Herring Bank

Are you stuck with a large credit card payment... or several? A lot of people are in your shoes. There's a practical way forward: using a personal loan. You can use a personal loan to pay off high-interest credit card debt or other bills and then make one low monthly payment on the loan. Most personal loans have a much lower and fixed interest rate. Start climbing out of that credit debt hole! Contact our personal banking department to learn more.

Buying a home? Can you put 20% down? No? Then, you'll have to pay mortgage insurance. But, what is that exactly? 🔍 It protects the lender if you default, not you. So you pay a monthly premium for their benefit. 🤔 It helps borrowers with less cash upfront qualify more easily. But adds to your costs long-term. 💰 It has different names with different loans. Conventional loans = PMI, FHA loans = MIP, VA loans = VA Guarantee Fee. ❌ PMI for conventional loans goes away at 22% equity automatically, or 20% if you request it. 🛑 FHA mortgage insurance exists for the full loan span. Only way out is to refinance. You can avoid mortgage insurance by putting 20% down or using a piggyback second loan. There are options to minimize this added expense and still make homeownership possible!

How does your credit score compare to everyone else? The national credit score average in 2023 was 714. The average credit score in Texas was 695 and 696 in Oklahoma. As you might expect, there are generational differences: Silent generation (77+) – 760 Baby boomers (59-77) – 745 Generation X (43-58) – 709 Millennials (27-42) – 690 Generation Z (18-26) – 680 The national average credit card utilization percentage was 30% Credit utilization is the amount of credit you're currently using divided by the total credit that's available to you. 2.45% of accounts were considered delinquent in 2023. How do you stack up?

Do you get a text alert when a check has been deposited into your account? Would you like to? Setup text alerts and get notified when: - a check clears - your balance is higher or lower than [ you set the limit ] - your account is overdrawn - deposits more than [ you set the limit ] - and much more... Here's how you can get that setup: https://lnkd.in/djbdgbYN

🏡 House hunting? Is it your first time? Here are 3 pro tips to set you up for success: 💰 Get pre-approved FIRST! It shows sellers you're serious and locks in your budget. 📍 Choose a wide range of neighborhoods at first, then narrow. Research schools, crime, appreciation potential. 📅 Don't try to time markets perfectly - if you're ready, start shopping now. Prices probably won't change drastically. If you're getting serious about looking, then we have a guide that'll help: https://lnkd.in/dwT_SRd5

Are you afraid to look at your credit score? If it's on the lower end... You can change it! Here are 3 powerful tactics: 📆 Pay all bills on time, every time. Tip: Set up autopay to guarantee on-time payments. 📃 Get your free annual credit reports and review for errors. Tip: Dispute any inaccurate information. 📉 Don't max out cards. Tip: Keep balances under 30% of your limit, even if paying in full. Give it time! Building credit takes patience and consistency.

When was the last time you checked your credit score? Did you know... 1 in 5 people have errors that are harming their credit. 😱 Mistakes happen, but you can fix them! 1 in 15 deal with identity theft. 😠 Watch for unauthorized accounts or address changes. You'll likely need a loan someday - car, mortgage, etc... 🏠 Good credit can save you money on interest! While you can use a monitoring service, no one protects your finances like you. Check your credit today and make sure it's set up for success!

John was scammed. John is busy. Work. Gym. Friends. Family. He's like you. Busy. One day, not long ago, John got an email. It said his payment needed approval. There's always a package on the way, right? So, without thinking, instead of going to his app and account, John clicked on the link in the email to see what order was needing his attention. He missed the warning signs of a phishing scam and entered his login credentials. His password, login info, and all the access to his account... Stolen! John eventually recovered most losses after lots of calls with his bank. John learned a painful lesson. He's now aware of just how easy it can happen. John, like you, DOUBLE checks EVERY link before he clicks. Herring Bank will never call and ask you for any account information.

This past weekend our very own Sandy Shook joined 50 other vendors in Colorado Springs. We loved getting to meet everyone and talk about Herring Bank and what we offer, especially with home mortgage loans. We hope you all had as much fun as we did! Watch for your opportunity to join us for the future Vendor Takeover events!

Can you buy a home with a low credit score? While credit is a major factor of your mortgage loan, it is definitely not everything. You do have options. – You could just accept the higher interest rates. – Make a larger down payment to reduce costs would help as well. Or, look into an FHA loan! FHA loans provide flexible financing for scores starting at 580 FICO They also allow down payments as low as 3.5% since their insurance protects lenders. Otherwise, you might consider taking 1-2 years to build your credit profile AND save up a larger down payment. Whatever you do... Don't get discouraged! With the right approach, the dream of homeownership can become reality.