Buying a home can be one of the most important purchase decisions of your life. From choosing a structure with a well-built foundation, to selecting a neighborhood where you will feel safe and comfortable, there are many factors that should be considered before you make such a purchase. Luckily, your local bank is on your side to help you out!

Factors to Consider When Buying a Home

Property Taxes

Knowing how much money you’ll be charged in property taxes each year can help you budget for how much you should spend on your home. For instance, if you find a great, initial deal on your home and are ready to put in an offer, but didn’t know you’d be spending well over what you are used to spending per year in taxes, it can come as a shock! Property taxes are figured based on the value of the property (including the land), and are paid to your local county government for items such as water, sewer, and improvements to the local schools. The good news is that this tax can also be figured into your monthly house payment collected by the bank through a service called escrow. The bank will collect the amount of your approximate taxes over time, and then pay them out to the state when they are due. Talk to your mortgage lender about this service when you are ready to discuss your home loan.

The Neighborhood

The neighborhood surrounding you could also be a large factor in where you decide to set down your roots. Are you a young couple and want to be in an area with other young families and small kids all close in age? Do you want to live in the country with a few acres of land and enjoy the sound of nature? Would you rather live in the city for the convenience of being closer to restaurants and stores? Don’t be afraid to drive by, or ask around when researching your neighborhood. If you have children, see what it’s like after school lets out, or on the weekends. Since a home is a large purchase, you’ll want to make sure you are living in an area where you are happy.

Job Market

If your career isn’t already in the location you will be buying a home in, how easy will it be to find another one if you need to? What’s the current job market like in your new town (or surrounding areas within driving distance)? Knowing a bit about the job market can also give you insight into if your property tax will rise over time. If you’re moving to an area where a lot of people want to be, then it will be great for your property value, but also mean that you’ll be paying more to live there.

Consider your Commute

Alongside checking out the local job market, also keep in mind what your commute times will be. How long will it take you to get to work in the morning, how many miles away is your job located, and how far of a drive is the local school? If you don’t already work from home, is this something you could do if you’d need to pick your kids up from school early and it’s a long drive? Commute times also give you an idea how much additional you’ll spend on fuel and vehicle maintenance each year, which is important to your overall budget. Airport commute times might be important as well if you travel a lot for your career.

Scope out the School District

If you have children, or are thinking of having them some day, you’ll want to scope out the local schools that your children will attend. How far away are the schools? What type of rating do they have for academics? What extracurricular events do they offer? You’ll want to make a list of everything that is important to you and your family when it comes to your child’s education, and make sure that the new school district is one you’ll be happy with before you relocate there.

HOA

HOA stands for Homeowners Association, and is typically a group of people in your neighborhood who work together to make sure that a group of rules set for the neighborhood are enforced. Individuals who move into the neighborhood are required to pay dues, which go toward helping to maintain upkeep of the area. As a new homeowner, you’ll want to find out if you are moving into a neighborhood with an active HOA and how much yearly dues will cost, along with what the specific rules for the property owners area. To learn more about what an HOA is and what it can do for you, click here.

Lifestyle

Lifestyle also often plays a large role in where you relocate. If you are someone who enjoys golfing in your spare time and are used to playing weekly, you’ll naturally want to look for an area with a golf course within a reasonable driving distance. Quick and easy access to grocery stores, restaurants, and shopping might also be important to you. Create a list of what you’d like convenient access to so that you can make sure that your new home is located within driving distance.

At Guaranty Bank we know that buying a home is a very important decision, and we’d like to be there to help you every step of the way. If you have questions, please feel free to reach out to one of our local mortgage officers for assistance.

We get it–life can sometimes be hectic, but managing your money doesn’t have to be. We’re fortunate to have such advanced technology available and be able to have access to our bank balance at the click of a button. Online banking, mobile banking, eStatements, and ATMs all help us access our balances quicker and easier so that we can know, in real time, how much money we have in our accounts. We also have immediate access to what has cleared already, and what is pending, all without having to wait for our next statement to come in the mail.

