Even if you have student loan debt, there are viable paths to homeownership. The process is easier if you understand debt-to-income ratio, the importance of your credit score and the possibility of refinancing your student loans.

Understand your Debt-to-Income Ratio (DTI)

To determine your debt-to-income ratio your lender divides all your monthly debt payments by your monthly gross income. Debts may include student loans, auto loans, credit card debt, child support payments and your potential mortgage payment. For example, if you make $3,000 per month and owe $1,100 in debt per month, your debt-to-income ratio is roughly 37% ($1,100/$3,000 = 36.667). Depending on the lender, they will likely want to your debts to be less than 45% of your income.

If your student loans are in deferment, the mortgage lender often considers 1% of your total student loans as the monthly payment. However, if you have a document from the student loan lender that indicates you will be on an income-based repayment plan or will pay less than the 1% amount, your mortgage lender may adjust the monthly debt amount.

Increase your Credit Score

Before you apply for a mortgage, you should check your credit score with Equifax, TransUnion and Experian. Generally, if your credit score is below 640, building up your score before you apply for a mortgage can help. One thing that can impact your credit score is your outstanding credit card balance in relation to your card limit – known as credit utilization. When you pay down credit card debt, it helps improve your credit utilization amount. Other ways that may improve your credit score include paying your bills on time, asking for higher credit limits and disputing any inaccuracies in your credit reports.

Refinance Your Student Loans

Another way to lower your DTI ratio is to refinance your student loans and get a lower monthly payment. If you have a strong credit score and meet the refinance qualifications, you may get a lower interest rate on your student loans, which usually means a lower monthly payment. However, you should talk to your mortgage lender before refinancing. Refinancing does appear as new debt on a credit report and may negatively impact your credit score in the short-term.

Even if it takes a little longer than you expected, you may still fulfill your dreams of owning a home. Talk with your lender to find out what you need to do to get started.

I am here to help, even if you are not an RCB Bank customer. You can find my contact information below.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. With approved credit. Some restrictions apply.  RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

You may not feel comfortable getting your teen a credit card right now, but it is never too early to talk about the benefits and risks of having one.

Credit Cards Are Not Free Money

Credit cards are a line of credit. This means they are debt until the bill is paid. Read the fine print on your credit card bill with your teen. Explain how quickly interest and late fees add up, and the burdens of long-term debt. “Teens need to learn the risks of credit cards,” cautions RCB Bank Mortgage personnel. “They need to learn how to be responsible and not over extend credit.”

Learn How to Budget Expenses

“Before you discuss credit cards, teach your teens how to create a budget,” says RCB Bank Wealth Advisor Cathy Sang. Talk about bills and monthly expenses and how you manage them. Better yet, create a budget with your teen using an average beginning career income. Determine how much can be spent on bills and extras, such as shopping or eating out. This will teach them how to plan for and manage their expenditures, so they don’t overextend credit.

Credit Reports & Credit Scores Matter

Talk to your teen about credit reports and how they offer details on how people manage money. This is important for when they want to buy a car, for example. Explain how credit scores impact their ability to get lower loan and insurance rates. “Kids need to understand the importance of building a good credit history early,” says RCB Bank Wealth Advisor Mary Wood. “Using a credit card wisely, by paying off the balance each month, can help improve their future credit score.”

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

Do not assume that just because you are self-employed you can’t get a mortgage. While there are different requirements, you can still work with your lender to buy the home of your dreams.

First Steps

A good way to prepare for the mortgage application is to improve your credit score. Paying off consumer or credit card debt should be a top priority. Banks also like when people who are self-employed have cash reserves to pay the mortgage for six to 12 months. A larger down payment of 10-20% may also offer lenders assurance when applying for a mortgage.

Documentation

Your biggest hurdle to getting a loan when self-employed may be income verification. Since your tax return likely has significant deductions, it may not show the amount of income needed to qualify for a mortgage, you will need additional documentation to show your banker. Your banker may ask for proof of any debts or assets you own, your business taxes for the last two years, earnings statements, savings and retirement balances and profit and loss statements may be required when you apply. Many lenders may also want to see that you have been in business for two years or more and have a low debt-to-income ratio.

Ways to Plan Ahead

• Remember to keep your business and personal finances separate. This will make it easier for the lender to evaluate your liabilities and examine your business profit and loss.
• If you have trouble getting a mortgage on your own, a co-borrower may improve your chances for approval.
• Do not be afraid to call and ask your mortgage lender questions about how to make the process easier. Even if you are not initially prepared to get a mortgage, they can talk you through the process and make suggestions as you prepare to buy.

If you are self-employed, getting a mortgage may be a challenge. This does not mean you cannot get a mortgage, it simply means you may need to prepare differently to buy a home.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151. 

I challenge you not to accept your financial life as it is. This coming year, aim to get ahead — start an emergency fund, build your retirement savings, pay off your debt or take control of whatever money situation is causing you stress.

The key to getting ahead is to get started. Here are some tips to help you make a financial change.

Invest in you

To build your wealth, start paying yourself first. When you receive money, before you spend a penny, put some of it in your savings account or retirement fund. Set up automatic deposits and watch your savings grow with little effort.

Changing your saving habits may require changing your spending habit, but the payoff – not worrying about paying your bills, taking a trip you’ve been dreaming of and retiring on your terms – is worth it.

Stop throwing money away

Paying late fees is like pulling money out of your wallet and throwing it into the wind. Start paying down debt, beginning with the highest interest debt. Pay your bills on time. If need be, call the company and see if you can adjust your due date. Never hurts to ask and it could save you from paying late fees.

Try the 50/30/20 budget plan

Harvard bankruptcy expert Elizabeth Warren suggests splitting your monthly income into three categories:

1. Fixed expenses – survival needs – should total no more than 50 percent of your income.
2. Non-essentials – wants like TV, morning coffee, hair appointments – should total no more than 30 percent.
3. Savings – emergency fund, retirement – should be 20 percent or more.

Match your spending

Have a hard time sticking to a budget? Try this. Before you spend money on something you want, first put the same amount of money in a savings jar.  You will be able to see exactly how much money you are spending, or how much you could be saving or using to pay off your debt. If you cannot afford to match your spending, you cannot afford whatever it is you want to purchase.

Live within your means

Rich people stay rich by living like they are broke. It is a matter of what you value more, instant gratification or freedom from debt and having money when you really need it.

You work hard for your money. Do not waste it on things you do not really need.

50/30/20 Plan: Elizabeth Warren and Amelia Warren Tyagi. All Your Worth: The Ultimate Lifetime Money Plan. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, member FDIC.

Convenience

Life often takes place outside business hours. Need to transfer¹ money into your account before dinner? No problem. At a soccer game and need to make sure the electric bill is paid? Check it instantly. You can also avoid late fees and set up automatic, recurring bill payments². To access these features, call your bank or ask your bank representative to sign you up when you open an account.

Security

Industry standard bank technology protects your money with firewalls, anti-virus protection, encryption, fraud monitoring and automatic logout, among other features. These create a strong defense against hackers who want to access your account. Scammers will also try to get information from you. Phone calls pretending to the be the IRS, emails claiming the bank needs your account information, charity scams, sweetheart scams and wire fraud are only a few of the culprits. Don’t give information to anyone unless you are absolutely sure they are legitimate.

Flexibility

The more time you save banking, the more time you can spend with your family, kids, friends or partner. Technology offers you the ability to customize your banking experience. If you only use your phone to check balances or make simple transfers, text banking³ is for you. Mobile deposit⁴ is perfect for those folks who need to deposit checks, but can’t make it into the bank. Depending on the bank, other services such as person-to-person⁵ payment systems and phone banking are also available.

Disclosures

¹Funds may not settle or be available immediately. ²Some fees and restrictions apply. Ask us for details. ³Standard carrier fees for data and text messaging may apply. ⁴Message, data rates, and fees may apply. All accounts utilizing service must be enrolled in eStatements to avoid fee. Subject to eligibility and further review. Deposits are subject to verification and may not be available for immediate withdrawal. Deposit limits and other restrictions apply. ⁵Available in the RCB Bank Mobile App. $1/transaction fee applies (non-refundable) and will be combined with the transaction amount. Requires an active debit card to initiate transaction. Transaction amount including fee is deducted from available balance immediately but may not settle on the same business day. Insufficient or Bounce fees may be incurred if adequate funds are not available at settlement. Funds may not be available to the recipient the same business day as transfer. Recipient must claim funds within 10 days. Fee is not refunded if recipient does not claim funds. Message, data rates, and transaction limitations apply. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.

