Category: General

After the Honeymoon: How-To Manage Your Finances Together

couples finances

Begin the journey of purchasing your new home with Milledgeville State Bank! We’ll help guide you through the process of securing a new residence for you and your family. Stick with these easy do’s and don’ts and you’ll be on the path to success.

Do:

  • Secure a loan before a home: While the hunt for the first house is exciting, your final decision will depend on the mortgage you can secure. Your first step in the home buying search should take place with a loan officer who can assess whether you qualify for a mortgage, and if so, at what price. This provides a framework guiding the search so you don’t expend time and money on houses outside your means.
  • Take your time: The average homeowner occupies their house for nine years before relocating, so additional time spent thoroughly searching for homes can reap a decade of benefit. Track trends in the housing market to buy during the most cost-effective season. Weigh personal, important factors beyond price listing, such as neighborhood quality, length of commute, and potential for expansion and home improvement.
  • Consult the professionals: The listing agent represents the interests of the seller, not the buyer. As a first-time home buyer, you’ll need as much trusted, unbiased advice as you can garner. Ask friends and family to recommend their real estate agents so you receive counsel from a professional with a track-record of success.

Don’t:

  • Look at homes well over your budget: You set a budget for a reason. Stick to it! Paying more than you designated for a home can financially limit you to update and repair as needed. By spending within your originally determined limit, you’ll avoid heftier mortgages and continue to withhold extra funds for any household incidentals.
  • Empty savings into a down payment: Securing your mortgage requires a down payment. Putting down less than 20% requires you to buy mortgage insurance. To avoid this added expense, some home buyers drain their savings to cover the down payment upfront. Liquidating your account, however, leaves you without a safety net in the event of job loss or medical emergency. The expense of mortgage insurance is worth the financial cushion you can leave in your account, and you can always eliminate the insurance once you’ve paid off 20% and opt to refinance your mortgage.
  • Speed through the closing: The end is in sight, but don’t let the glow of the finish line obscure your view of the paperwork. Review documents with a fine-tooth comb, double check that nothing has been altered in your agreement, and ensure that it describes your understanding of the transaction to a “T”. A day or two of extra analyzing can save you years of headaches!

At Milledgeville State Bank, we offer a number of mortgage options to make securing your home financing as easy as possible. To schedule your first meeting with one of our knowledgeable mortgage lenders, give us a call at (815) 225-7171 or stop by today.

How to Pair Your Perfect Ride with the Perfect Financing

auto financing

Begin your new year with a new ride! For all of your vehicle purchase needs, Milledgeville State Bank is here for you and your financial needs. With so many options to choose from how do you know what the right selection is for you? Try these handy tips to get the most out of your next auto purchase.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off? (0-5 years)

With these questions in mind you can better view the credentials needed for the ideal vehicle for you and your family.

Save your down payment.

Speak with one of our lenders to confirm your auto financing needs and decide on an appropriate down payment amount. As a general rule 20% of the final cost of the vehicle is ideal, however depending on your personal finances a lower percentage may be available to you.  Be sure to include any maintenance work, tires, or other repairs a car may need in the overall cost.

Talk to us!

If you have any questions or want to begin the process of auto financing call or stop by today. We’re happy to help, and look forward to making you auto buying dreams a reality.

Practice good car maintenance.

After purchasing your new vehicle you’ll want to keep it prepped and ready for the winter! Try some of these quick tips to keep your car safe and warm this winter.

  1. Warm up your care before you go to work to make scraping ice easier.
  2. Rotate your tires to ensure a stronger tread on tires.
  3. Keep a winter emergency kit in your vehicle, just in case!
  4. Maintain a full gas tank when possible to avoid freezing gas lines.

Keeping up with auto maintenance can save you big money in the long run, just like staying on top of your money! If you’re curious what’s in your budget for an auto loan stop by today!

Great Last-Minute Gift Ideas for the Holidays

last-minute giftsTime, energy, and funds are running low by this point of the holiday madhouse – what are you going to do for those last names on your gift list?

Our team at Milledgeville State Bank has assembled a gift list that shows you poured serious thought into your giving and looks like you invested more financially than you really did. Check out these last-minute gift options that are both personal and wallet friendly.

  1. Tap the App store: If you like fast and direct options, give your recipient a few new apps from the Apple App Store. You can send right from your personal device by choosing the “Gift This App” option to deliver it to another’s iPad, iPhone, or iPod in a matter of moments. Drawback: Android doesn’t have this option yet, so make sure their device is IOS compatible.
  2. Compile a memory bucket: The aim is quantity over quality for this $5-$10 option. Load a creative with snacks and trinkets that commemorate your relationship. Dollar stores, bargain bins, and thrift stores will be your best friend as you pad this sentimental gift.
  3. Personalize a mug: With a Sharpie and a blank mug, you can create a one-of-a-kind gift for under $5. Adding a favorite quote or your embarrassing nickname for them creates a gift they couldn’t find anywhere else. Before you wash or present it, just slide it into the oven to bake for 15 minutes at 400 degrees to seal it on. Bonus points if you stuff the mug with packets of their favorite hot drink.
  4. Whet Their Appetite for a Dinner Date: Anybody can snap up a gift card, but not everyone can give the promise of actually using it. Give the gift of a dinner date with a symbolic item promising they can redeem it for the real thing with you later. Do they love barbecue joints? Wrap up a bottle of their favorite sauce. Are they a fan of that Thai place down the street? Gift a jar of gourmet peanuts. They’ll love the excitement of a two-part present.
  5. Where you met: Remember where you and your loved one first met? They probably do, too. Commemorate it with an inexpensive memento of that location. If it’s a coffee thermos from the café or a homemade pendant of the city where your paths collided, they’ll remember the launch to your relationship every time they use it.

You don’t need to break the bank or agonize for days to make your gifts matter. For an extra hand allocating your cash wisely, give our financial advisors at Milledgeville State Bank a call!