Stepping Stones

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.   Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.

With competitive rates, experienced lending professionals and local decision-making, your Consumer Banker will be sure to find a loan that meets your needs.

  • Fixed/Adjustable Rate Mortgages - Let Peoples Bank & Trust help you decide if a fixed rate or variable rate mortgage loan is best for your circumstances.
  • Consumer Loans - Whether it’s time for a new vehicle, new appliances or home improvements, we’ll make it easy.  We offer assistance with our simple application process, competitive rates and charges and automatic checking/savings deductions.  Contact a Consumer Banker  for more information.
  • Home Equity Line of Credit - Looking to utilize the equity in your home?  Peoples Bank & Trust will provide you with a revolving line of credit to simplify your life.  The line is a reusable line of credit with easy access to funds.  There are no closing costs involved to obtain this line of credit.  Contact a Consumer Banker  for more information.
  • Second Mortgage Loans - If you would like to utilize the equity that you have in your home, but want a set payment, this could be the product for you.  Contact a Consumer Banker for more information.

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 People Bank & Trust’s convenient checking accounts with online banking and bill pay 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!

  • Peoples Value Checking - is the perfect solution for almost everyone.  A low minimum balance of $100 is required, $0.16 per item over 100 per month, ATM/debit card, as well as online banking to help you keep your account records current.
  • Peoples Budget Checking - If you will maintain a $500 minimum balance, this is the account for you. 
  • Peoples Club Checking - This is our benefits plus checking.  Perfect for just about everyone.  As a club member, you will get free club checks, discounts on safe deposit box rental, $10,000 accidental death and dismemberment insurance policy and much more.

4. Improve funds availability and Save Time and Money with People Bank & Trust’s convenient “Direct Deposit” service.

Save the time and expense required to prepare, transport and deposit transactions, by conveniently making remote deposits from your home or office at any time of day or night.  Our simple, web-based interface integrated with an inexpensive flatbed scanner and our online banking service lets you electronically deposit checks into your account for improved cash flow.

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 your Consumer Banker to learn about the products we offer that can help you meet your retirement goals.

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 29 percent of your gross monthly income.
  • Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.

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