Monthly Archives: February 2023

Advantages of Local Mortgage Lenders

Advantages of Local Mortgage Lenders 

When it comes to real estate PB&T understands it’s a localized market. If you are in the market for a new home, it is extremely important to understand the advantage of working with a local mortgage lender. In this blog, we will outline the top advantages and benefits of working with a local mortgage lender. 

#1 Local Expertise 

When it comes to a profession, most would agree your knowledge is unique to the market you serve – that is no different when it comes to real estate. A mortgage lender’s knowledge and resources are unique to the area served. Using a local lender benefits you highly in the sense of these neighborhoods are their neighborhoods. Working with a lender who is knowledgeable of your local market will keep you ahead of the game when it comes to purchasing your dream home. Every town and neighborhood is different, a local lender will know the ins, and outs, good, bad, and unfortunately the ugly. A local mortgage lender will help you navigate through all of this! 

#2 Local Network 

A huge advantage of pairing with a local mortgage lender is the cultivated relationships they’ve built within the community. Local lenders have spent years building relationships throughout the community to properly serve them. Your local lenders have vast working relationships and networks of support services, including local appraisers, title companies, and real estate agents. Some lenders can even recommend interior designers, landscapers, contractors, plumbers, pool services, you name it! You deserve a lending partner who will put just as much work into making sure you have the right home loan to make purchasing your dream home a reality.

#3 Local Approach 

Local lenders are available in the neighborhood you desire. The loan process can be difficult, but with an expert local lender, your next mortgage process will be made simple with guidance every step of the way. Purchasing a home can be an extremely overwhelming, confusing, and anxious process a local lender will be able to provide a localized approach to give you peace of mind. What is a localized approach? When using a local mortgage lender, you’re not routed through a call center, you don’t receive an auto-reply email and you don’t have to explain your situation to nine operators in the hopes that you’ll one day end up in the right hands. A local lender offers personalized service with a dedicated support team. 

#4 Local Communication

When working with a local mortgage lender, the communication and service you will receive will be unmatched. Local lenders are more likely to create an experience that matters, while cohesively making it the best process tailored to you. A local lender will know how to communicate in the area, as well as who best to partner with, if need be, to work through a portfolio of loan options. 

#5 Working with People Bank & Trust

At Peoples Bank & Trust, our local mortgage lenders are ready to serve you throughout your home loan process. We are always here to field questions, comments, and concerns, so feel free to contact us anytime. We are happy to go over your unique situation before determining the ideal loan program for you based on your goals and your desired market. Visit our website today to learn more about our mortgages and connect with a local lender. 

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

Start Budgeting for Vacation

Start Budgeting for Vacation – What to Keep in Mind

One of the most important steps to pre-planning a successful vacation is your budget. There are many costs to manage and coordinate when booking a vacation. Keep reading for top tips on beginning your vacation budget now!

Step 1: Determine the Destination

A big factor in budgeting for vacation is getting an idea of the cost. Some may say you should set your budget in advance, which you absolutely can set a range, but your destination will be the main determinant for your budget. Depending on where you go can really change what you are willing to spend on what. Your budget can range depending on who is going, the type of trip, and your travel style. 

Step 2: Plan a Price 

Now that we have narrowed down the type of vacation you are planning and an idea of where you can begin nailing down a price point for what it will potentially cost so you can delve into the budget planning portion. As mentioned, your budget can really depend on your travel style, some people want to save money on where to stay and others are willing to splurge more in that category. Be honest with yourself and your idea of what you want out of your vacation to plan a budget range that you will not surpass. 

Step 3: Pick Your Priorities

As you nail down a budget, it is time to start picking your priorities for your trip. Everything will be included in a budget category such as food, activities, housing, travel, transportation, shopping, and really anything you intend to spend money on should have a budget within a category. Don’t forget to plan for the unplannable – it happens!