In addition to some of the features we’ve listed above, there are also many more you already have access to as a current Guaranty Bank and Trust customer. Taking advantage of the features that already come with your account will save you time and help keep you on track to managing your money more efficiently!

Online Banking

Online banking is a feature offered with every Guaranty Bank checking account. It gives you access to your current account data in real time–allowing you to check balances, view pending or cleared transactions, and set up special notification alerts to help you avoid overdrafts. With online banking you’re able to access your bank statements for up to 12 months in case you should need to download and print them for any reason.

Bill Pay

Bill Pay is a feature within the online banking system that allows you to pay your bills directly from one place, rather than having to remember the login information for several websites, or having to write checks. This tool is currently offered on all personal checking accounts but the student checking. With Bill Pay you’re able to set up recurring payments for bills you pay monthly, save contact information, and easily enter your payment amounts to schedule your bills according to your budget. Save stamps, envelopes, and the hassle of having to remember to login to multiple systems on different dates to pay your bills.

Identity Protection

Did you know that if you have a Freedom or Secure Guaranty Bank checking account, you also have access to free Identity Protection features? ID Protect offers monitoring services for you and joint account holders to ensure you have no surprises when it comes to your credit! Some of the features of this protection include: theft reimbursement coverage, daily credit file monitoring with alerts when there is suspicious activity, and monitoring of over 1,000 databases that house your personal information online. Are you signed up? If not, access ID Protect here.

eStatements

Save time, paper, and waiting on the mail to deliver your bank statement with eStatements. This handy feature will deliver email notifications that your statements have been posted and you can securely access them online. eStatements ensure that you’ll never have to keep a box of statements sitting around your house waiting to be shredded, or dig through it looking for one particular statement. With eStatements you can easily login to your account, search for the date range of the statement that you need, and access it with ease.

Account Sweeps

Part of managing your money is often trying to save back some of your paycheck to put toward your emergency fund, or to pay for something special. Account sweeps can help you do just that! You’re able to transfer money between accounts easily through online banking, and even set up recurring sweeps if you want to set up a certain amount to transfer from your checking to your savings each month. Account sweeps can also be helpful if you are away, but need to make a transfer between your savings to your checking to make a purchase. These can be done within the online and mobile banking platforms with ease.

Mobile Banking

Guaranty Bank offers Mobile Banking to all checking account holders (just search for GuarantyBank in the Apple App Store, or Google Play Store). With Mobile Banking you have all of the features and benefits of online banking, plus the ability to deposit checks into your bank account straight from your phone. If you’re out of the house and are thinking of making a larger purchase, mobile banking allows you to check your balance while on the go, which makes it both simple and convenient to be able to make decisions on the spot. On vacation and forget to make a payment before you left? No worries! With mobile banking you can also make payments on the go, giving you peace of mind while you are away.

At Guaranty Bank, we want managing your money to be as simple as possible. Please reach out to your local banker if you haven’t taken advantage of any of these services that we offer yet and would like more information.

Home equity is a financial term often used by our Loan Officers when customers are applying for certain types of loans. If you’re thinking about exploring loan options, you might be wondering what home equity means, and more importantly, how to build it.

Home equity refers to the amount of your home that you actually own, free of debt. If you take out a mortgage, your home equity would be the value of your house, minus the amount that you owe on it (principal plus interest). It typically takes between five to seven years to build up, depending on how fast you are paying down your principal amount.

So why do loan officers ask about equity? Because in some instances, you can use it as an asset to borrow additional money (through a home equity line of credit, or HELOC) when you may need to put a down payment on a new home, or conduct home renovations or repairs.

Generally the more equity you have, the better off you are. If your property values increase, and your debts decrease, it increases your options for borrowing, should you need it.