ARKANSAS CITY, Kan. – RCB Bank donates $2,000 to the Arkansas City Habitat for Humanity. This money will help a family in Arkansas City achieve their dreams of owning a home.

“RCB Bank is proud to support Arkansas City Habitat for Humanity and their mission to provide safe, decent and affordable housing for those in our community,” said RCB Bank Market President John Sturd.

Habitat for Humanity is a global nonprofit housing organization working in local communities across all 50 states in the U.S. and in approximately 70 countries. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage.

Pictured above (left to right): Curt Freeland, Habitat for Humanity Board President; John Sturd, Arkansas City market president.

RCB Bank is a community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

Forbes magazine named RCB Bank as the best bank in the state of Oklahoma in 2020. Nearly 25,000 consumers took a survey to discuss their current and former banking relationships. Based on consumer answers, RCB Bank ranked first in the state of Oklahoma based on its advantages in customer service, accessibility and financial advice. Banks were also ranked based on overall recommendations and satisfaction, trust, terms and conditions, branch services and digital services.

“We are thrilled to receive this prestigious award,” said RCB Bank President and CEO Roger Mosier. “Our employees are dedicated to their communities and building relationships with every person that walks through the door.”

RCB Bank began in Claremore, Oklahoma in 1936 after L.S. Robson was unable to secure a dependable loan with local banks. His son and current RCB Bank board member Frank Robson recalls why the motivation to start RCB Bank. “My dad started this bank because he knew if a community was ever going to grow, credit had to be available.”

It is this progressive spirit and commitment to local communities that motivates RCB Bank to offer small town service with the ability to handle big bank transactions.

COWLEY COUNTY, KS — Due to Stephens’ great love for education as well as the students of Cowley County, the Florence L. Stephens Trust was established to administer the scholarship fund for local high school students. RCB Bank serves as the trustee and is guided by a board that consists of Peggy Lawrence, Eric Flaton, Kevin Schmidt, Jeremy Trulove and Michala Taylor.

Stephens, born in 1917 in Arkansas City, attended elementary in Ark City. She attended high school in both Ark City and Wichita. She went on to graduate from Southwestern College in Winfield.

Stephens returned to Arkansas City where she served as a school counselor and later as director of guidance for USD 470. She was involved in many organizations, including Delta Kappa Gamma, National Retired Teachers Association, Toastmasters International and Ark City Music Club. She also served as a volunteer chaplain for South Central Kansas Medical Center.

She passed away in Arkansas City on January 17, 2012 at the age of 96.

The 2020 Florence L. Stephens Scholarship Recipients are:

Arkansas City High School

Asher McGuire plans to attend Cowley County Community College to study pre-law. McGuire’s extracurricular activities include: (4) years Forensics, (3) years ACHS Spring Play, (3) years Drama Club, (2) years Arklight Newspaper, (1) year High School musical, (1) year Debate and (1) year Model UN.

Jacey Arnett will attend Wichita State University and plans to major in Medical Laboratory Science.  Arnett’s extracurricular activities include: (4) years Tennis, (4) years Band, (4) years Symphonic Choir, (4) years Fellowship of Christian Athletes, (3) years Usherettes, National Honor Society where she served as the president 2018-2020.  Arnett obtained several honors in high school that include, Arkansas City Outstanding Student Nominee (2016-2019), 2019 Kansas Honor Scholar, 2018 Shockers Honors Scholar, 2019 Miss Arkansas City and 2019 KTCA Academic All State Girls Tennis. Arnett’s work and community service experience include member of Central Christian Church, Hope Cemetery Memorial Day services volunteer (2006-present), USTA Tennis Day volunteer at WSU tennis center (2019) and employee of The Snowcone Shack (2019).

Noah Leis will be attending Kansas State University and plans to study Mechanical Engineering.  Leis’ extracurricular activities include GSA Club where he served as Treasurer, FLBA where he served as President, Animation Club where he served as the Historian, Scholars Bowl member and Model U.N. member. Leis was also involved in several church and community fundraising events throughout his high school career.