When you pick your priorities, identify your big-ticket items to ensure they are within budget and attainable. Typically, flights can be a huge expense especially if you are planning a family vacation. The more flexible you can be with your date and destination, the more you will most likely save. 

Step 4: Estimate Expenses

As we have picked our priorities, it is extremely important, to be honest with ourselves on estimating any and all expenses. Once your destination and travel plans are figured out it is important to look into a hotel on Airbnb rates and options for transportation as both of those can take a huge chunk out of your budget just so you can enjoy your time. 

It is important to think about your meals throughout the trip to weigh the cost of the hotel vs. Airbnb. If you have a large group, it may be more cost-effective to get an Airbnb and cook your own meals as you can more easily budget for groceries than meals out. 

Step 5: Start Saving Soon

By start saving soon, we mean begin saving NOW! Anything you can begin to set aside for your vacation budget will be a huge help in reaching your goal. Once you’ve worked out what you need, you can begin figuring out a map of how you need to save to be on track. To keep your motivation up, set a countdown on your phone or on your fridge so you see it daily and are reminded to save and not spend. 

Saving Tips 

  • Prioritize what you are spending money on. Clothing and items purchased leading up to the trip can add up, don’t let these offset your budget, plan for them. 
  • Try a budgeting app to stay on track.
  • Open a savings account for your trip so you can deposit it away and not touch it. 
  • Create a spreadsheet and track everything to map out your savings plan.
  • Find ways to save extra, whether that be a garage sale, side hustle, lightening some subscriptions – get creative. 
  • Change up your lifestyle. Challenge yourself to eat out less or spend less on costly activities.

You are going to thank yourself later if you began planning as soon as you could. How much you save will determine your travel plans and vacation priorities. Don’t let your vacation be financial stress, save now so you can relax and enjoy!

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

Financial Resolutions in Check

How to Get Your Financial Resolutions in Check for the New Year

If part of your new year’s resolutions was to reshape your finances and consolidate debt, this is the blog for you. Make your resolutions a reality with these top tips for the year 2023!

Preparing Your Financial Resolutions

If you have created new year’s resolutions, you know it can be extremely hard to stick to them if you don’t implement steps to adequately meet them. When you are identifying areas of your finances you want to improve, it is important to identify goals within your goals to help you stay accountable and committed to them throughout the year and on. 

Resolution 1: Analyze Your Financial Situation and Budget

Before you decide what financial resolutions, you may have that will actually improve your financial habits and situation, it is crucial to do a deep dive into your current financial situation and comb through your budget. Doing this may bring up some areas that you didn’t realize may be affecting your finances negatively as well as find areas you can improve. Tracking your current spending and saving habits are incredibly important for everyone to do, let your financial resolutions be clear and concise by identifying your money moves and behaviors. 

Resolution 2: Define Your Debt

Debt is a tool that depending on how you use and are managing it can inherently be a good or a bad thing. If you have found your debt to be more of a financial burden than a tool, chances are your debt need to be addressed and controlled. Here are a few key points to keep in mind as you address your current debt:

  1. Eliminate any debt that you can. Yes, this can be difficult to do – pay off credit card debt and avoid borrowing depreciating assets as it can add up quickly if you carry a balance. 
  2. Keep your total debt amount manageable. Just because you can borrow it, doesn’t mean you should borrow it. The rule of thumb is to keep your monthly costs below 28% of your pre-tax income and your total monthly debt payments. 
  3. Align your payments with your lifestyle and timing. When you are looking into taking out a loan, be honest with yourself about your time horizons, such as if you don’t plan to dig your roots somewhere consider a shorter maturity loan or an adjustable-rate mortgage over a longer-term loan

Resolution 3: Optimize Your Budget Financial Goals

Once you’ve addressed areas that need to be implemented or improved, you can begin re-working and refreshing your budget as well as carefully molding your plan to meet your financial goals. Tracking your spending and saving can be a useful tool with set guidelines to keep you on track, identify areas of improvement, help you safe more, and point out areas where you could cut back. Here are a few things to factor in when crafting your budget:

