Category: Savings

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

Building Your Dream Home in 10 Steps!

construction

It’s almost spring, which means it’s construction season! In a time where anything can bloom, learn the ins-and-outs for how to grow your dream home into reality. Discover how to navigate the home building waters with these 10 easy tips to constructing your ideal home:

  1. Budget

No matter if you’re building the city’s largest mansion, or a humble abode out in the country, you’ll need proper financing to make it happen. To secure your home lending you’ll need a plan, and a budget. Sit down with your family and decide the bare bones of what you’re looking for and what it will cost. Be sure to account for potential problems, additions, and upgrades.

  1. Find your ideal land.

With so many options, sizes, locations, and other factors, be sure the price tag on your ideal plot is factored into your budget. Working with a realtor and your financial lender can help determine what factors to consider when choosing.

  1. Get a home mortgage from Peoples Bank & Trust

Now that you know your price point, you can get a pre-approved mortgage from Peoples Bank & Trust. Make the search for your future contractor easier by having quick and easy access to your designated financing.

  1. Hire a contractor.
    Ask your realtor to provide some contractor recommendations, and be sure to research companies before investing in a signed contract. Contractors are like any other company, they want your business, so shop around and don’t be afraid to negotiate.
  2. Set Timeline and stick to it

Work with your contractor to establish a goal for both the big picture, and all the little projects to get there. Speak with your provider and if you’re handy, there may be projects that you can complete to save on labor, such as speaker wiring or painting.

  1. Adjust Financing if needed.

Building a home is a process, and along the way there may be aspects of construction that change. We’ll help work with you and your budget to adjust your financing as needed, or work to include an option for a line of credit.

  1. Complete the Home Building Process

Ta-da the day is finally here! Now that you have your keys in hand it’s time to start making your house a home. Decorating, and adding those family details will help make your new construction feel like a familiar family retreat.

  1. Reorganize Finances

After the building process is complete it’s time to take another look at that budget. Did you stick to your financial goal, spend more or less than you planned for? If you’ve spent less than planned for congratulations! You can now lower your principal amount by paying off a portion of your mortgage with the surplus of funds. If you’ve spent more than budgeted for, just be sure to look into your finances and see if you need to adjust your spending or if you have the cushion to continue with larger payments.

 

  1. Make a New Household Budget

With a new home, come new expenses. Be sure to keep your eye on the prize by tracking monthly expenses and creating a strategic spending plan including utilities, mortgage payments, insurance, and any home owner association fees.

  1. Enjoy Your New Home

After all the time and effort that goes into creating a home it’s time to enjoy it! Have a house warming get-together or just sit back and relax, but be sure to celebrate because this is surely an accomplishment!

We know home building can be a hectic process, and that’s why we’re here to help you along the way! Stop by or call us today to learn about all of our home financing options! We can’t wait to see your dream home come to life.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS#407724

The Number One Reason to Bank Locally – We are invested in YOU!

community

What makes the most impact when you step into a bank? The lighting, the decorations, the technology? At Peoples Bank & Trust it’s our people! The wonderful customers we have, and the incredible employees who make our work possible are what make us unique. After being your trusted bank for over 90 years, we are humble to be so appreciated in our local community.

Take a look inside our day-to-day operations and see how we are working to better serve you!

We Know Our Customers

We genuinely care and want to see our customers succeed! This helps not only our customers grow financially, but also enables us to become better lenders. Speaking with our customers one-on-one encourages interactive dialogue to help us better understand the specific needs of each and every individual we work with. From lending to savings, planning options, and more, we work to find the optimal financial fit for you and your family.

We Make Decisions In-House

No more untimely out-of-office decision makers. At Peoples Bank & Trust each and every loan is made in-house by one of our experienced lenders. Instead of contracting work out to other institutions we keep all of your hard earned funds close to home! Offering quick decisions can make a big impact when it comes to getting the most efficient loan for your needs. By getting approvals sooner our customers can ensure they start their desired project or purchase on time and within budget!

We Support Our Community

Many banks deem “Community Involvement,” to be writing a check and posing for a photo op. At Peoples Bank & Trust that isn’t the case. Deeply invested in our local communities, our employees are active participants in many local organization donating their time and talents. To us, community involvement is truly getting outside of our immediate operations, and working to make our thriving community a better place for everyone.

Our highest priority at Peoples Bank & Trust is YOU and your specific banking and lending needs. No matter what stage of life you’re in, if you’re looking to open a checking account, put some money away for retirement, or take the first step to home ownership, we’re ready to help you along the way! Get to know us and the incredible people that choose to be a part of our organization, and you’ll be glad you did.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

 

Save $5000 This Year with our 52-Week Challenge

savings

Whether it’s a house, a new vehicle, or other lending options, having a down payment is always a great first step.  In this 52-week challenge you will begin saving a little at a time to accumulate $5000 this year! Here’s how it works, every week you deposit a different amount into your savings account. As the weeks go on you begin to build a steady base little by little. At the end of the year you will have saved $5000 when done correctly. You can also add to the numbers shown below if you’d like to save more than $5000. Simply take the additional amount you would like to save, and divide it by 52. Now add that number to each of the deposit amounts for the year and you have your game plan.

Savings

$5000 is a substantial sum of money that offers endless potential, so here are some ideas to get you started!

Vacation: Take a break and enjoy an exciting new destination with your family! Cruises start at less than $700 per person, and a week in Florida typically runs $4000+ for a family of four. The possibilities are endless!

New Vehicle: You can purchase a used vehicle with the $5000 (or less), or you can use the $5000 to put a down payments on a more expensive vehicle you’ve had your eye on.

Down Payment on a Home: Now with FHA loan offerings new home buyers can afford a mortgage easier than ever! Every home is different, but with $5000 you’re off to a great start!

Wedding: A little creativity may be involved but the celebration can go on! With the largest event expenses being the venue, food, and photographer, finding inventive shortcuts can turn $5000 into the wedding of your dreams!

With so many exciting things to save for, be sure to start our 52-week saving challenge ASAP! The sooner you begin saving, the sooner you can enjoy your reward. Let Peoples Bank & Trust help you get off on the right food with our easy and affordable savings account options!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender