Institution for savings
How A Community Bank is Partnering with Locals to Help End Food Hardship
The Pandemic and Rising Rates of Food Hardship
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Institution for Savings gave more than a million dollars last year toward everything from safe and affordable housing to youth education programs to organizations that promote public health and human services.
The pandemic ― during which donations and volunteers to local food banks and nonprofits plummeted ― has only exacerbated this worrying trend. Recent research compiled by the Center on Budget and Policy Priorities found food hardship spiked during the pandemic and remained high through late March 2021. According to the study, some 18 million adults (8.8 percent) said their households didn’t get enough to eat sometimes or often in the previous seven days. Food hardship is especially high among Black and Latino households. Black and Latino adults were more than twice as likely as white adults to report in late March 2021 that their household didn’t get enough to eat in the previous seven days: 16 percent each, compared to 6 percent of white adults.
Households with children also suffered at disproportionate rates. The number of children living in households where children weren’t getting enough to eat is especially concerning. As of March, 8.8 million children lived in households where food was scarce due to lack of money. That’s much greater than the 1.1 million children reported in December 2019.
A First-Time Home Buyer's Checklist
Start
With interest rates at historic lows and people spending more time at home than ever, this is the right time to buy. With a market this hot, you’ll want to be prepared from the get-go. Here’s a first-time buyer’s checklist to all things homebuying.
A First-Time Home Buyer's Checklist
How Much Can I Afford?
Next
Step one of successful homebuying is to ground your search in reality. Know what you may afford to spend before you set your heart on something out of your price range. Be realistic, but allow yourself a bit of wiggle-room. As always, it is important to read everything carefully and seek the advice of a legal professional if you don’t understand something.
Calculating mortgage payments is a great place to start. Many companies offer online mortgage payment calculators. To use these efficiently, you’ll need to know your yearly income, monthly bills (insurance, utilities), debt amount (credit cards, school loans, auto, etc.), and the amount of cash you’ve saved to put down as a deposit (generally 3–20% of the home price depending on the type of mortgage you qualify for, plus closing costs). You’ll also need to know your credit score.
A First-Time Home Buyer's Checklist
Next
Pre-Qualify
The next step is to pre-qualify for a home loan. In today’s market, sellers receive multiple offers, so it’s crucial to have your finances in order before you make an offer.
Pre-qualifying means a lender has reviewed your finances and offered you a conditional loan amount. While it’s tempting to go through a large national bank, first-time buyers can improve their chances of success by financing through a community bank in the area in which they plan to buy. Community banks are built on relationships and provide a level of customer service you won’t find from a big lender. Plus, community lenders offer highly competitive rates and typically are willing to work with first-time buyers to provide the best possible loan.
To pre-qualify, you’ll need proof of income, assets, and employment, as well as personal identification.
A First-Time Home Buyer's Checklist
Find a Realtor/Start
Your Search
Next
When home listings online are plentiful and easily accessed, it’s tempting to launch your home search right away concurrent with the other steps. However, most first-time buyers benefit from using a real estate agent. Having a real estate agent represent you as a buyer has advantages with no downside (the seller pays for your real estate agent). An experienced real estate agent who works within the community in which you are looking to buy can guide you through what can be an intimidating process. They’ll know the best areas that fit your needs and often have inside information on homes that may not yet have reached your Zillow feed.
Finding a good realtor is often as easy as asking a friend who’s already bought a home. If you’re moving to somewhere new, look at online reviews. Don’t be afraid to meet with a couple of potential agents and see if you click. Agents love meeting prospective buyers!
A First-Time Home Buyer's Checklist
Visit Open Houses
and Tour Homes
Next
As fun and informative as scrolling through online listings can be, it’s nothing compared to seeing a home in person. Often your real estate agent will arrange private viewings with the seller’s agent or accompany you to a listing’s open house. You can also visit open houses on your own. Seeing a home in person allows you to assess the vibe, the lighting, the space—ephemeral qualities that are tougher to communicate through photos.
When you see a house you like, don’t let any emotional attachment prevent you from asking tough questions. Think critically, bring a tape measure to size up rooms, do your due diligence. Remember, you’re looking for a home that best fits your needs. Compromises may be needed. There are many houses to see—you’ll likely visit at least 10 to 20 before you find The One—so don’t fret if it takes some time.
A First-Time Home Buyer's Checklist
Submit an Offer
Next
Found the house you want? Congratulations! It’s now time to submit an offer. Your agent will help you decide on an amount. You’ll want your offer to be one that’s both fair and competitive and also corresponds realistically to your finances. Don’t wait to submit. If you think you want it, go for it. You can always rescind your offer within a couple days if you have a change of heart. Your agent will also help you establish contingencies (“walk-away” clauses in a contract, which allow you to back out of buying a house if certain conditions aren’t met), obtain disclosures (the seller’s responsibility that reveal any property defects), and establish a closing timeline (generally 30 days).
A First-Time Home Buyer's Checklist
Get a Home Inspection
Next
A proper home inspection is worth every penny. Ask your agent to recommend a trusted inspector. A home inspection will reveal exactly what condition your prospective home is in, from the roof to the electrical, the HVAC, the foundation and everything in between. This inspection will identify any issues the seller may not have disclosed and reveal what may need remediation. The inspection will also highlight any potential home improvement projects you may want to tackle after closing.
A First-Time Home Buyer's Checklist
Get an Appraisal
Next
A home appraisal is required by your lender to make sure your financed offer does not exceed the value of the home. Like your inspection, this is for your protection; you want to make sure you’re not getting fleeced. An appraisal takes into account “comps” (sale prices for comparable homes in the area), square footage, appearance, amenities, and overall condition.
