach them how to create a basic budget—such as planning how to spend their birthday money or saving for a special item. Talk about the importance of setting goals, saving for college, and understanding the difference between needs and wants. Teens can begin learning about credit, debt, and the fundamentals of managing a checking or savings account.

Practice generosity together

Teaching kids to give is just as important as teaching them to save. Encourage them to set aside a small amount of their money to donate to a cause they care about. This helps them develop empathy and a healthy relationship with money.

Helpful resources

Use kid-friendly financial apps like Greenlight or GoHenry to introduce budgeting and saving in a safe, guided way. Board games like Monopoly Junior or The Game of Life also make learning about money fun and interactive.

The takeaway:

Intentional money lessons at every stage prepare kids to be wise stewards of their finances—and can transform your family’s financial future for generations to come. If you have any additional questions about teaching kids the value of money, please visit any of our branches or visit us online at coastalheritagebank.com.

The holiday season is a time for celebration, generosity, and connection—but it can also be one of the most financially stressful times of the year. Between gifts, travel, food, and festive events, expenses can add up quickly. The key to maintaining your finances is preparation. Here’s how to plan your holiday budget so you can enjoy the season without post-holiday regrets.

1. Start with a realistic spending plan

Begin by reviewing your current financial situation. Look at your income, bills, and any existing debt. Then, determine how much you can comfortably spend during the holidays without straining your finances. Treat your holiday budget like any other financial goal—set a specific limit and stick to it.

2. Make a detailed list

Write down everyone you plan to buy gifts for, along with any upcoming events or travel costs. Don’t forget smaller items like wrapping paper, decorations, and holiday cards—they add up fast. Once your list is complete, assign an estimated dollar amount to each category to help you stay within your limit.

3. Look for savings early

Avoid last-minute shopping, which often leads to overspending. Take advantage of early sales, discount codes, and cashback offers. You can also compare prices online before purchasing to ensure you’re getting the best deal. Starting your shopping early allows you to spread out purchases over several weeks, easing the financial burden.

4. Get creative with giving

Meaningful gifts don’t have to be expensive. Consider homemade gifts, experiences, or group gift exchanges. Even small gestures—like baking cookies or writing a heartfelt note—can make a big impact without breaking your budget.

5. Plan ahead for next year

Once the holidays are over, review your spending and set aside some money each month for next season. Creating a “holiday fund” now will make managing your budget much easier next year.

By planning early, tracking expenses, and shopping thoughtfully, you can enjoy the holidays without financial stress. After all, the best gift you can give yourself is peace of mind.

If you have any additional questions about budgeting for the holiday season, please visit any of our 11 branches or visit us online at coastalheritagebank.com.

When times feel unpredictable—whether due to rising costs, job insecurity, or market fluctuations—having a clear budget can provide stability and peace of mind. While no one can control the economy, you can take steps to strengthen your financial resilience.

1. Revisit your current spending.
Start by tracking where your money goes each month. Separate your expenses into essentials (housing, utilities, food, transportation) and non-essentials (entertainment, subscriptions, dining out). This clarity makes it easier to see where you can cut back if needed.

2. Prioritize needs over wants.
During uncertain times, focus on covering essentials fi rst. You don’t have to eliminate all “wants,” but consider scaling back—like cooking at home more often or pausing a few streaming services. Small adjustments can free up more cash for savings or emergencies.

3. Build or boost your emergency fund.
If possible, set aside money regularly for unexpected expenses. Even a small amount each month adds up over time. A healthy emergency fund—ideally three to six months of expenses—acts as a buff er against sudden income changes or surprise costs.

4. Reduce debt where you can.
High-interest debt, such as credit cards, can quickly drain your budget. If paying off balances completely isn’t realistic, aim to at least reduce them or refinance to lower interest rates. Less debt means more financial flexibility.

5. Adjust your goals, not your plan.
Economic uncertainty may require shifting priorities, but it doesn’t mean abandoning long-term goals. You might slow down retirement contributions or delay a big purchase, while still keeping your overall financial plan intact. Think of it as adjusting the pace, not the destination.

6. Stay flexible.
Your budget should be a living document, not a rigid rulebook. Revisit it monthly, especially if your income or expenses change. Flexibility ensures your plan remains practical in shifting circumstances.

