1114 J Street, Modesto, CA 95354 - Phone: 209.577.5757 - Fax: 209.577.2673|Monday, March 19, 2018
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Ask the Experts – Q&A With Some of Modesto’s Business Leaders 

Looking for an answer? Ask the experts. Every month, the Modesto Chamber of Commerce takes your questions straight to our local professionals. This month, Financial Institutions are here to answer your questions.

Mike Garcia. Vice President, Commercial Banking

Oak Valley Community Bank

Q: When is the right time to refinance commercial property?

A: In times like these where long term interest rates are at historic lows, it’s a pivotal time to evaluate your real estate portfolio financing options. Before doing so, be sure to ask yourself a couple basic questions. First, “What’s the approximate property value”? Second, “How is the property cash flow”? If both of these responses are positive, the next step is to consider your current loan terms (existing fixed rate duration, balloon payment, prepayment penalty, etc.) and upfront expenses (appraisal, loan fees, closing costs, etc.) in relation to the interest savings. Calculate your monthly savings and determine how long you will need to hold the property in order to offset these expenses. If the refinance will pay for itself in a few years and your intent is to hang on to the property for at least that long, then it is most likely worth your time and effort to refinance.

Office: 209.343.7607

1200 I Street, Suite 3, Modesto, CA 95354

mgarcia@ovcb.com | www.ovcb.com




Q: Can Mocse help me love my home again?

A: Yes! For your major or minor home improvement projects, Mocse has competitive products designed just for you on your owner-occupied home. We offer low or no fees and competitive low rates with no prepayment penalties or annual fees. Your choices include a Home Equity Line of Credit with a variable rate that adjusts only quarterly. Or, there is the fixed rate home equity loan with a variety of payment options. Our no equity, no problem HIP loan has a fixed low interest rate.

Let Mocse help you select the home equity loan that is right for you. Not a member? You could be! If you work, worship, attend school, or live in Stanislaus, Merced, Tuolumne, or Mariposa County, you are eligible.

Apply today: Call 800.44.Mocse ext. 830.

Or, apply online at www.Mocse.org!



Branch Manager

Modesto Commerce Bank

Q: Why would a community bank be better suited to assist its customers in protecting their finances?

A: At Bank of Stockton/Modesto Commerce Bank, it’s about personal relationships and our staff knows its customers! Here are some of the ways we help protect them: 1. Our online banking and mobile banking products offer daily balance alerts. 2. We have event-triggered alerts based on thresholds that consumers can customize in their online banking profile. 3. We analyze all debit card transactions BEFORE they are authorized to ensure transactions are within recognizable purchasing patterns. 4. On checking accounts, we review characteristics of normal customer behavior and analyze it against the day’s transactions to find any abnormalities.  5. Our overdraft alert allows customers to immediately transfer funds to cover the overdraft and avoid a fee. 6. We offer CardValet, a mobile app that allows our customers to turn their debit card “on” when in use and “off” when not in use.

The Bank of Stockton always looks out for our friends. With over 149 years of strength and stability, let us add you to our list of happy customers!



Vice President, Senior Relationship Manager

BAC Community Bank, Modesto

Q: Which is a safer method of paying bills – by paper check or debit card?

A: Although writing paper checks is standard business practice, once a check leaves your hands you have little control over who sees it. That may not be much of a concern, until it falls into the wrong hands. What’s the risk? Paper checks include more sensitive information than you might think. For example, they typically include your name, address, bank name, routing number, account number, and a specimen signature. If your bank account information is compromised, thieves could gain direct access to your money. However, if a debit card is used in a transaction and somehow gets compromised, only the card number is at risk – not your actual bank account. Since your debit card is simply linked to your bank account behind the scenes, it is much easier to cancel the card and get a new one instead of having the hassles and costs of closing and replacing your checking account.

209.342.5297 | bankbac.com


Dan Freeman

Scenic Oaks Funding

Q: Isn’t getting a mortgage just about 3 things? A job, an acceptable credit score, and money for a down payment or equity for a refinance?

A: I wish it were just that easy. But it is not. There are many loan products today to fit many different needs/situations. Some require a better credit score and some don’t. Some require stronger income -to-debt ratios and some don’t. Some can overcome situations where the person doesn’t have a lot of funds for a down payment. Self employed people face a more difficult circumstance as sometimes we can’t count some of their income at all and often their income isn’t always consistent. An experienced mortgage loan originator can quickly assess your individual situation and guide you in the correct direction. They can also offer suggestions to improve your application information. Also, they can explain the reasons for each step in the process. This should all lead to a greater confidence level for the borrower in beginning a process that often leads to one of their biggest financial decisions.

NMLS: 637523 | 209402.8540

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