Mortgages

Buying a home may be a common practice for the average American, but it is not a simple one. This is especially true if you are new to the game and have yet to learn the ins and outs of the process. No need to worry, we have plenty of experience from our years in the home buying business and are willing to share the best-kept secrets on the market! 1. Start Today If buying a new home seems far into your future, that means you are in the perfect position to prepare. Often, many have dreams of Read More

It’s finally house hunting season and you could not be more excited to get the ball rolling on your big purchase! Before you hit the road or the search bar, take these 7 tips into consideration. 1. Know Your Limits Before signing the papers or falling in love with the first home you see be realistic about what is in your budget. We recommend spending no more than 25 percent of your monthly income on the mortgage. When you know what this number is, be sure to stick with homes in that price Read More

You’ve made the decision that you are tired of renting and ready to step into the world of home ownership. Good for you! You may be wondering what your next steps should be in order to be financially prepared for this major investment. Here are some creative ways to ramp up your savings for this exciting adventure! 1. Consider a Move Now Is the place you’re living now truly the most cost effective for your budget? Consider moving to a temporary location that can significantly trim Read More

Are you about to begin the hunt for your future home? We understand that the home buying process can become overwhelming, which is why we’d like to offer you a little insight. Start your home buying journey off right by completing this checklist! Strengthen your credit. A 620 FICO score means you can get a mortgage, but that doesn’t mean you’ll want to. According to recent data from myFICO.com, someone with the minimum credit score can expect to pay over $82,000 more Read More

Congratulations! You’ve taken a big step in your financial future by purchasing your first home. As a new homeowner you may be worried about the chunk of change you just spent, and your bank account may be looking a little slim right now. Luckily Exchange Bank of Northeast Missouri is here with a few simple saving solutions to help your funds increase. Slow Your Spending As you have just made a big dent in your savings, now is the time to slow down on your purchasing behavior. Be aware Read More

If you’re in the market for your first home, congratulations! Becoming a homeowner is an exciting step on your financial journey. At Exchange Bank of Northeast Missouri, our dedicated mortgage lenders are here to help you find the best financing option for your new home. Remember to stop in and secure a pre-approval letter before you start your home search.   After speaking with a mortgage lender to help determine your family’s ideal price point, it’s time to start viewing Read More

Spring is the perfect time to start something new. Whether that’s creating a fresh and colorful garden, planning an exciting and exotic vacation, or officially starting the search for your new home, now is the perfect moment to begin anew.   If you and your family are ready to plant fresh roots, our dedicated team at Exchange Bank of Northeast Missouri is here to help. Before you start searching the market for available homes, we recommend first evaluating your house and determining Read More

Choosing to construct your own home means you’re in charge of everything from the location of the site, to the color on the walls, and everything in between. To help ease the stress of this exciting milestone, Exchange Bank of Northeast Missouri offers these coveted Dos and Don’ts while you work through your home’s construction:   DO: Choose a budget with a cushion. DON’T: Let your contractor adjust the building plan without your approval.   It’s Read More

If the sound of savings makes your ears perk up, Exchange Bank of Northeast Missouri has the perfect New Year’s resolution for you! As a homeowner, you have a unique opportunity to lessen your debt while also building home equity.   As of October 2016, the median price for an existing home in the United States was $232,000. This being said, a potential monthly mortgage payment for this home value could be approximately $873.51 for the average new home owner. While homeownership is Read More

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 Exchange Bank of Northeast Missouri 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 Read More