There are several ways to build home equity, eight of which we’ve listed below:

Make a larger initial down payment

When buying a home, the larger the down payment that you can make immediately means the larger amount of the home you will own debt-free. This gives you some home equity right away, and reduces the overall amount of debt that you’ll be paying interest on. A larger down payment can also lower your monthly payments and reduce your loan term.

A larger down payment can also cut down on mortgage insurance costs, which many lenders charge if the down payment is less than 20%. Read more about questions you should ask your mortgage lender.

Pay Extra Each Mortgage Payment

Over time, the more you pay on your mortgage, the more money starts going toward the principal amount, which decreases your debt. When you pay a bit extra on your mortgage payments each month, the amount of interest you are paying goes down, and a larger amount begins to go toward the principal amount.

Make Savvy Home Improvements

Helping to increase the overall property value (fair market value) to your home is also a great way to build home equity. Renovations such as building a privacy fence, adding a deck, or finishing a previously unfinished interior space are great ways to do just that. Be mindful of how much it costs you to complete the improvements and approximately how long it will take you to see the rise in value. The one thing you don’t want to do is to invest your money into something that won’t benefit you in the long run!

Invest in Landscaping

Updating the curb appeal of your home can even have an impact on home equity. Things such as building a retaining wall, or adding attractive landscaping features around the perimeter of your property are inexpensive ways to help increase the property value of your home.

Keep Up On Home Maintenance

Making sure that the items inside your home, such as pipes, electricity, and even flooring are kept up-to-date with maintenance will also keep your property values high. When there are a number of items that need fixed all at the same time, you could be losing money by trying to fix them all at once.

Select a Shorter Mortgage Term

When you are obtaining your loan for the first time, selecting a shorter loan will also mean that you are paying larger amounts on your home faster so that you are able to put more into your pocket.

Avoid Refinancing

In certain instances if you can save by refinancing, it’s definitely something to talk to your local mortgage officer about. However most of the time in the early life of the loan you are paying mostly interest, which cuts out of making those larger principal payments. Refinancing is essentially starting over toward building home equity.

Appreciation

Appreciation is when the house property value rises naturally on its own, without you having to make improvements. This is the best type of way to build home equity because it doesn’t cost you a dime. Perhaps your neighborhood values are increasing, or you live in an area where the town is expanding and other people want to buy homes, the appreciation of your home could help put extra money in your pocket.

If you have questions regarding home equity, or what a home equity line of credit could do for you, reach out to one of the bankers at Guaranty Bank today!

When you’re in the market for buying a home and are ready to discuss home loan options, your local mortgage lender will be your go-to person. But, if you’ve never taken out a mortgage loan before, you’ll probably have several questions to ask them regarding the loan process.

The Guaranty Bank Mortgage team is here to work their hardest for you, so the more information that you come equipped with, the easier it is for them to find the best mortgage that works for your needs. Below we’ve come up with 5 important questions for you to discuss with your mortgage lender in order to get the process started.

Will You Need to Pull My Credit Score?

When you are first searching for a home and discussing loan options, your loan officer will need to do a hard pull of your credit score to obtain your interest rate. However, it’s important to discuss with them when they will do this because it will show up on your credit report. If you are shopping multiple lenders and comparing their services, you’ll want to discuss this with them to minimize the risk to your credit. Credit scores used to determine mortgage loan decisions can range anywhere from 300 – 900, with the higher numbers being more attractive to financial institutions. Your credit score will show the lender your history of making payments on time, which will help them determine the types of loans that you can qualify for.

Will I Need to Make a Down Payment?

A down payment is a payment that is made on the loan before the loan begins. A larger down payment helps minimize the total amount borrowed and can thus lower your monthly payments. In an ideal situation, this would be 20% of the home price. However, you have plenty of options. Some loan programs don’t require a down payment, and others require a much smaller down payment. You can also speak with your loan officer about borrowing for the payment using another asset you own as collateral.