7. Track your expenses.
Budget planning tools and expense trackers can help you stay on top of your finances. Popular apps like Mint and YNAB (You Need a Budget) let you track spending, set goals, and link bank accounts for real-time updates. Every Dollar provides a simple zero-based budgeting method, while PocketGuard shows what’s safe to spend after bills and savings. For those who prefer spreadsheets, Google Sheets and Microsoft Excel off er customizable templates. These tools give clarity, reduce overspending, and help build financial
resilience.

Budgeting during uncertain times isn’t about restriction—it’s about control. By understanding your money, prioritizing wisely, and preparing for the unexpected, you can navigate challenges with greater confidence and security.

If you have any questions or simply want to discuss how our financial advisor can assist you, please call or contact Nichole Wirtz at nwirtz@osaicinstitutions.com.

Scams targeting older adults are unfortunately common. Each year, older adults in this country fall victim to financial abuse, costing seniors an estimated $27 billion. Financial exploitation can take many forms, such as theft of money or property by a family member, caregiver, or scammer.

Knowing the warning signs can help protect yourself or a loved one.

1. High-pressure tactics. If someone insists you “act now” or threatens consequences for hesitation, it’s a red flag. Legitimate financial institutions will never demand immediate decisions.
2. Requests for secrecy. Scammers often ask victims not to tell family or friends. Trusted financial advice should always withstand a second opinion.
3. Unfamiliar payment methods. Be wary if you’re asked to pay with gift cards, wire transfers, or cryptocurrency. These are difficult to trace and nearly impossible to recover.
4. Too-good-to-be-true promises. Guaranteed returns, prize winnings, or investments with “no risk” should be treated with skepticism.
5. Suspicious communication. Emails, texts, or phone calls from “official” sources that include typos, vague greetings (“Dear Customer”), or unusual links may be phishing attempts.

How to stay safe:

• Verify the source before sharing personal information.
• Involve a trusted family member or advisor in financial decisions.
• Report suspected scams to your bank or to government consumer protection agencies.

With awareness and caution, older adults can stay one step ahead of scammers and protect their financial well-being.

If you ever feel like something is questionable, or you are concerned about an elderly friend or family member, please contact us to discuss it with one of our financial professionals.

Business loans provide capital for companies to start, operate, or grow. To qualify, businesses usually need a strong business plan, good credit, and financial documentation. Lenders evaluate risks based on factors like how long the business has been operating, revenue, and collateral.

Key parts of business loans:
Purpose:
Loans can fund various needs, including buying equipment, inventory, operating costs, or expanding the business.

Types:
Secured loans require collateral, while unsecured loans depend on a personal guarantee.

Eligibility:
Lenders look at business and personal credit, how long the business has been around, revenue, and the quality of the business plan.

Cost:
Interest rates and fees vary, so it’s important to compare options and understand the total borrowing cost.

Repayment:
Loans are paid back over a specific time, with options for daily, weekly, or monthly payments, according to LendingTree.

Steps to get a business loan:
Assess Needs: Decide how much you need to borrow and why.
Gather Documents: Collect financial statements, tax returns, and other relevant documents.
Consider Collateral: If needed, understand what can be used as security.
Secure a Personal Guarantee: Be ready to take personal responsibility if the business cannot repay.
Compare Loan Offers: Look at interest rates, fees, and repayment terms.
Beware of Scams: Watch out for lenders promising guaranteed approval without proper documents.
Contact Coastal Heritage Bank to get an application: We are ready to help you with the application process.

Coastal Heritage Bank is dedicated to providing our commercial clients with loan products on attractive terms and competitive interest rates. Call or visit us online to discuss your needs and explore the many financing options available.

What exactly is multi-factor authentication (MFA)?

Simply put, it’s a layered approach to securing physical and digital access, where a system requires a user to provide a combination of two or more different authenticators to verify their identity for login.

MFA is an essential security measure because even if one authenticator is compromised, unauthorized users cannot meet the second authentication requirement and thus cannot access the targeted physical space or computer system.

Implementing MFA makes it more difficult to gain access to business premises and information systems, such as remote access technology, email, and billing systems, even if passwords or PINs are compromised through phishing or other methods.

Password cracking techniques are becoming more advanced, and high-powered computing is increasingly affordable. Additionally, adversaries often harvest credentials via phishing emails or by reusing passwords across multiple systems.

The difference between two-factor authentication and multi-factor is pretty simple.

Two-factor authentication involves exactly two different authentication factors, while multi-factor authentication involves two or more factors—though not limited to just two.

