Financial guidance for maturing adults without children
1. Shop for the best mortgage and consumer loans
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Texas Star Bank that meets your needs. To get more information for a consumer loan stop by, or call and talk with one of our experienced lending officers.
2. Understand your credit report
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
3. Conserve time, money and paper with Texas Star Bank’s convenient checking accounts with online banking, bill pay, e-statements and no-charge ATM services
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
- Star Net - is our convenient Internet banking. We understand your need for convenience, so through texasstarbank.com ,you’ll have access to your checking account 24 hours a day, 7 days a week. You will be able to view your current account balance, check your transaction history or transfer funds between accounts. To help with your accounting needs, print statements or search history. Available anywhere you have a computer. Convenience Texas Style!
- Star Pay - With Bill Pay, you can conveniently and securely pay your bills whenever you want. Don’t waste anymore of your valuable time writing checks, stuffing envelopes and searching for stamps. This offers security and control to keep your information safe. Save time and money.
- Star Xpress - Don’t have a computer handy, access your account information with Star Xpress 24 hours a day by touchtone phone. Make transfers between accounts and make loan payments. Access your checking, savings, certificate of deposits and loans, just a phone call away.
- E-Statements - Sign up for this convenient product. We will notify you by the email you provide that your statement is ready and you can retrieve your statement by a link and save it to your computer or print it out for your records. Simple, less clutter and best of all free.
4. Improve Funds Availability and Save Time and Money sign up for Direct Deposit.
Direct Deposit Service – Make arrangements with your employer or ask a personal banker to help you set up your social security, government retirement, SSI, and VA benefits. Save time and expense and gain peace of mind that your deposits are secure.
5. Save for Retirement
Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations come into play. Now is a good time to up your contributions to your retirement savings accounts
Talk with a personal banker to learn about the products we offer that can help you meet your retirement goals.
- Bank IRA – Whether or not you are covered by pension plan at work; an Individual Retirement Account is a smart way to invest in your future. Compliment your checking and savings with an IRA account today. Contributions to most of our IRAs are tax-deferred. See your tax planner for specific benefits.
- Money Market – Earn a higher yield of interest with this investment account. This account offers a higher rate than our regular savings account with quick access to your funds when you need it. To avoid a service charge maintain a minimum of $1500. Allowed 6 withdrawals per month and mailed monthly statement or request e-statements.
- Savings -Our regular savings account offers competitive quarterly interest and access to your funds with the Texas Star Bank ATM Card. You can get started on the savings road with as little as $100 as your initial deposit, but to avoid a service fee maintain $250 minimum daily balance. You will receive a statement, or you can request e-statements, every quarter to keep up with your saving progress.
TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT
Understand what your credit report score means and take a pro-active
role in monitoring it.
- Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
- Make sure your mortgage payment, including taxes and insurance, represents no more than 33 percent of your gross monthly income or conservative 25 percent.
Spend less than you earn—it’s the simplest way to stay free from
For help determining the best accounts and products for sound and productive money management during your Career-Focused Lifestage, please contact us at 903-482-5234.