Note: Sometimes the amount that you use for a down payment will also affect if you need to pay mortgage insurance or not. Be sure to check with the loan officer so that you are prepared for any mortgage insurance fees up front!

What is the Interest Rate?

Interest rates fluctuate based upon several economic factors. Depending on what type of loan you are looking at, your payments could stay at a fixed rate, or an adjustable rate over time. It’s necessary to understand this so that there are no surprises. In a fixed rate mortgage, the interest rate stays fixed at what you start at over the entire life of your loan. However, in an adjustable rate mortgage (ARM) the interest rate could fluctuate up or down based upon what the interest rate is at the end of a certain period of time. When you speak to your loan officer about locking in an interest rate, please note that Guaranty Bank charges no fees for locking the rate for you, and the rate can stay locked for up to 45 days.

If you’d like a ballpark range of what you interest rate would be, use our form to check your interest rate and get a quote online!

What Will My Monthly Mortgage Payment Be?

One of the most important pieces of information you need to know is how much you’ll be paying each month so that you can ensure it fits within your budget. Visit our mortgage monthly payment calculator (where you are also able to add taxes and insurance) to get a better understanding of how much you can expect to pay each month. This tool will also show you the principal and interest broken down based upon the current interest rates.

Alongside monthly payments, many loan applicants ask about prepayment fees for paying off your loan before it’s due. Guaranty Bank never charges a fee for paying your loan off early.

What About Additional Home Loan Fees and Closing Costs?

A home loan is comprised of many fees. Often you will have the home appraisal fee, titling fees, title insurance, and depending on where you live flood certification fees to pay at the time of closing. These fees are collected by the bank on behalf of third-parties that assist in the home buying process.

State and local taxes are a part of the fees that you will also see in your final loan amount, as well as if you select to pay your home insurance and taxes through your monthly loan payments (escrow). To read more about the final fees you need to consider when buying a home, visit our mortgage frequently asked questions page. Closing costs are something that your loan officer will explain in full to you.

At Guaranty Bank, we are happy to always answer any questions that you may have about buying a new home and taking out a mortgage. Contact one of our Mortgage Loan Officers to schedule an appointment!

Sometimes, saving money can seem impossible. You work hard and often have grand ideas to put more into your savings account each year, but don’t always meet your goals. Whether you are saving for a down payment on a new home, education, or a dream vacation, if dropping more money into your savings account is a goal, we have some ideas for how you can get started.

Choose the Right Type of Savings Account For Your Goals

Did you know that certain types of savings accounts can help you more than others? From accounts that yield high interest, to investment accounts, having a conversation with your local banker will help you select an account that can help you maximize your savings over time! Who doesn’t want a little extra money for (literally) doing no additional work?

Do a Subscription Check

In today’s digital age, it’s easy to subscribe to things using your debit card online or by using a service such as Paypal to have those monthly fees deducted straight from your checking account. Did you subscribe to a television station just to watch your favorite show and are still paying for it after the season ended? Did you buy an app on your phone last year only to forget that it was a yearly subscription cost and renews on a certain date? Doing a subscription check can really help you save money. Many services will even allow you to pay a reduced fee throughout the time that you don’t use their service if you choose not to cancel, or offer you a few months free, so it definitely pays to do your research.

Pay Off High-Interest Debt

Paying off a debt that is costing you more money in interest is a great way to be able to toss extra money toward your savings. Speaking to your local banker about moving credit card debt and other debt into lower interest loans with more manageable payments could be a great option for you!

Budget

Creating a budget might seem daunting at first, but there are many apps now (such as Every Dollar, or YNAB) that will help you track and assign each dollar. You could also use tools such as an Excel spreadsheet, or a simple notebook to help you track monthly expenses. Using tools that allow you to visually see what you are spending will show you that if you didn’t use your total budgeted amount, how much you could put toward your savings account! For instance, if you have $250 allocated for your electric bill and it was only $195 this month, that’s an extra $55 you can put in savings!

