Skip to main content

July 2021

How to Build Your Credit Score

July 8, 2021

People are often surprised to learn what their credit score number is — and even more amazed to see how quickly their financial activity can cause it to go up or down. There’s no reason to track your score every day or even every week. Once a year is usually enough, but some experts suggest checking your credit once a month just to make sure you’re doing what you need to keep it “healthy.” And don’t worry, no matter how often you check it, all that peeking will not negatively impact your score.

Posted in: credit, score

How to Calculate a Mortgage Payment

July 8, 2021

Buying a new home is probably the single largest expenditure most people make in their lifetime. It’s thrilling, but it can also be stressful. A good place to begin is to consult an online mortgage calculator to see how much home you can actually afford. Other important considerations include having a good to excellent credit score and a healthy debt-to-income ratio (DTI). Both indicators provide lenders with a picture of whether you’re a good lending risk and how much you’ll be able to afford to borrow — and comfortably pay back.

Posted in: mortgage

Starting a Business in Beloit, WI

July 12, 2021

There are plenty of reasons to consider starting a business in Beloit, WI. At the top of the list is the city’s central location. Greater Beloit is strategically situated at the center of the Midwest, which, of course, is the country’s largest market. As the Greater Beloit Economic Development Corporation (GBEDC) notes (and rightfully so), “With its strategic location and access to markets, Greater Beloit continually plays a big role in Wisconsin public economic development.”

Posted in: business, small

How Do Personal Lines of Credit Work

July 19, 2021

A personal line of credit can be a big help when you need cash immediately. Think of it as a bridge to accomplishing certain goals, paying unexpected expenses, or keeping personal finances in balance.
 
By definition, a personal line of credit (POC) is an unsecured revolving account with a spending limit that you can borrow money from as you need it. A POC comes with a variable (rather than fixed) interest rate and is designed to be available for a set period. When you choose the amount of your POC, the lender won’t give you a check for the full value. Instead, you can withdraw smaller amounts as needed.

Posted in: credit, personal

Getting a Home Loan in Beloit, Wisconsin

July 26, 2021

Congratulations on wanting to take the plunge and become a first-time homeowner in Beloit. Maybe you’ve already done some looking. And just maybe you’ve started wondering how you’re going to afford that dream home. The fact is most people don’t buy a home outright with all their own cash. Typically, you save up enough to make a healthy down payment and then borrow the balance from a lender in the form of a home loan. The amount you borrow is called a mortgage, and you’re responsible for making monthly mortgage payments to pay the loan back.

Posted in: home, mortgage

Why Pay for a Qualified Retirement Planner Instead of Doing It Yourself?

July 8, 2021

by Steve Schou | FNBT Wealth Management Trust & Investments Officer

In many all aspects of life, there are things we can do ourselves and other things we can’t.  If your taxes are simple; you can probably do them yourself, if they are more complicated, you go to a Certified Public Accountant (CPA).  If you cut yourself, you get a band-aid; but if you need stitches, you go to a doctor.  The same holds true for handling your finances.  In the early stages of accumulation for retirement, and you are maximizing your 401(k) contributions, Individual Retirement Accounts (IRAs), and you’re feeling comfortable with your investment selections; you may not need professional help.  The do-it-yourself approach may work well.  Usually, investment mistakes made during the accumulation years can be recovered over time.  However, investment mistakes closer to and in retirement become critical.  There is less time to recover from a wrong move. Too often, self-investing can lead to over concentration in bull markets, panic sales in bear markets, and lopsided investment strategies.

Posted in: investing, retirement

A Timeless Investment Philosophy

July 8, 2021

by Steve Schou | FNBT Wealth Management Trust & Investments Officer

When an investor takes a proactive approach to their investment plan in three key areas, and is committed to sticking to their plan in negative markets, their investment returns will be significantly greater over the long-term.

Posted in: investing