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  1. Everything To Know About Home Equity Loans

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    Are you a homeowner feeling weighed down by multiple high-interest debts? A home equity loan could be the key to consolidating your finances and saving you significant money. In this article, we’ll explore the world of home equity loans – their benefits, drawbacks, and how they compare to other options like Home Equity Lines of Credit (HELOCs).

    What is a Home Equity Loan?

    A home equity loan allows you to borrow against the equity you’ve built up in your home. Equity is the difference between your home’s current market value and the outstanding balance on your mortgage. Home equity loans provide a lump sum of money at a fixed interest rate, which you repay over a set period, typically 1-15 years.

    Benefits of Home Equity Loans:

    • Debt Consolidation: By combining multiple high-interest debts into a single, lower-interest home equity loan, you can dramatically reduce the amount you pay each month in interest, potentially saving you thousands over the life of the loan.
    • Lower Interest Rates: Compared to credit cards and other unsecured loans, home equity loans typically offer significantly lower interest rates due to the security of your home as collateral.
    • Potential Tax Deductions: In many cases, the interest paid on a home equity loan used for home improvements or eligible debt consolidation may be tax-deductible, further reducing overall costs. (Consult a tax professional for details.)
    • Improved Credit Score: Making consistent, on-time payments on a home equity loan can have a positive impact on your credit score over time.

    Home equity loans can consolidate high-interest debt into one lower-interest payment, potentially saving money, offering lower rates, and tax deductions, while also helping improve your credit score with timely payments.

    Drawbacks of Home Equity Loans:

    • Risk of Foreclosure: If you default on the loan, you risk losing your home, as it serves as collateral for the debt.
    • Closing Costs: Expect to pay various fees associated with originating the loan, such as appraisal, application, and other closing costs.
    • Temptation to Overspend: Access to a lump sum of cash can make it tempting to overspend, so it’s crucial to use the funds responsibly and for their intended purpose.

    Borrowers face the risk of foreclosure, closing costs, and the temptation to overspend with a lump sum, making it essential to manage funds responsibly.

    Home Equity Loans vs. HELOCs

    While both home equity loans and HELOCs use your home’s equity as collateral, there are some key differences:

    Feature Home Equity Loan HELOC
    Structure Fixed-rate, fixed-term loan Revolving line of credit with variable interest rates
    Flexibility One-time lump sum disbursement Ability to access funds as needed
    Interest Rates Typically lower fixed rates May have lower initial rates, but can fluctuate over time

    A Home Equity Loan provides a fixed-rate lump sum, while a HELOC offers a flexible, revolving line of credit with variable interest rates.

    Choosing the Right Option

    When deciding between a home equity loan or a HELOC, consider the following factors:

    • Purpose of the Loan: Is it for a one-time expense like debt consolidation or home improvements, or ongoing, variable expenses like education costs?
    • Interest Rate Preferences: Do you prefer the stability of a fixed rate or the potential savings of a variable rate?
    • Financial Discipline: Can you responsibly manage a revolving line of credit, or would a fixed loan payment better suit your needs?

    Consider the loan’s purpose, your preference for fixed or variable interest rates, and your ability to manage either a revolving credit line or fixed payments when choosing between options.

    Don’t know where to start? We can help!

    If you’re a homeowner considering a home equity loan, contact Slovenian Savings & Loan. You don’t need to be an existing customer! Our friendly loan officers will discuss your options and help you determine if a home equity loan is the right move for you. Remember, using your home equity responsibly can be a powerful tool for debt consolidation, home improvement, and achieving your financial goals.

    View all locations & phone numbers

  2. Earn a Guaranteed Return: Secure Your Savings with Certificate of Deposits

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    A Certificate of Deposit (CD) is an account where you lock your money away for a set period of time in exchange for a guaranteed interest rate.

    When it comes to smart and secure investments, a Certificate of Deposit (CD) is often at the top of the list. Whether you call it a CD, a term certificate, or simply a certificate, this financial instrument is a great way to earn guaranteed interest on your money with minimal risk. At Slovenian Savings & Loan, we’re excited to offer an attractive 7-month CD with a 5.000% APY, a fantastic option for those looking to grow their savings quickly and safely.