Roxana Linares will be attending Kansas State University-Polytechnic where she will study aviation. Linares’ extracurricular activities include; (4) years Upward Bound, (4) years Girls Soccer, (2) years National Honors Society, (2) years SADD, (2) years GSA, and (2) years Animation Club.  In addition, she held jobs at Sonic and the Presbyterian Manor. Linares’ also volunteered throughout high school for various community service projects which included Easter Egg hunts, Big Sister, Little Brother and Red Cross blood drive.

Winfield High School

Ashya Chapman will attend the University of Oklahoma in the fall. She then plans to attend OU College of Dentistry. She was recognized a Kansas Honor Scholar. Her extracurricular activities include: FFA, Scholars Bowl, GSA, Art Club and Boy’s Baseball team manager.

Elena Woodburn will be attending Vanderbilt University in Nashville, TN to pursue a degree in engineering. Her extracurricular activities include: (4) years Tennis, (4) years District Honor Choir, (4) years Marching and Symphonic Bank, (4) years Choir, (4) years District Honor Choir, (4) years Drama Club where she served as Vice President, (4) years Student Council where she served as Treasurer, (2) years Link Crew, (2) years State Honor Choir, (2) years National Honor Society where she served as President, and (1) year International Thespian Society. Woodburn also competed in piano and solo competitions at the state level each year.  In addition, Woodburn performed in various plays throughout high school and was crowned Winter Homecoming Queen.  Woodburn’s community involvement included FUMC High School Youth Group, FUMC Youth Praise Band and Winfield Public Library Summer reading program.

Kenneth Crandall plans to attend Oklahoma Panhandle State University where he plans to pursue a degree in Music Business. His extracurricular activities include: (4) years Basketball where he served as Team Captain, (4) years Choir, (4) years Football where he served as Team Captain, (4) years Vikings on Broadway, (3) years Baseball where he served as Team Captain, (3) years Link Crew, (3) years Viking Voices, and (2) years StuCo. Crandall’s received several honors during high school including: Principal Honors Roll (4) years, Staff Choice Award- 2019, AVCTL All League 2^nd Team for Quarterback, Short Stop and 2^nd Base, and Kansas Honors Scholar 2019-2020.  Crandall’s community involvement included volunteering for WRC events, youth assistant coaching for Football and Baseball, Community and Southwestern plays, working Isle of Lights and participating in CASA fundraiser.

Teryn Jackson will be attending Wichita State University to obtain a bachelor’s degree in psychology.  Teryn’s academic achievements include National Honors Society (2) years, Principal Honors Roll (1) year and Staff Choice Award (2018).  Extracurricular activities include: Varsity Cheer (2) years, Danceline (2) years, Student Council (4) years where she served as senior class president, junior class vice president and sophomore class representative, Link Crew (3) years, Viking Voices (3) years, Choir Cabinet (4) years serving as president for (1) year, Viking Yearbook Staff (4) years, Art Club (4) years, and Young Democrat Club (3) years where she served a term as president and vice president.

Central High School (of Burden)

Challen Jimenez plans to attend Friends University and study Health Sciences and Nutrition.  Jimenez’s extracurricular activities include: Varsity Cross Country (4) years, Varsity Track (3) years, Varsity Football (3) years, Powerlifting (4) years, Varsity Scholars Bowl (4) years, Boxing (4) years and Southwestern Youth Symphony (4) years.  His honors and awards include: Honor Roll (4) years, Wendy’s Heisman Award (2019), National Honor Society, Academic All-State Cross Country (2019), Junior Olympic KS Representative in Boxing (2018), and State Powerlifting Champion (3) years.

Dexter High School

Emma Boatman will be attending Cowley County Community College to complete an Associate’s of Science. She then plans to transfer to Emporia State University to obtain a Secondary Education degree in Mathematics. Boatman’s athletic and academic activities include: Volleyball, Basketball, Band, Math team, National Honor’s Society, Student Council, Wichita State Scholar, Kanas Honor’s Scholar, Kansas Governor’s Scholar, SCBL All Academic Team and KWCH 12 Top of the Class.  Boatman also served as a teacher aide and was crowned Homecoming Queen.

