Mortgages

Buying a house is most likely the biggest purchase you’ll make in your lifetime. Asking a lot of questions and having a well-thought-out plan before making the decision is crucial. We understand all the questions can become overwhelming, so we’re here to narrow it down to some of the most important financial things to consider before making your big purchase.  Questions to ask yourself:  Am I planning on living here long-term? Buying a Read More

Buying your first home is so exciting. It can also be a little nerve wracking the first time around if you don’t have any guidance. Here’s what you should know about the home buying process, so you aren’t shocked by the expenses that come along. The Appraisal An appraisal is when you have a home expert come and determine the value of a home. They have no stake in the outcome of their conclusion, so you can expect an honest answer. You will want to be sure to have an appraisal Read More

Buying your first home can be an exciting but overwhelming experience. With the right bank and agent, most of the hassle should be taken off your shoulders. It’s time to make sure you’re checking these items off your list to allow for a smooth house buying journey - without breaking the bank. Check Your Credit Score This is always one of the top points on anyone’s list. Making sure your credit score is high and on the rise will allow you the opportunity for better rates! Look Read More

It’s that time of year when you’re likely to see ‘for sale’ signs on every block. Maybe you already have your eye on one and go out of your way to drive past it on your way home from work. Before you leap into purchasing a home, be sure to take these four steps before signing on the bottom line. 1. Understand Your Monthly Expenses Alarmingly, many Americans don’t have a true understanding about what money they have going out each month. This can be a dangerous Read More

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