Pennsylvania Business Networking

Time & Location

We meet every Tuesday from 7am until 8:31am at the Whitford Country Club
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LeTip Chester County East met on Tuesday, September 22, 2015 at the Wyndham Garden Hotel in Exton, PA. We welcome new member Matt Simmers, a banker with First Niagara Bank. We were also joined by guests representing promotional products, payroll services, solar power, and auto detailing.

Our showboater was Garret Davey (This email address is being protected from spambots. You need JavaScript enabled to view it.), our electrician. He displayed several lighting options that he can install. Of course, he can work to solve all sorts of electrical issues.

Our speaker was our mortgage broker, Lonnie Cooper (This email address is being protected from spambots. You need JavaScript enabled to view it.). Lonnie spoke with us about adjustable rate mortgages (ARMs). ARMs have all the same closing costs as a fixed rate mortgage, but they initially have a rate that is lower than the typical fixed rate mortgage, and this low rate is locked in for a period of time (e.g., two years). After that initial period, however, the rate may change, and there is no way to predict how it will change. There is a cap to the amount that the rate can increase (2% above the initial rate), and the rate won't go above that cap for a year. Then there is a secondary cap for the next year of another 2%. The final cap sets the rate at no more than 5% above the initial rate. ARMs make the most sense for people who know that they won't be staying in their house long-term. Young people who plan to move to a larger home within a few years or military families who move every couple of years are typical candidates for ARMs. For questions about rates or more details about how to choose the best mortgage product, please contact Lonnie.

Random Member!

Matthew Simmers - Banker

Matthew Simmers - First Niagra Bank
Multi Site Branch Manager, Vice President
Letip Member Since September 2015
Frazer Branch - 200 W Lancaster Ave, Frazer, Pa 19355
610.647.4063
Devon Branch - 414 Lancaster Ave, Devon, Pa 19333
610.293.8100
First Niagra Bank
Contact Matthew

Matt has been in banking for over 13 years.  His banking niche is working with Small Business owners to finance their business, collect from their clients, as well as identify effective processes to help pay their customers, suppliers and employees through a wide range of business banking products.  Matt has also helps many personal clients improve their financial situation by utilizing personal lending products which include Home Equity Loans and Lines of credit, credit cards and a secured credit card that few other banking institutions offer.  If you have a banking need, Matt is your guy! 

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Letip Creed

"LeTip is a professional organization of men and women dedicated to the highest standards of competence and service. Our purpose is the exchange of business Tips. Members will, at all times, maintain the highest professional integrity. Each business category is represented by one member and conflicts of interest are disallowed."