Udall High School

Isaac Patterson will be attending Wichita State University to obtain a degree in Finance.  Patterson’s extracurricular activities include: (4) years Band, (4) years Mathletes, (4) years Football where he served as Team Captain, (4) years Basketball where he served as Team Captain, (4) years FFA where he served in various offices including Chapter Historian, Treasurer and President, South Central District Vice President and Sentinel, (3) years FBLA, (4) years 2020 Class Leadership Team, (3) years Forensics, (3) years NHS where he served as parliamentarian (2) years drama, (2) years FCA, (1) year FCCLA and (1) year CITE Council. Patterson also made numerous achievements within FBLA, FFA, Football and Forensic competitions. In addition, Patterson contributed to many community service events through FFA.

RCB Bank is a community bank with locations across Kansas and Oklahoma. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

Do you want to renovate a home after buying? Are you considering building a new home? In these situations and many others, you will need a construction loan before you start a traditional mortgage. Depending on your situation, different loans are required.

Construction to permanent

With a construction to permanent loan the lender releases money to the builder as phases of the construction are completed.

Upside: Once the build is complete, the loan converts to a standard 15 or 30-year mortgage.

Downside: You have to lock in the interest rate at the beginning of the process. It can take a year or more to build a home and interest rates could be lower by the time you actually move in.

Construction only

Another way to finance the construction of your home is with a stand-alone construction loan. With this loan type, the homeowner take two loans. The first loan finances the construction of the home and the second refinances the construction loan into a long-term mortgage.

Downside: Since you obtain two separate loans, you pay two sets of closing costs and go through multiple loans applications and closings.

Upside: If you want to shop around for mortgage options instead of being locked into one lender’s options, you can secure a lower interest rate.

Renovation construction loans

These loans are available to people who want to do a renovation, but do not have the money to finance it themselves. You have many options to pay for home improvements, including personal loans, lines of credit or government insured loans.

Upside: Renovations can increase the value of your home or reduce your costs in the long-term. Bathrooms, new insulation, kitchens and finishing basements all add value to a home.

Downside: The improvement in home value may not justify the cost of renovations. There is also a chance renovations will cost more or take longer than you expected.

We are to here to help, even if you are not an RCB Bank customer. Connect with a local RCB Bank lender to get answers to your lending questions.

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. With approved credit. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

If you are considering buying a foreclosed property, it is good to familiarize yourself with the process. There are typically three times during this process when it is possible to buy the property: pre-foreclosure, at auction and after the foreclosure.

What is foreclosure?

A foreclosure is the process where a bank or financial institution takes ownership of a property due to a variety of reasons, but most commonly because of lack of payments on a loan.

Buying pre-foreclosure

It is possible to buy a home before the foreclosure is finalized and the homeowner has vacated the property. The bank is not involved in the sale yet and allows investors to make the homeowners an offer on the home. The benefit is that the buyer can inspect the home and get relevant details before purchasing. The seller also gets a chance to sell the home quickly and without it affecting their credit rating as much. If the sellers do accept your proposal, be prepared to close quickly. You must complete the sale before the lender puts the home up for auction.

Buying at Auction

Once the legal process is complete, the foreclosed property is sold at a public auction to the highest bidder. This process is completed in-person or online, and you are required to register if you want to bid. If you win the bid, you generally have to pay in full immediately after the auction. The bidding generally opens with an automatic starting price of the amount owed on the property.

To buy a foreclosure at auction, there are some things to keep in mind:

1. Do your research — When you buy a foreclosure at auction, you do not receive any guarantee that the property is free of liens or encumbrances. This means you could potentially buy a property that has claims against the property, such as a tax debt. Do a title search on the property you are interested in to make sure you can afford any additional costs. Title searches can be done at the county courthouse, or a title company can run a title for you for a fee.
2. Condition – Since the property belongs to the homeowners up to the point of foreclosure, you are not likely to get a chance to see inside the property. Look closely at any available pictures and drive by the property to inspect the exterior before the auction.

Buying post-foreclosure

Post foreclosures or real estate owned properties are those that did not sell at auction. To try and cover their loss and fees, banks will sell the properties through real estate agencies. The properties are generally sold “as is” and may need repairs. This makes the home inspection essential since you will pay for any repairs. It is also smart to get an appraisal to ensure the bank price is fair.

Buying a foreclosure requires a little more research and knowledge of the process, but armed with that knowledge you can often get a great deal on your next home. Connect with a local RCB Bank lender to get answers to your lending questions. Give us a call or visit our online Mortgage Center.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151.