A First-Time Home Buyer's Checklist
Renegotiate
Next
Following the inspection and the appraisal, you’ll have the opportunity to renegotiate your offer based on what you’ve learned. If only minor repairs are needed, you may choose not to renegotiate at all. But if the inspection reveals something major or the appraisal comes in much lower than what you’ve offered, you may consider changing your offer based on repair costs, or ask the seller to do the repairs themselves. If the seller is unwilling to budge on price or conduct the necessary repairs to bring the house into good condition, be prepared to walk away. This happens. While disappointing, it’s better than being stuck with a problem home.
A First-Time Home Buyer's Checklist
Close the Sale
Start Over
Take a deep breath. You made it. On closing day, you’ll sign a giant stack of paperwork transferring ownership into your name. Don’t be intimidated. Your closing officer will help you understand what each form means. Closing costs and down payment are now due. Once everything is in order, you’ll receive the keys to your new home.
If this process sounds like a lot, it is. But rest assured, thousands of people go through it every day. It’s an exciting milestone in life, and you may even learn some tricks for the next time you decide to buy!
NMLS # 409410
Down payment
$3,115
Loan origination
$1,031
Points paid
$1,105
Other closing costs
$1,750
Despite these concerning statistics, hope is on the horizon. It is estimated that 25% of all the year’s giving occurs from the end of November through the month of December. Additionally, with the growing popularity of Giving Tuesday, a day of giving popularized by social media, donors can make a difference. It is a trend echoed in the financial world by institutions like Massachusetts-based Institution for Savings. Recognizing the real need of people in the communities it serves, Institution for Savings (IFS) donated more than $1.776 million to date in 2021 to area nonprofits, of which nearly $200,000 went to local food pantries and shelters.
Hope is on the Horizon
“This year has tested our infrastructure and our community’s commitment in a way we never could have imagined,” says Lyndsey Haight, executive director of local nonprofit Our Neighbors’ Table. “Thanks to the support of the Institution for Savings and so many others, ONT’s programs have been able to continue to operate without interruption.”
“When the unexpected happens, it is more important than ever for people to have a stable place to turn when they need to put food on the table,” says Julie LaFontaine, president & CEO of The Open Door, a food pantry in Gloucester where IFS employees volunteer. “From pantries to meals and Mobile Markets, Institution for Savings has invested in The Open Door’s food and nutrition programs across the North Shore. As an example of community in action, team members open their hearts and roll up their sleeves to help The Open Door deliver on its mission each year.”
"When the unexpected happens, it is more important than ever for people to have a stable place to turn when they need to put food on the table."
The pandemic strained an already needy system, but organizations like The Open Door and Our Neighbors’ Table, in partnership with Institution for Savings and its employees, are doing their part to help end food hardship in Massachusetts. This holiday season if you can afford to give, please do. Most importantly, if you need food assistance, contact your local food bank.
Utilities
“These organizations are doing incredible work by providing much needed services to so many in need, from food to housing to educational services and much more,” says Michael J. Jones, president and CEO, Institution for Savings. “As nonprofits continue to recover from the challenges of the pandemic, financial support is needed more than ever, and we are happy that we can help.”
Looking to the Future
Rent payment
$772
House payment
$1,407
Initial tax savings
$227
Initial principal payment
$282
Net house payment
$898
Rent payment
$772
House payment
$1,407
Initial tax savings
$227
Initial principal payment
$282
Net house payment
$898
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statistics released by Feeding America, which tracks hunger and poverty in the U.S. Overall, 566,930 people are facing hunger, a staggering 1 in 12 who live in the state. It is estimated that more than $357 million would be needed to eradicate food insecurity.
s you read this article, 120,250 children in Massachusetts won’t know where their next meal is coming from. Food hardship in the state is critically high, according to recent
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IFS employees deliver Thanksgiving “All the Fixings” bags to Beverly Bootstraps
–JULIE LAFONTAINE, PRESIDENT AND CEO OF THE OPEN DOOR
Every month teams of IFS employees go out into a different bank community with $1,500 and “pay it forward,” bringing snacks to senior centers, delivering lunch to first responders, purchasing supplies for local schools and shelters, and more.
“As nonprofits continue to recover from the challenges of the pandemic, financial support is needed more than ever, and we are happy that we can help.”
–MICHAEL J. JONES, PRESIDENT AND CEO, INSTITUTION FOR SAVINGS
Learn More
www.institutionforsavings.com/community
To learn more about how Institution for Savings is revitalizing
communities or how IFS can serve you or your community, visit
Institution was named 2021 Outstanding Community Partner by The Open Door Food Pantry in Gloucester
DONATED BY INSTITUTION FOR SAVINGS (IFS)
TO AREA NONPROFITS IN 2021.
$1.776 Million
Haight noted that not only did Institution for Savings help ONT continue its important work during the pandemic, but it allowed ONT to expand its services to include online grocery shopping, take-out dinners and home deliveries. To top it off, the bank also donated Christmas trees to clients. Such philanthropic actions are par for the course at IFS, where all 180 of its employees are afforded 10 paid hours off each year to volunteer for causes that are near and dear to them.
March 2021
Children in
households where
food is scarce
8.8 million
March 2021
Children in households where food is scarce
1.1 million
March 2019
Children in households where food is scarce
2021
2019
Bank employees deliver Thanksgiving food bags to Salisbury based non-profit The Pettengill House.
IFS employees serve food at an Our Neighbors Table Community Dinner