Various authentication methods are available for two-factor authentication. Here are some of the most
popular options.

Hardware Tokens
Businesses can give their employees hardware tokens in the form of key fobs that generate codes every few seconds or minutes. This is one of the oldest forms of two-factor authentication.

Push Notifications
Push two-factor authentication methods require no password. This type of 2FA sends a signal to your phone to approve or deny access, or accept or decline, after verifying your identity.

SMS Verification
SMS, or text messaging, can be used as a form of two-factor authentication when a message is sent to a trusted phone number, prompting the user to interact with the message or use a one-time code to verify their identity on a website or app.

Voice-Based Authentication
Voice authentication works in a similar way to push notifications, except that your identity through automation—where your voice may ask you to press a key or state your name to verify yourself. It’s important to set up multi-factor authentication on all your online banking platforms. You can never be too cautious when it comes to protecting your personal finances. Coastal Heritage Bank has a long-standing commitment to providing you with a safe and secure banking experience. If you have any questions or concerns, please reach out to us at 800-695-1300 or visit any of our 11 locations.

With the convenience of online accounts comes an increased risk of cybercriminal activity. It’s essential to ensure your information is secure and your accounts are protected. Here are five steps you can take to enhance the security of your online accounts.

1. Create a password that is long, strong, and complex. It should have at least twelve characters, including a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using common words, phrases, your birthday, street address, or any easily accessible information in your passwords.

Don’t reuse passwords from other accounts. Use unique passwords for different accounts so that if a hacker compromises one account, they can’t access your other accounts.

2. To ensure your banking data is secure, always use official bank websites and apps, avoid public Wi-Fi, enable multi-factor authentication, and be wary of suspicious emails and links. Regularly monitor your accounts for any unusual activity and keep your devices and apps updated.

3. Regularly monitoring your bank accounts, including checking and savings accounts, is essential for effective financial management and fraud detection. By frequently checking your accounts, you can track your spending, identify potential overdrafts, and promptly report any suspicious activity.

4. Enabling two-factor authentication (2FA) adds an additional layer of security, making it significantly more difficult for unauthorized individuals to access your account, even if they have your password. This process requires both your password (the first factor) and a second verification method, such as a code sent to your phone or an authenticator app.

5. To set up banking account alerts, navigate to your bank’s online banking platform or mobile app, typically found in the “Settings” or “Alerts” section. Choose the alerts you wish to receive (e.g., balance alerts, transaction alerts) and select your preferred notification method (text, email, or push notifications). Additionally, you can customize thresholds or parameters for specific alerts, such as when a balance falls below a certain amount.

If you have any additional questions about securing your online banking account, please visit any of our 11 branches or visit us online at coastalheritagebank.com.

Planning your summer getaway? Before you pack your bags and jet off to explore new destinations, make sure your banking game is on point. Being smarter with banking can save you headaches and extra fees while travelling. Here are five quick tips to keep your finances smooth and stress-free abroad:

1.  Show off a little, tell your bank!

Let us know your travel dates and destinations to avoid your card getting flagged for suspicious activity. A simple call to us at 781-796-6017 will ensure your card works when you need it most! You can also complete a travel notification online by logging into your online banking account and completing a short form under “Service Center” tab or use our mobile app and submit your travel plans under the Mobile Services/Secure Forms tab. It is also wise to review/update your debit card limits prior to travel. If you are unsure of your card limits, please contact us and we will help.

2. Extra isn’t always better!

International card usage fees with some banks and credit cards can add up quick. Coastal Heritage Bank won’t charge extra for debit card purchases abroad, saving you money and making shopping in foreign countries hassle-free.

3. We all need a backup!

Unexpected issues can arise, so carry a second card as a safety net. It’s always better to be prepared in case one card gets lost, stolen, or declines.

4. Local is always better!

When offered the choice, pay in the local currency rather than your home currency. This often gives you a better exchange rate and can help you avoid additional fees. Need foreign currency? The best and often cheapest way to obtain foreign currency is at Foreign Bank ATMS. Try to avoid ATMs in airports or locations such as Travelex. These may be convenient but often charge much higher rates/fees. At Coastal Heritage Bank, we can order currency for you prior to your trip at any branch location.

5. Use those eyes!

Keep an eye on your account activity regularly. Monitoring helps catch any suspicious charges early and keep your spending in check.

Travel smarter, spend smarter, stay safe and enjoy your summer adventures to the fullest!