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Create a Strategy to Help Save Money

Posted on February 22, 2012

Most people know they should be saving for a rainy day or to help them acquire a loan, but sometimes when it rains, it pours. Is your emergency fund enough to see you through? Are you consistently saving enough for a down paymenton a home or car loan?

The average household should have three to six months' worth of living expenses saved in an emergency fund. Those expenses include rent or mortgage payments, cost of food, utilities and other recurring necessary expenses. The fund money should be risk-free (not stocks or other high-risk investments) and instantly accessible (not a 401K or IRA that requires advanced notice to withdraw from).

Saving to buy a house or a car? Having a down payment of up to 20% can help you take advantage of low interest rates on a loan with a solid credit score. The percentage down will be based on the loan recommended to you by a loan officer.

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westbury bank Home Loan Originators Presented Credit Awareness

Posted February 16, 2012

Mortgage Loan Originators, Brian Heckendorf and Mark Scaduto, spoke with University of Wisconsin-Washington County students about how to establish and maintain their credit score on Wednesday.

The loan originators presented various techniques and tools consumers use to build their credit history to take advantage of interest rates on loans such as mortgages and auto loans. A few specific topics the loan originators covered were:

• The meaning of a credit report
• What banks look for when granting credit
• What one can do if his/her credit report is not so good right now
• The benefits about working with a community bank

“They were so great,” said Diane Miller, lecturer of business at the University of Wisconsin-Waukesha County. “They presented a lesson very focused on credit, which was exactly what I hoped they would do.”

Heckendorf and Scaduto also provided students with tips about how to budget their money.

Home loan originators can help you move forward to obtain a mortgage loan. If you’re just starting the home loan process or thinking about how to improve your credit history, loan originators are ready to help you.

westbury bank has several locations throughout Washington, Milwaukee and Waukesha Counties. Please visit our Mortgage Center for more information.

How to Improve Your Credit Score to Obtain a Home Loan

Posted February 9, 2012

Do you want to take advantage of the current low interest rates, inventory of homes and affordable prices on the market, but have created a negative credit history?

First thing you need to do is analyze your credit report from the three credit reporting bureaus (Experian, Equifax & TransUnion), which contains your credit history. Make sure all of the information is accurate and there are no errors to begin the process. Here are other steps you can take to help your score.

Pay down debt: Take a hard look at your revolving debt and any unpaid accounts. To help lower credit card debt, pay off the card with the highest interest first. Maintain a low debt to credit ratio. Pay off any unpaid bills that are on the report. These bills can take a decent amount of points away from your score. Try to work with creditor(s) to help come to a resolution. Most creditors will work with you on a payment plan to help remove your negative account(s).

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4 Ways Consumers Can Save Money

Posted February 1, 2012

We’ve all heard the line, “Money doesn’t buy happiness.” For most of us that’s probably true, but wasting the money that we’ve worked hard to earn certainly isn’t a recipe for bliss either.

Consumers most often waste money by not making the right decisions or simply neglecting to take advantage of easy and obvious savings opportunities. Here are ways to save money – sometimes lots of money – without sacrificing your lifestyle.

Do this: Pay your bills on time and stick to your contracts.
Not this: Pay unnecessary late fees or early termination fees. Paying your bills on time makes sense. But also avoid terminating contracts early and incurring fees, especially for cell phones or cable. And, if possible, pay down credit cards early to avoid unnecessary interest charges.

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Stay tuned for more news and updates

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