Set up an Auto Debit to your Savings Account

Trying to save up money, but don’t have much time? Use online banking to set up a recurring auto debit from your checking to your savings account each month. This recurring transaction can help you mindlessly save money, and can add up rather quickly depending on how much you transfer!

Switch to Cash for Impulse Purchases

If you withdraw a certain amount each month to spend solely on impulse purchases (things you didn’t originally budget for or plan on spending), having cash will often make you think twice about if you really need it or not. At the end of the month, whatever you don’t spend, save toward your next month. Eventually, you will start to see the savings pile up and you’ll be able to make a deposit into your account that you feel proud of.

De-stash for Cash

Have a bunch of unused items sitting around your house? Get rid of them for extra money! Many apps, such as Decluttr, Let Go, Mercari, Facebook Marketplace, and even eBay can help you get rid of unwanted items around your home, and put extra money in your pocket. Have kids that grow out of clothes quickly? Tech that expires every few years? Books? A simple Google search online can show you the places where you could earn some extra bucks for selling your stuff and save that money for a rainy day!

Revisit Your Monthly Payments

Have you been paying for a service for years and just let it go on autopilot? If so, contact the company to see if there are any updated and cheaper plans available to you! Often cell phone, internet, and cable providers come out with new services or bundles that could save you money each month. Also, check in with your insurance agent to re-evaluate your coverage and plans yearly. Every bit of savings starts to add up!

We hope that you were able to pick up a few tips on saving some extra money. Which appeal to you most? If you’d like to discuss our savings account options, please contact your local branch and we would be more than happy to help set you up for success with your savings goals!

If you’re in business, you’ve got options. Which is best for you and your business?

First, let’s break down what a business line of credit is.

In some ways, a business line of credit is a lot like a personal credit card (more on that in a bit). You, the business owner, applies for the line of credit and are granted a credit limit. You can borrow any amount up to that limit. You’re charged interest only on what you actually borrow or based on the terms and conditions of your line of credit agreement. You pay back the money in monthly payments.

A business line of credit is different from a personal credit card because the terms – the interest rate and credit limit – are typically better. The terms are better because a business line of credit is a secured loan, meaning the owner puts up collateral. A credit card, even a business credit card, is usually an unsecured loan with no collateral and a higher interest rate and lower credit limit.

When is a business line of credit right for my business?

Say your business is taking off and you need access to money right away to support your business’s growth, but you don’t want to take out a loan for the full amount. A business line of credit can be ideal in this situation: you secure a business line of credit and use the cash for new equipment or supplies.

It’s a great option for unexpected expenses because you have access to it again and again, only paying interest on the amount borrowed. You can pay it down and borrow again when you need to.

Another benefit of a business line of credit is that it can improve your business’s credit score. Your business has a credit score, just like an individual person does. An excellent credit score can help your business grow and prosper going forward.

When is a business credit card the right call for my business?

If you’re just starting out with your new business (congratulations, by the way) you may not yet have a proven financial history or inventory and account receivables to borrow against. In that case, a credit card can be good for office supplies and office equipment. Credit cards are a great way to build up excellent business credit. They’re just not as flexible as a line of credit.

If you have any questions about what a business line of credit could do for you, or what the rates are here at Guaranty Bank, reach out to us by calling one of our loan experts today!

When you’re starting a new business, there are so many exciting decisions to make: company name, new logo, and new social media accounts! While you’re taking care of these decisions, go ahead and get that new business checking account.

Whether you’re an online digital business or a brick and mortar shop on main street, a separate checking account is hugely beneficial. Having a dedicated account for your business makes you feel more boss, for one thing. Another more concrete benefit is all the time it frees up; you’re not having to spend time and energy untangling business transactions from your personal bank account. Instead, you can feel good about your decision as a business owner to neatly and efficiently keep business transactions separate.