CLAREMORE, Okla. – Tom Bayless will retire after 50 years in banking and 30 years working for RCB Bank. He is currently the Chief Operating Officer and Executive Vice President of RCB Bank.

“Tom kept RCB Bank on the cutting edge of technology for years,” said RCB Bank President and CEO Roger Mosier. “He anticipated the needs of our customers and worked tirelessly to make their experience better.”

Bayless spearheaded the effort to implement electronic and online banking platforms. He also helped RCB Bank become one of the first banks to implement remote deposit capture for businesses.

Loan officer Mandy Cannon remembers another side of her boss. “When I missed work for a month with a family illness, Tom checked on me and my family before anything else. It confirmed to me that he is a man of God who cares for others and that family is a priority.”

Tom understood RCB Bank’s connection to family and community from an early age. His grandfather was a cashier at Rogers County Bank when it first opened in January of 1936 and his father was best friends with Stan Robson, whose father founded Rogers County Bank.

“It is amazing how many connections people in Claremore have to RCB Bank,” said Bayless.

“I will miss all of the employees, the challenges of growing the bank, and most of all, Myrtle Prather’s cinnamon rolls.”

RCB Bank is a community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

“Our outdoor classroom will continue to be improved with this money,” said Irving Elementary School Principal Jeff Everett.

Earlier this year, RCB Bank donated two large picnic tables to the school.

“We want students to have a comfortable place to learn and be outdoors,” said RCB Bank Market President Gregg Conklin.

Pictured: Front row: Gregg Conklin, Winfield market president; Mr. Jeff Everett, Irving Elementary School principal.  Back row: RCB Bank employees Britney Murphy, Gloria Ulbrich, Irving elementary students, Cecily Delarosa and Robyn Tapia

RCB Bank is a community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

Spring has historically been the busiest time of year for the real estate market. Maybe it’s the brighter weather, greener earth or the sweet smells of blossoms blooming that stir a desire to move. Whether you are buying or selling your home, there are several ways to spring clean your finances to help improve your credit or help you get a better interest rate on your mortgage.

Consider refinancing your student loan debt.

Student loans can have high interest rates, and are frequently set up on a repayment plan based on your current income. In the case of an income-based plan, you are normally paying interest (and maybe not all the interest you accrue on a monthly basis). Some loan programs require a bank to count a percentage of the student loan balance toward your monthly debt if there is not a scheduled payment showing on your credit report. This percentage is typically more than your required payment, which increases your debt-to-income ratio and can potentially cause you not to qualify. Amortizing your loan and setting a specific repayment time will pay your student loans off over time and may boost your credit as you pay down the balance instead of it increasing due to unpaid interest.

Lower your debt-to-income ratio.

Your debt-to-income ratio is an important factor in mortgage qualification. If you have multiple credit cards payments or high interest loans, your monthly payments can be quite high. If you are able to consolidate your credit card debt or loans into one payment and lower your overall monthly cost, then you can lower your debt-to-income ratio as well.

Limit credit inquiries.

When you apply for credit, e.g. credit card or loan, the lender generally does a hard inquiry or “hard pull” on your credit. These hard inquiries may hurt your credit score, especially if you allow several of them within a short time span. When you are shopping for a mortgage, the inquiries from banks or mortgage companies made within a 14-day period should only count as one hard hit. This should not affect your credit score dramatically. It is when you are applying for a variety of credit types (car loan, furniture store, credit card, etc.) in a short time that it may hurt your credit score.

In contrast, when you check your own credit score, it is considered a soft inquiry and does not affect your credit score.

There are many ways to improve your credit, but most are going to be situation dependent. A trusted mortgage lender will be able to help you and offer guidance on how to improve your credit score. This may take a few months to a year, or it could be as quick as a few weeks depending on your personal circumstance.

Opinions expressed above are the personal opinions of RCB Bank personnel and meant for generic illustration purposes only. With approved credit. For specific questions regarding your personal lending needs, please call RCB Bank at 855-BANK-RCB. Some restrictions apply. RCB Bank is an Equal Housing Lender and member FDIC. RCB Bank NMLS #798151. 

HUTCHINSON, Kan. – Thirteen finalists drew keys and tried to unlock a black box holding the official keys to a 2019 Chevy Blazer during RCB Bank’s Car Giveaway Event on January 24.

Emily Hancock of Wellington was thrilled to win a brand new car!

Emily called her mom after the win saying, “Guess where I am sitting? In the front seat of a brand new car!”

“RCB Bank is honored to be able to celebrate our communities and give back,” said Erin Pegorsch, vice president, marketing director of RCB Bank. “While I know Emily will never forget this day, neither will anyone else at the ceremony.”

The car giveaway promotion took place from October through December 2019 in Oklahoma and Kansas. Contestants were entered automatically each time they made a purchase using their RCB Bank debit card. They could also enter online or by mail once per day. Each week, RCB Bank randomly drew one name to be a finalist at the Car Giveaway Event.

RCB Bank is a community bank with locations across Kansas and Oklahoma. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

CLAREMORE, Okla. – Thirteen finalists drew keys and tried to unlock a black box holding the official keys to a 2019 Chevy Blazer during RCB Bank’s Car Giveaway Event on January 17.

Connie Kosanke of Collinsville, unlocked the box and was shocked to discover she had WON!

“I’ve never been in a contest in my entire life, and to win a car, I’m so delighted!” she said. “I love RCB Bank. Everybody I’ve met is terrific. They don’t let you want for nothing.”

“RCB Bank is honored to be able to celebrate our communities and give back,” said Erin Pegorsch, vice president, marketing director of RCB Bank. “While I know Connie will never forget this day, neither will anyone else at the ceremony. Her genuine excitement after realizing she had won the car made the whole event.”

The Car Giveaway Promotion took place from October through December 2019 in Oklahoma and Kansas. Contestants were entered automatically each time they made a purchase using their RCB Bank debit card. They could also enter online or by mail once per day. Each week, RCB Bank randomly drew one name to be a finalist at the Car Giveaway Event.  RCB Bank is giving away a second Chevy Blazer in Kansas. The Kansas Car Giveaway event takes place at 3 p.m. Friday, January 24 in Hutchinson, Kansas.

Contestants must be present at the ceremony to win. All applicable U.S., federal, state, and local taxes, duties, or other taxes or fees are the sole responsibility of each winner, who will be issued a 1099 IRS tax form for the amount of the awarded prize.

RCB Bank is a community bank with locations across Oklahoma and Kansas. Founded in 1936, RCB Bank is committed to serving its communities with conservative banking practices and progressive banking products. Learn more at RCBbank.com or give us a call at 855.BANK.RCB. Member FDIC, Equal Housing Lender, NMLS #798151.

Imagine your retirement fund as the seat of a stool. Its stability depends on the construction of the legs. Put all the weight on one leg of the stool and you risk a wobbly future. Instead, use multiple funding sources to build a sturdier retirement savings plan. Depending on your desired lifestyle, we suggest saving between 10-20% of your salary to fund your retirement. Use this balanced approach to diversify savings.

First Leg: Employer Plan

If your employer retirement plan offers a match, fund this account up to the full match if not more. If your employer does not offer a match, you will want to contribute more money toward this account.

Second Leg: Social Security

Social Security benefits can vary drastically depending on how long you work, the amount you earn during your highest earning years and when you elect to claim your benefits. The generation retiring now is receiving about 35-40% of their former salary in the form of Social Security benefits.

Third Leg: Personal Savings

This may include savings accounts, IRAs, CDs, investment accounts and your home’s equity. While it is possible to build a solid three-legged stool, you may want to reinforce your retirement fund with a fourth leg.

Fourth Leg: Retirement Income

Income may be in the form of a rental property, part-time job or small home-based business. However you go about it, you have to sit on your retirement stool, so make it is sturdy enough to hold you during your retirement years. Find a wealth advisor you trust to help you plan a retirement savings strategy built for your individual lifestyle goals and needs.

Save now. Save often. Your future self will thank you.

We offer free portfolio reviews at no cost, no obligation. We’d be happy to take a look at your current portfolio and offer a second opinion to ensure you’re getting the most out of your investments.

Connect with an RCB Bank Trust Wealth Advisor in your area.

Invest in your retirement. RCBbank.com/GetFit

Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Investment products are not insured by FDIC or any government agency, Not a bank guarantee, Not a deposit, Subject to risk and may lose value.