    Understanding the Purpose of CDs

    The primary purpose of a CD is to provide investors with a short-term, low-risk investment opportunity.

    Unlike other investment vehicles, CDs offer a guaranteed return, making them an ideal choice for those who want to ensure their money grows without worrying about market fluctuations. Over the past few years, interest rates on CDs have been quite low—but now is an excellent time to consider adding a CD to your investment portfolio.

    Why Choose a CD?

    CDs are popular among investors who prefer low-risk options. One of the biggest advantages of CDs is that they are federally insured, meaning your investment is protected up to a certain amount. This makes CDs a very secure place to park your money, especially when compared to more volatile investment options.

    Considerations and Drawbacks

    While CDs have many benefits, there are a few drawbacks to keep in mind:

    1. Liquidity: CDs are not as liquid as other investment options. Once you deposit your money, it’s locked in until the CD matures. This means you won’t have access to those funds during the term unless you’re willing to pay a penalty.
    2. Lower Returns: Compared to riskier investments like stocks or mutual funds, CDs generally offer lower returns. This lower return is the trade-off for the peace of mind that comes with a guaranteed, secure investment.

    Mitigating Drawbacks with a CD Ladder

    To manage the liquidity issue, consider creating a “CD ladder.” This strategy involves spreading your investments across multiple CDs with different maturity dates. By doing this, you’ll have access to a portion of your funds at regular intervals, providing you with more flexibility and reducing the impact of the lock-in period.

    In Summary

    Investing in our 7-month CD at a 5.000% APY is a smart move for those seeking a secure, short-term investment with a guaranteed return. While CDs have some limitations, their low-risk nature and federal insurance make them an attractive option for conservative investors. If you’re looking for a reliable way to grow your savings, come talk to us about our CDs today. Your future self will thank you!

    Learn about our Great Rate Certificate of Deposit.

    Earn 5.000% APY on our 7-month CD! Call or visit your local branch to get started.

  3. Safe deposit boxes at SS&L

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    Did you know Slovenian offers safe deposit boxes? A safe deposit box is a secure metal box locked in a bank vault that can be rented by customers to store valuables.

    As the world has become more and more digital, renting a safe deposit box to securely store physical objects is less common than it once was. But safe deposit boxes are still an excellent choice to store items like:

    • Personal papers, including wills, birth certificates, marriage licenses, important contracts or other key business papers
    • Valuable collections of small items, such as coins, stamps, or other rare collectibles
    • Jewelry

    Using a safe deposit box to store these types of items provides security and peace of mind.

    When you rent a safe deposit box, you’ll pay an annual fee and receive a key to the box. A bank employee will accompany you into the vault when you come in to access your box. Access is limited to people whose names are on the lease.

    Interested in renting a safe deposit box at Slovenian? Talk to a teller today to get started.

  4. Slovenian Spotlight: Holly Ott

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    Holly Ott has a lifelong history with Slovenian Savings & Loan.

    “I grew up in East Conemaugh, and my mom used to take me to the Conemaugh branch of Slovenian. I loved it, because I’d always get a lollipop and all the ladies who worked there were so nice,” she says with a laugh. “Some of those ladies are still there, and now I’m one of them.”

    A graduate of Conemaugh Valley High School and Cambria-Rowe, Holly first worked as a secretary in an office, then in banking, and later as a teacher’s aide. She was hired as a teller for Slovenian about 11 years ago in Windber, where her husband grew up and where the couple raised their two daughters, Alyssa and Rylee.

    She notes that Slovenian is very supportive of its employees when times get tough. A few years ago, just months after losing her mother, Kellijo Statler, to metastatic breast cancer, Holly faced a breast cancer diagnosis.

    “You need your family and whole community to get you through something like that,” she says. “Everyone at Slovenian sent cards and well wishes, and I really felt cared for by the entire company. It’s a major reason why there’s not a lot of turnover – it’s just a great place to work.”

    October is Breast Cancer Awareness Month, and Holly encourages women to get screened.

    “Even with what happened to my mom, I never thought it could happen to me so young,” she says. “I’m grateful to be here, and to be working part-time for Slovenian.”

