Ridgewood Bank says local economy is strong, helping community find housing amid rising inflation – QNS.com

Ridgewood Savings Bank wants their customers to know that despite the strong local economy, buying a home with rising inflation is difficult, and they’re here to help.

The US Department of Labor recently reported that the Consumer Price Index (CPI) rose 8.5% through the end of March, up 7.9% year-on-year. That 8.5% rise in March was the largest 12-month rise since 1981.

Anthony Simeone, Chief Banking Officer of Ridgewood Savings Bank, said that as inflation rises dramatically, so do interest rates and make it harder to buy a home.

“The hardest thing people can get over is paying down a house,” Simeone said. “I think inflation will hit everyone, even if we just go to the supermarket and buy a loaf of bread. In terms of real estate, we are really trying our best to overcome all obstacles.”

Despite the difficult circumstances facing homebuyers, Ridgewood Savings Bank offers a variety of services to help ease the strain of these historically high interest rates.

Ridgewood participates in the city’s HomeFirst Down Payment Assistance program, which allows them to help first-time home buyers with a down payment and closing costs. HomeFirst is funded by the US Department of Housing and Urban Development and works with more than 20 local consulting agencies to help first-time homebuyers in their home search.

First, these agencies help certify income to qualify and ensure consumers complete mandatory homebuyer training courses. Then lenders like Ridgewood Savings Bank help consumers with prequalified mortgages buy a one- to four-family home, condo, or co-op in the city.

This program, in conjunction with Ridgewood’s own Good Move Mortgage and Good Move Plus Mortgage services, puts the bank in a good position to help low- to middle-income households obtain a mortgage.

“We are committed to the areas in which we operate,” said Simeone. “We’ve really focused on affordable housing needs for the last five or six years. We want to be fair to every community we serve, and that goes dramatically enough in socioeconomics.”

The Good Move Mortgage offers down payments as low as 3% with a $2,000 credit towards closing costs on purchases. Good Move Plus Mortgage also offers a 3% down payment and closing costs of up to $7,000 and mortgage insurance assistance. Both programs offer up to 95% financing for two family homes.

Simeone mentioned that whether you’re trying to buy a home, refinance your mortgage, or just grocery shopping, inflation affects everyone and the best thing you can do right now is save.

“With inflation and the uncertainty of the future, it is very important to save and be disciplined about it. This is what we are built on as a mutual savings bank,” said Simeone. “I’m trying to live in it [a manner] where you can afford it but don’t live beyond your means.”

Ridgewood recommends considering an interest-bearing emergency savings account that covers three to six months of living expenses. They also encourage people to take advantage of their Multiply the Change program, which rounds a purchase up to the nearest whole dollar and saves it.

“We believe we’re fulfilling a really important need for people who are… [community bank], especially today when there aren’t many community-focused banks,” Simeone said. “We were proud of what we have done and of the people we serve. That is cordial and that is our corporate philosophy.”

Founded in 1921, Ridgewood Savings Bank has grown into a bank with over $6.5 billion in assets and 35 branches throughout New York. It was ranked number one on the Forbes list of “Best in State Banks” in 2021.