Great State Bank

Learn More About Saving And Spending Smartly With These Great Resources Recommended By Great State Bank

If you’re planning to apply for a home loan or send your child to college, it’s essential to begin saving now. Read the following articles to learn more about mortgage payments, savings accounts, and other banking information. To explore your personal banking options, contact Great State Bank by calling (336) 903-4948.

•  Do you want to teach your child good spending habits? Visit this page from PBS Kids together.
•  If you’re a first-time homebuyer, you can read more about the mortgage rate process with this helpful article.
•  Start saving college funds by opening a child’s savings account for one or all of your kids today.
• Are you applying for a home loan? Learn about the current state of mortgage loans and repayments from Vickie Harris, Great State Bank’s Mortgage Loan Officer, can assist you with any questions that you might have concerning mortgage loans.  She can be reached at vharris@greatstatebank.com or at 336-903-4948.

Are You Saving Enough for Retirement?

Organizing your financial accounts is essential as you look forward to retirement. Whether you have months or decades until enjoying your retirement, it’s never too early to start saving. This video outlines how to contribute to your bank accounts for a more enjoyable retirement.

Saving for your retirement is based on saving in ratios. The author of Your Money Ratios: 8 Simple Tools for Financial Security explains that just like in the business world, ratios can dictate your personal financial health. For retirement, the capital-to-income ratio is a ratio of income to the amount of assets you have and dictates how much you should save every year.

To open a savings account and begin saving for your retirement today, visit Great State Bank. Call us to learn more about our personal and online banking services at (336) 903-4948.

Understanding How Mortgage Rates are Determined

If you’re applying for a mortgage loan for your new home, begin thinking about your community bank’s mortgage options. Mortgage rates vary depending on the prospective homebuyer’s income, existing debt, history of personal banking, and other financial factors. Before applying for your mortgage loan at Great State Bank, review the following information.

• Premiums

There are several types of premiums your bank may use to calculate your mortgage rate. An inflation premium compensates for potential inflation in the future. Inflation premiums are associated with higher interest rates to balance the loss of your original investment. If a bank offers a default risk premium, this means there is a perceived risk that the borrower won’t be able to pay back the home loan. A low default risk premium is usually associated with lower interest rates, as you have demonstrated a low risk of defaulting on your mortgage payments. Liquidity premiums are associated with an investment being transferred into cash and varies based on the real estate market’s demands for your specific type of home loan.

• Interest Rates

Interest rates take into account all of the above premiums. Based on financial factors, such as your credit risk for default and the availability of funds for your home loan, your bank will propose an interest rate for your mortgage. Lower interest rates are commonly associated with lower mortgage payments, and vice versa. Consequently, higher interest rates may reduce the amount of money that you’re able to borrow. Nationwide inflation rates and the Federal Reserve’s federal funds rate also influence interest rates.

• Taxes

Your mortgage rates are directly associated with the amount of property taxes you’ll pay each year. The government determines the value of your prospective home and the surrounding property. Your real estate taxes also contribute to funding fire departments and police stations in your area. If you choose to pay your property taxes on a monthly basis rather than a lump sum, your community bank will collect increments of your taxes as part of your mortgage payments.

Consult the financial experts at Great State Bank to determine your mortgage rates for a home loan today. Visit us to apply for a home loan or open a checking account. Schedule your appointment today at (336) 903-4948.

Types of Savings Accounts to Help You Save Wisely

Are you planning ahead for a major life purchase? Whether you’re saving for a car or starting a college fund for your son or daughter, it’s important to start a savings account now. Consider opening one of the following Great State Bank savings account, many equipped with online banking abilities.

Statement Savings

At Great State Bank, the statement savings account is one of the most affordable and easily manageable personal banking accounts. This account only requires a starting amount of $100. Six transactions regarding your savings account are free, which allows you to transfer funds to your checking account or for withdrawal in the event of an emergency. The statement savings account is the perfect starting point to save for a car, home, or college tuition.

Lil’ Tycoon Savings

A lil’ tycoon savings account is ideal for your child. It only requires an opening balance of $50. Before opening the savings account, discuss the importance of wisely managing your finances with your child. Consider giving your child the $50 to start his or her account as a birthday or Christmas present. Having your children earn their starting balances can also be a good way to teach them the value of their money. When opening a child’s savings account at Great State Bank, your child must be under the age of 18.

Classic and Premium Money Market

The classic and premium money market savings accounts require larger opening balances, but offer competitive interest rates. The classic money market savings account requires a minimum balance of $1,000, while the premium money market savings account requires a minimum of $50,000. If you are beginning to save for a home or car, these savings accounts are great ways to secure your money for future use.

To open your personal savings account today, visit Great State Bank. In addition to our personal banking accounts, we offer business banking and investment services. For more information, call us today at (336) 903-4948.

For More Personal and Business Financing Advice, Click Through the Following Links

Look through the list of resources below to find more information on how to get the best interest rate on a loan, how to make smart choices when investment banking, and more.

• Learn tips about how you can secure the lowest interest rate on your next home loan by visiting our website or contacting Vickie Harris at vharris@greatstatebank.com.
• Use this credit score calculator to determine your estimated score and evaluate your eligibility for a loan.
• If you need help setting a budget, read this article from Money.CNN.com for helpful advice. You’ll learn how to determine unnecessary expenditures, stop spending beyond your means, watch out for cash leakage, and more.
• Get the facts on what you need to know about interest rates for mortgages, student and car loans, credit cards, and more.
• Before you contact your banker, look through this article to find 10 helpful tips on how to do investment banking the right way.

If you need a quality banking institution that can help you make better decisions about your personal and business financing, call Great State Bank at (336) 903-4948.