Primary Residence
What does it mean
Primary Residence refers to the individuals “home.” This is a common item to show up on an individual's personal financial statement.
Why does it matter
For many people, their home is the largest purchase of their life, and thus it is likely the large asset on their personal financial statement. A banker should understand that a Primary Residence is important for two primary reasons: collateral and intangible value.
Since an individual’s home is generally one of their largest assets, it can be a source of additional collateral for your loans. Beyond just the collateral value that a house can bring, a Primary Residence also brings additional intangible value to a banker because this is not just any asset, it is their home. When their home is on the line, the individual has additional incentive to ensure that your loan gets repaid.
Other Relevant Terms
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Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities. Win-win-win.
