Significant Financial Events

Most major events reshape your life. When you are faced with a major financial event, many of us need simple, direct advice relative to our money and assets - and how those decisions that we make can affect us in the future. 

When making major decisions considering such things as buying a home, buying a car, getting married, expanding your family - our emotions become the driving factor rather than our "financial well being". We all react to the moment. 

It becomes critical at that moment to review how this event may be or should affecting your financial health.

Buying a Vehicle?

Whatever the reason for your need, Exchange Bank makes it easy to purchase a new vehicle with competitive rates.

Get Pre-approved before you shop to make the process even easier!

We finance vehicle loans for both new and pre-owed vehicles. We also assist with financing vehicles purchased in the overseas programs. We allow vehicles with loans to be shipped overseas.

The application process is easy. Contact one of our Personal Bankers to assist you and answer any questions you may have. You may contact us at 800-255-6762 OR simply fill out an application.

A home equity line of credit is a secured line of revolving credit in which your home serves as collateral. Many consumers only think of using their home when needed to make home improvements. A Home Equity Line of Credit (HELOC) can be conveniently used for any purpose!

With a home equity line, you will be approved for a specific amount of credit. The approval amount is proportional to the home’s appraised value and the existing balance owed. The HELOC product is available for you to use for Ten (10) years, up to $25,000. You pay no closing costs. At the end of this period you may request that your credit line be renewed. Program offerings may change.

Unlike other consumer loans or credit cards, the interest you pay on your Home Equity Line of Credit may be tax-advantaged (consult your tax advisor regarding the deductibility of interest).

A Personal Line of Credit is not secured by property. It is a fixed term, fixed interest rate loan product for you to utilize for any purpose.

Contact a Military Loan Officer for more information on a Personal Line of Credit or to request a HELOC Program Disclosure to review the complete terms and conditions.

 

Consider your buying and selling possibilities before you proceed. How long will you remain in the home? Can you sell when it is time to leave? What is the rental market if you decide to place the property for sale? Review the issues before you decide.

Start by shoring up your credit. Prior to applying for a mortgage, make sure your credit history is as clean as possible. Several months prior to house hunting, get copies of your credit report. Make sure the facts are correct and fix any problems you discover.

Aim for a home you can afford. The rule of thumb is that you can buy housing that costs about two-and-one-half times your annual salary. But you'll do better to use one of the many calculators available to get a better handle on how your income, debts and expenses affect what you can afford.

Before house hunting, get pre-approved. Getting pre-approved will save you from looking at homes you can't afford and put you in a better position to make a serious offer when you find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and history. 

Exchange Bank offers a variety of mortgage options to meet your needs. Contact us today for Home Loan Pre-Approval. 

 

 

As two become one, you may need to manage debt and establish different financial habits as you begin life together. A major question that should be answered is "Do you combine your finances or do you not?"

Start with being honest in a discussion about your finances and disclose any debt you carry. Review your credit reports together. By federal law, you are entitled to one free credit report every year from AnnualCreditReport.com. Discuss who will be paying bills, how you will balance your accounts, where to keep important documents and how you will handle purchases. 

Understand the risks and responsibilities of joining accounts. Determine where your direct deposits will be placed. Complete all legal requirements to create joint accounts, both banking and credit accounts. 

Understand that when each of you chooses to be a co-owner of a credit card or a loan, you will both be responsible for the debt. Joint credit is reported on both partners' credit history.

Contact an Exchange Bank Personal Banker for more information regarding joint accounts. 

Congratulations on your planned arrival! You will have many joyous moments in your future. While enjoying your new arrival, you should be aware of anticipated costs so you can respond when the need arises. It is estimated that adding a new member to your family will increase your average household costs by 20% to cover the basics, not including day care costs.

Keeping in mind the thousands of dollars it will take to raise a child, begin early  to plan for those costs through savings plans and investments.

When starting a family has placed additional financial demands on your family, contact Exchange Bank regarding a personal loan at competitive rates - so you need not worry about money when money should be the last thing on your mind at such a special time...

A fact of life is that sometimes relationships don't last. But the financial implications of a divorce can be substantial. 

Gather needed information and seek legal advice.

Be aware of legal requirements in division of your assets. 

Who owns the checking account? What do you do about debit cards attached to the account? Contact us to assist you regarding legal requirements of removing an individual from a joint account. We can establish new accounts when needed and help you with the necessary legal requirements to remove an individual from a joint account. 

Who owns the retirement accounts? In general, retirement assets acquired during the marriage are considered marital property regardless of whose name it is in. Division of these assets varies by state. It is critical to have a divorce lawyer review a military pension as these funds are treated differently than retirement asset funds.