Specifically, a business checking account helps you with:

Cash Management

Simply having a business checking account opens up a wealth of financial services. You can process credit card payments at competitive rates, make deposits electronically rather than driving to the bank every day, use your business debit card to efficiently make purchases, and with a business account, your bank can help automate and streamline your payroll process.

Taxes

With a business bank account, you can easily integrate popular accounting software such as Quicken and Quickbooks so that when tax time comes, tax prep is much easier. You’ll feel secure that every penny is accounted for and you can focus on delivering great products and services for your customers.

Showing Up as a Professional

When your clients and customers make their payments to a business bank account rather than a personal checking account, they notice. It is one of those subtle yet important touches that lets your customers know you are legit. It makes you seem professional to the IRS, too.

Online Banking

In an instant, you know exactly where your business is financially. Using your bank’s web site or app, you have immediate access to so much information about your business. You know when invoices have been paid and when payments have been made. In addition, if you want to delegate management of parts of your business as it pertains to money to other staff, you can designate multiple users and manage what they see within your account.

Legality

Keeping your business money in its own account is smart business. When you have an established business and can show that the money coming in is separate from your personal money, that can help protect you personally from legal liability.

Ready to get started with your business checking account? You’ll need a few things:

• ID, such as driver’s license, passport, or other form of photo identification
• Business license
• Tax ID number
• Business name registration
• Legal documents pertaining to your business, such as Articles of Incorporation.

Stop by your local Guaranty Bank branch and we’ll be happy to help you get your business bank account set up.

Have you ever gotten a phone call, or an email, requesting information from you that you question?

If someone calls you on the phone and asks you for personal information, or money for that matter, you should definitely have questions. A recent string of gift card scams involve the caller pretending to be someone that you do business with, such as a utility company, debt collector, or hospital, and requesting that you make your payment using gift cards.

We’ve put together some simple ways for our customers to identify scams, and how to protect yourself to ensure that you are speaking with the correct person.

No business or government agency will ever call you and request payment using a gift card. This scam appears to be happening with Apple iTunes and Store gift cards, where the caller will request that you buy the codes and send them as your payment. The caller expresses urgency and leaves the consumer scared and confused. Here’s how to protect yourself if you receive a call that you might suspect is a scam.

1. Hang up the phone and call the company back at the customer service phone number listed directly on your monthly bill (not on the caller ID). Explain to them that you received a call and give them as much information as you can, so that they can tell you if a representative from their company called you or not. They will have the records. If you try to end the call with the scammer, and they are insistent that you remain on the line, don’t be afraid to just cut them off and hang up. The most important thing is to protect yourself and your personal information.
2. Do not ever give your personal or bank information over the phone unless you are positive that you are speaking with the company you do business with. One way to protect yourself in this situation is to ask them questions as well. Places that you do business with will have ways to verify that they are speaking with the correct individual. If you ever suspect you are speaking with someone that is trying to scam you, tell them that you need to go retrieve your information and will call them back. If they give you a phone number, call the corporate line and verify that the individual works there. You can never be too careful with your personal information.
3. If you receive a pop-up on your cell phone, or a message on one of your social media accounts or via email that you suspect is a scam, never give out your information and never click on any of the links within the message. Always back out of the screen, or close it entirely. Report the message to your social media or email provider. Also, if you think you are being scammed online, don’t be afraid to go to snopes.com to verify if something is a scam, or visit the company’s website and do a search to see if they are aware and have more information about it.

Remember, none of the businesses that you pay will ask for your payment to be made with a gift card, especially one such as an iTunes gift card which can only be used at the Apple store. Protect your personal and bank information, and your identity by always questioning who you are speaking with on the phone and verifying facts online.

If you suspect that you are the target of a scam, please note that you should contact your local police department, or the Federal Trade Commission at https://ftccomplaintassistant.gov.