Monthly Archives: March 2016

Make the Most of Your Spring Projects with a Cash-Out Refinancing!

Refinance

How do you decide if cash-out refinancing is for you? Do you like your home? Do you need more funds for repairs or renovations? Do you have a portion of your mortgage already paid off? If you can answer yes to all these questions, then refinancing your mortgage with a cash-out may be the best fit for you!

How does it work?

Refinancing is a strategic and beneficial financial tool. By utilizing the equity built into a home, owners are able to negotiate new rates of their loan, and potentially borrow additional funds. These funds are typically limited to the amount of the original mortgage, minus the current outstanding loan. The difference between these numbers is the amount home buyers may be able to use for renovations and other current financial needs.

What’s the benefit?

Once you receive the funds you are not tied to any one project. So whether you want to build a new deck, remodel a bathroom, or pay for another planned purchase, the options are endless. With a home equity loans however, borrowers are required to take on an additional monthly payment on top of their existing mortgage. Unlike a home equity line of credit, a cash-out mortgage refinancing offers a specific amount that is tied within your mortgage, typically offering a lower comparable interest rate. This lending option also allows the home owner to replace their existing mortgage with updated rates, so they have one affordable monthly payment instead of two!

Get started today!

In 2015 the average kitchen remodel cost between $11,261-$28,716, and the average bathroom remodel totaled $9,285. With spring time approaching, now is the perfect time to look at the benefits of refinancing your home! With other projects such as a new deck, pole building, or landscaping project, spring is the perfect time to start evaluating your home refinancing to see what your equity is capable of.

We’d love to help get you started, call us at (636) 528-7001 or check us out online today!

Peoples Bank & Trust Co.

NMLS# 407724

Equal Housing Lender

Member FDIC

How-To Save for Your New Vehicle

auto savings

Purchasing a new vehicle is always an exciting venture. Peoples Bank & Trust wants to help you maximize your buying experience with a strategic and helpful savings plan! Before you start roaming the car lots, glance at our easy auto check list to see what type of vehicle both you and your budget are searching for.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which option may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off?

With these questions in mind you can better view the credentials needed in the ideal vehicle for you and your family.

Do your part to save.

Once you have your budget set, it’s time to start saving! By putting aside a designated amount from each paycheck towards your new car, you can create a timeline for when you plan on purchasing it! In addition to these savings, cutting any additional spending can help you allocate more funds towards your new ride. Eating in more, buying generic, and carpooling to work are just a few ways to save some extra change.

Talk to us!

If you have questions regarding your savings plan stop by your nearest location today. We’re happy to help, and look forward to making your auto buying dreams a reality.

Peoples Bank & Trust Co.

Equal Housing Lender

Member FDIC

 

How-To Make Your Spring Renovations with a Home Equity Line of Credit

Home Equity

Remodels can be an exciting and trying experience. If you’re looking to make some updates to your home, a Home Equity Line of Credit is the perfect way to use the equity you have already built in your house. Here at Peoples Bank & Trust we offer both Home Equity Loans and Home Equity Lines of Credit, let us show you which may work best for you!

Home Equity Loan: Using your home as your collateral you are able to borrow funds in addition to your mortgage to complete home projects or unexpected repairs. After speaking to a Peoples Bank & Trust loan officer, a loan amount will be determined along with a loan term for repayments. The funds from this loan are presented in one check to use as needed.

Home Equity Line of Credit: Also utilizing your residence as collateral this option allows you to obtain a line of credit, with an agreed upon loan amount. Accessed through the use of a checkbook, a credit line allows you to access funds as you need them instead of receiving one lump sum at the loan closing. With a designated cap there is a limit to your available funds.

Regardless of which loan type you choose, the loan amount will be determined by the current value of your home, your individual financial history and other factors.  If your home appraises for more than you anticipated, that’s great news; but remember, it is always recommended to secure a loan only for the amount you need, ensuring you don’t overextend your budget!