  • Fixed expenses
  • Rent/mortgage payments
  • Cell phone 
  • Monthly subscriptions
  • Groceries
  • Eating out 
  • Clothing
  • Entertainment
  • Daycare
  • Holidays 
  • Vacation 

Resolution 4: Create Your Financial Goals 

As you build this list here are a few financial resolutions to consider implementing: 

  • Save more money this year than you did last
  • Better your credit score
  • Better your budget – regardless of how you think your budget, this can always be looked over and changed to fit your lifestyle and goals as they evolve
  • Pay your credit card balance in full each month
  • Check your credit score more frequently
  • Implement a financial checkup as often as you see fit 
  • Improve your debt
  • Check your credit report more often
  • Find a way to build your credit that aligns with your goals
  • Start an emergency fund
  • Analyze your retirement savings
  • Open a savings account
  • Consider a Certificate of Deposit
  • Make a meeting with a financial advisor
  • Discuss your financial situation with your bank

Meeting and sticking to your resolutions can be extremely difficult. Building a strong financial foundation will carry you well now and, in the future, so the best time to put in the hard work is as soon as you can and continue to implement new goals and areas to work through as you become more and more financially literate. If you have questions, we are happy to help! Contact us here.

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

Benefits of Online Bill Pay

Why You Should Be Utilizing Online Bill Pay

The week of February 5th is National Pay Your Bills Week! In honor of this holiday, we wanted to dive deeper into why you should be utilizing Online Bill Pay at Peoples Bank & Trust! Using Online Bill Pay is SIMPLE; keep reading for five reasons you should be using Online Bill Pay. 

1.    Safe and Secure Payment 

Some may be skeptical about paying their bills online. We are here to give you peace of mind that Online bill pay allows you to keep better track of your financial matters as you can set up safe and secure automatic payments from your bank account. 

2.    Save Money Using Bill Pay 

Using online bill pay not only saves you time but saves you money too. All the time and money spent on both postage and late fees can add up quickly.  By enrolling in online bill pay you are utilizing a tool that simplifies paying your bills all from the convenience of your computer. 

3.    Promptly Paid Bills 

If you think about it, mailing in your bills can take significantly longer than setting up automatic online bill pay. Doing so is faster and easier, and eliminates forgetting or procrastinating. Simply set up your monthly payments through online bill pay to make your automatic payments on time each month.

4.    Organized Bill Payment 

Using online bill pay allows you to declutter those bills and financial records in one swoop. Online bill pay is great for those who love organization or could use some tools to become more organized. When you use online bill pay you automatically pay out of the accounts you select on the date you designate. You can set up an online bill calendar to automate your payments and receive alerts once the bill is paid. A great feature in online bill pay is all your charges are kept in your online records, so you can go back and review them at any time. 

5.    Online Bill Pay at PB&T

At PB&T Online Bill Pay is simple and makes paying your bills hassle-free. Automate your payments and enjoy the convenience Online Bill Pay gives you: 

  • Pay monthly bills
  • Make one-time payments
  • Set up recurring payments
  • Make same-day payments to select payees (fees may apply)

If you want more control over your money, our Online Services allow you to not only pay your bills online but access your accounts from anywhere. Enroll today in our Online Banking to:

  • View account balances for checking and savings accounts, as well as loan and CD accounts
  • Make one-time or recurring transfers between your PB&T accounts
  • See images of checks
  • Keep an eye on your transactions
  • Download your account information easily into the financial management software you use
  • Pay bills using Online Bill Pay
  • Make Person to Person Payments using Zelle
  • Receive E-Statements
  • Take your financial management with you wherever you go with Mobile Banking

Learn more about Online Banking at PB&T! If you have any questions regarding Online or Mobile Banking or run into issues with enrollment, please contact Peoples Bank & Trust’s E-Banking Department for help.