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6 Tips for Saving for Your Down Payment

Posted On: June 8, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 3 to 20 percent of the home’s value. To help potential homebuyers save, check out the following tips: Develop a budget & timeline Speak to a mortgage professional and determine how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll be ready to transition from renter to homeowner.  Establish a separate savings account Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash. Shop around to reduce major monthly expenses It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet
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family moving into a home

6 Tips for Saving for Your Down Payment

Posted On: June 8, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 3 to 20 percent of the home’s value. To help potential homebuyers save, check out the following tips:

Develop a budget & timeline

Speak to a mortgage professional and determine how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month –...

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6 Items for your new home's to-do list

6 Items for Your New Home’s To-Do List

Posted On: June 1, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Now that you’re settling in to your new home, there are some important things you need to consider. Farmers Bank recommends the following tips.

Create a budget.
The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It's important to keep accurate records of your spending so you can spot places to save money and know how much you can reasonably spend. The American Bankers Association’s budgeting worksheet...
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10 Scholarship Search Sites

10 Scholarship Search Sites

Posted On: May 17, 2021 by Farmers Trust & Savings Bank in: General

Here are our top 10 favorite websites to help students find scholarships that suit their major or financial needs:

These site will give you stats on how likely your application is to be accepted! Plus it's easy to use and you have access to over $11 billion in scholarships: www.Cappex.com  Easy to search for what you’re looking for among the 1.5 million scholarship options listed. www.Fastweb.com Niche will tell you everything...
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6 Smart Money Moves for New College Graduates

6 Smart Money Moves for New College Graduates

Posted On: April 26, 2021 by Farmers Trust & Savings Bank in: Money Management

More than 70 percent of college graduates began their career owing more than $37,000 in student loans in 2017. Considering the additional living expenses they’ll soon face, new college graduates would be wise to focus on their financial future right now. Farmers Bank has highlighted six smart financial decisions college graduates should consider to position themselves for financial success as they embark on their next phase of life. 

The habits new graduates develop right...

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Tips During Low Interest Rate Periods

Tips During Low Interest Rate Periods

Posted On: April 20, 2021 by Farmers Trust & Savings Bank in: Budgeting

With interest rates at record lows, consumers face a number of choices for managing their money.  Whether they want to save, spend or invest, consumers are encouraged to consider their options and choose the strategies that best suit their particular financial circumstances.

         Tips for low-interest-rate periods:

Consolidate debt.  With interest rates at historic lows, it makes sense to consolidate debt into one low-interest loan. For...
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Tips for Choosing a Financial Caregiver

Posted On: March 23, 2021 by Farmers Trust & Savings Bank in: Financial Security

According to the National Council on Aging, almost 90 percent of the financial abuse committed against older Americans is done by someone they know. More than ever, it is imperative for seniors to select a trustworthy person to properly manage their finances and personal affairs.

Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help. Appointing someone you trust to handle your...

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image of rolled up money

6 Ways to Make the Most of Your Tax Refund

Posted On: March 23, 2021 by Farmers Trust & Savings Bank in: Money Management

Last year, more than 100 million Americans received an average tax refund of $2,869 deposited back in their bank accounts after filing their taxes.  As millions of Americans await reimbursement from Uncle Sam, below are six tips for making the most of their tax refund.

Consider filing as soon as you can get your tax documents in order to receive your refund more quickly and, most importantly, to prevent fraudsters from claiming your refund before you do. Your tax refund can...

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6 Tips for Saving for Your Down Payment

6 Tips for Saving for Your Down Payment

Posted On: February 12, 2021 by Farmers Trust & Savings Bank in: Home Ownership

When considering buying a home, the down payment you put upfront plays a major role in your future housing expenses. According to the Consumer Financial Protection Bureau, the amount you save can greatly influence your interest rate, monthly housing payment and also your need for mortgage insurance. As you prepare for the home buying process, Farmers Bank is highlighting six tips to help you cut the extra costs and save a substantial amount for your down payment.

Typically, lenders...

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7 Ways to Improve Your Credit Score

7 Ways to Improve Your Credit Score

Posted On: January 22, 2021 by Farmers Trust & Savings Bank in: Home Ownership

Whether you’re renting or buying, your credit score is significant. It is important for you to responsibly manage your debt levels and maintain good credit reports so that you are more attractive to leasing agents and mortgage lenders. Tips to improve your credit score.   

Request a copy of your credit score report – and make sure it is correct

Your credit report illustrates your credit performance, and it needs to be accurate so that you can apply for other...

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5 Questions to Consider Before Purchasing Your First Home

5 Questions to Consider Before Purchasing Your First Home

Posted On: January 19, 2021 by Farmers Trust & Savings Bank in: Budgeting, Home Ownership, Money Management

Owning a home is a great investment, but before jumping into the market it is extremely important for consumers to consider the costs involved and budget accordingly to ensure they’re able to meet all of their financial obligations.

Farmers Bank encourages consumers to consider these questions before beginning their housing quest:

How much money do you have saved up?​
Start with an evaluation of your financial health. Figure out how much money you have for a...
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