If you’re interested in beginning the process for your next home renovation, start the journey with Peoples Bank & Trust and our Home Equity options!

 

Peoples Bank & Trust Co.

NMLS# 407724

Equal Housing Lender

Member FDIC

Home Buying in 5 Easy Steps

Mortgage

So you’ve decided to buy a home. Congratulations! You are about to embark on one of the most important purchases of your life. With so many options and financial decisions ahead of you, here are some key tips we want to share to help determine your ideal path to home ownership.

  1. Evaluate your Financial Readiness

There are many factors in determining your current financial capabilities when considering the purchase of a home. Add up your current monthly expenses, except for your current rent payment, and see if a mortgage payment can effectively be added without diminishing your overall monthly budget. If the answer is yes than it’s time to check your credit history! Every bank, and the individual loan types they offer, have various requirements. Take the time to research these programs and determine which suits your specific needs.

  1. Get a Mortgage Pre-Approval

Once you know your ideal lending option, it’s time to get pre-approved! By speaking with one of our experienced lenders you can determine if you qualify for various loan offerings, and at what amount and terms.

  1. Determine Your Overall Budget

Even if you qualify for more, it may be beneficial to cap your budget at a smaller amount. This will help you prepare for any unforeseen expenses, or higher than anticipated utility bills. Other factors to consider in setting your budget are savings goals, planned future expenses, additional costs to commute, and any unplanned repairs or renovations to the home.

  1. Find Your Perfect Home

Take your time while searching for your perfect home. Most home buyers stay in the same home for nine years before moving again, so you want to make sure this new house has everything your family needs. By working with a trusted local realtor you can ensure that you see all available properties within your budget, and act on new listings quickly!

  1. Close the Deal

Once you’ve made an offer on your dream home it’s time to make the purchase official! Work with your realtor to sign the purchase agreement, and close the transaction. Your mortgage lender at Peoples Bank & Trust will work to ensure the funds for your home mortgage arrive quickly and hassle-free. Once the t’s are crossed and the i’s are dotted, you are officially a home owner!

After becoming an official home owner it’s time to celebrate! You did it! At Peoples Bank & Trust we want to help guide you through your home buying adventure! Give us a call at (636) 528-7001 or apply online today to get started.

 

Peoples Bank & Trust Co.

NMLS# 407724

Equal Housing Lender

Member FDIC

Gearing Up for Planning and Planting this Spring!

agriculture

With spring right around the corner, there are so many things to check off the list before your operation gets going! At Peoples Bank & Trust we offer a variety of agriculture lending options to suit your specific needs! With our custom financing options we work alongside agriculture’s best to help secure them a successful planting season through well-planned finances. Since every operation has different needs and functions, we offer a wide variety of lending options to solve problems at every level.

Farmer Mac Loans- These loans be used for a variety of farm-related expenses, an all-encompassing option for a majority of operations, these are generally considered for day-to-day expenses.

Operating Lines of Credit- Make purchases with ease! Instead of running to the bank for every purchase, this loan enables you to have money transferred directly into your account for each specific check you write.

Equipment Loans- In need of new equipment? This is the perfect solution. Whether looking for new or used, an equipment loan offers the custom financing you need.

Livestock Loans- Propel growth this year with our Livestock Loans! Whether purchasing calves, breeders, or simply growing a herd, this loan option has you covered.

Capital Improvement Loans- Add value to your operation this season with our helpful Capital Improvement Loans. This fulfilling loan helps add to buildings and other current structures, increasing capabilities while adding value to your operation.

FSA Guaranteed Loans- Another great option for your day-to-day expenses, a FSA Guaranteed loan offers assurance and flexibility to our agricultural customers.

We applaud all of our agricultural customers for all that they do and the people they help by doing it! We at Peoples Bank & Trust want to send a sincere thank you to our farmers and operators who work day in and day out, to feed our nation. We appreciate all that you do!

If you’d like to learn more about our agriculture lending or other banking options please visit our website, or call us at (636)528-7001, we’d love to help!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724