  5. Great rates on CDs now!

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    CD interest rates have risen dramatically for the first time in several years. If you’re ready to invest some money but the current volatility of the stock market concerns you, an 18- or 27-month CD is a great option.

    Just a $500 minimum balance is required to open a CD, and you can get an interest rate of up to 1.375% – you can get your interest money in a monthly check, deposit to a different SS&L account, or compound it. CDs are a great way to maximize your interest earnings safely.

    Stop into any Slovenian branch today to get started!

    More about CDs

  6. Slovenian Spotlight: Marlaina Koss

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    Marlaina Koss, who has been a teller with us since 2019, loves being a part of the Conemaugh community.

    As a teenager, Marlaina delivered the “Saving Your Dollar Shopper,” a long-since discontinued periodical. She enjoyed getting to know people in the community as she made her rounds, and finds working for Slovenian provides her the same opportunity.

    “I had banked at Slovenian all my life,” she says. “So when an opening for a teller came up, it was a perfect job for me.”

    As a teller, Marlaina is on our front line, greeting customers and helping them with everyday banking needs.

    “I’ve always felt Slovenian has such a family feel to it – everyone here is friendly and welcoming,” she says.

    She lives with her dad, sister and nephew in Conemaugh, along with their new kitten, Haru.

  7. Slovenian Spotlight: Susie Lavely

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    Susie Lavely is a lifelong resident of Johnstown. A Westmont Hilltop graduate, she has been part of the teller team at our West Hills branch for five years.

    “I love how community-based Slovenian Savings & Loan is,” Susie says. “Most of our customers are from around here, and I really enjoy getting to know them.”

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  8. Now hiring! Full-time teller for our West Hills branch

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    Come work with us! Slovenian Savings & Loan is seeking a full-time teller for our West Hills branch. We’re looking for self-starters who can take the initiative when responding to customer concerns and complaints. The ideal candidate will have a friendly personality and a head for numbers. They should understand the roles that financial institutions serve in the community and have a customer-focused attitude.

    Please inquire at any branch, or send resumes to Slovenian Savings & Loan, 585 Goucher Street, Johnstown PA 15905, or support@sloveniansavings.com.

  10. Beware of online scams this holiday season!

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    Online scams are increasing as the holiday shopping season continues. Generally speaking, scammers will attempt to gain trust by impersonating a known contact or business, and will often create their own verification procedure that seems legitimate – like asking for personal information on a website or over the phone.

    To stay safe online, Slovenian Savings & Loan encourages you to keep an eye out for these danger signs:

    • Unsolicited texts or emails asking for money or a payment. Even if you recognize the person or company asking for help or payment, scrutinize details such as the originating email address or phone number, as well as the spelling and grammar of the message. Contact the person or company over the phone to check legitimacy before you act.
    • Requests for money or payment by a specific method. Often, scammers will request payment via unconventional means such as gift card, money or wire transfer, or cryptocurrency – this is because these methods are difficult to track, and even harder to recover. Unlike secure transactions with a bank/credit card, or PayPal/Venmo, you have no dispute rights if you pay with one of these methods.
    • A deal that’s too good to be true. There are a lot of great sales out there, but check to make sure any online vendor that’s offering an amazing deal is actually legitimate! Other scams in this general category offer a prize, an unclaimed inheritance, or a get-rich-quick investment opportunity in exchange for a fee.
    • An urgent call to action. Scammers try to get you to act before you think, often by appealing to your emotions — often fear (examples: a relative needs money urgently; you’ll lose an amazing deal if you don’t act right now). Make sure the message is legitimate before you do anything that might compromise your finances or online security.
    • Links to websites that spread malware or solicit personal information. Never click on a questionable link in an email or text message — your computer could become infected with malware. Other links may lead to legitimate-looking websites that ask for personal information as a log-in or verification of some kind. If the message or the link itself seems sketchy, contact the business or individual who appears to have sent it before you click.

    Slovenian Savings & Loan encourages you to pay special attention to online transactions to make sure they’re not part of a scam or other illegal activity! The bottom line: if something seems off, it probably is.