News

Points West Community Bank is Proud to Partner with Power to Play Sports

Aerial shot of Power 2 Play Facility

 

Power to Play (P2P) Sports is a 53,000 square foot facility in Windsor, Colorado with the main vision of providing unique opportunities for athletes of all ages and abilities. They offer leagues in basketball, volleyball, badminton, and pickleball as well as offering running/ walking loops and lounge areas to all guests.

 

We are excited and proud to be supporting their vision and the Northern Colorado community by serving as the official banking partner to P2P Sports.

 

With this partnership, we are able to create more opportunities for those involved to build self-confidence and learn what it means to be a part of a team.

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How to Save Money for Travel

Family on the beach

Are you dreaming up a vacation, but you’re worried about how to afford it? What if we told you that you could start saving travel right now? Well, you can, and here’s how.

Assess Your Monthly Expenditures

The amounts of money that are automatically debited from our accounts are often forgotten about. Go through your monthly statement, and see what you can cut back on. It is common that expenses such as gym memberships, magazine subscriptions, music streaming services, or even cable can cost you a large amount of your monthly allowances. Cancel some of these services or re-negotiate costs.

Create a Budget

Start with the most important categories first: mortgage/rent, groceries, gas, utilities, credit card bills, etc. With the money that you have left at the end of the month, decide where it is allocated, and do not budge. You can re-evaluate at a later date if you find that you have less/more money than necessary. The money that is extra in each category now goes straight into savings.

Set Up Automatic Transfers

If you have a direct deposit set up with your employer, change the way it is being deposited into your account. For example, automatically set your direct deposit up so a certain percentage or amount is put into your savings account instead of your checking. You will be saving money each paycheck without even trying.

Cut Out Convenience

Your morning coffee runs always seem like a small expense at the time, but let’s break it down. Spending $3.50 on coffee Monday thru Friday morning totals to $17.50 a week. That is $70 a month. If you often eat lunch out, cut that cost as well. Bring coffee and lunch from home, and you will be able to put those amounts straight into your vacation fund instead.

 

If you don’t have a savings account already, get in touch with your local banker today.

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Common Mistakes to Avoid When Paying Off Your Student Loans

Common Mistakes to Avoid When Paying Off Your Student Loans

Common Mistakes to Avoid When Paying Off Your Student Loans

After graduation, paying off student loans can be a hard journey to keep on track. As long as you avoid making the common mistakes below, you will set yourself up for success to pay off your loans in the quickest and most efficient way.

Not Budgeting Before Graduation – Creating a financial plan before graduation gives you a realistic map on finances after turning that tassel. Avoid unnecessary purchases and consider having a roommate to be able to pay your monthly student loan payment and still have money left over for your savings.

Delaying Employment – Use your degree you spent 4+ years obtaining and find a job to kick start your career. Finding a job will allow you to start making payments on your student loans and give you stability after graduation.

Late Payments – All it takes is one late payment and your credit score is damaged. One way to ensure your monthly payments get paid is using an auto draft. An auto draft will automatically transfer the payment from your bank account to the lender.

Using Credit Cards to Pay Off Debt – Do not use a credit card to help pay off your student loans. Credit cards make it so easy to spend outside your means, stick to debit cards when it comes to monthly bills and monthly spending.

Not Making Extra Payments – Making extra payments each year or every other year is a faster and more efficient way to pay off student debts. You can make payments on your student loans at any time!

Not Living – Don’t let your student loan hinder your lifestyle. Having loans only means you have to live within your means. Continue to have fun, socialize and focus on your career development and experiences that will make you a more valuable person, employer and partner in life.  

Although Points West Community Bank does not make student loans, we can help you avoid common mistakes when paying them off. Get in touch with your local banker to find out more!

 

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Are Savings Accounts Worth It?

Savings-Account-Image of clock and stacked coins

A savings account allows you to grow your money over time and can help you plan for short-term goals such as an emergency fund or a rainy day fund. Many people overlook savings accounts because of the relatively low long-term returns that one can expect from a savings account compared to the anticipated returns of other long-term investments. Before you place your cash in a standard bank account, here are some pros and cons to having a savings account.

Benefits of savings account

  • Low-Risk Investment
    • With long-term investments, you’ll usually lose money over the course of days, weeks or months, but with a savings account, your balance will only go up – that is, unless you withdraw money from it.
  • Easily Accessible Account
    • Most savings accounts can be accessed at any time through an ATM. This is why a lot of people use a savings account as an emergency fund – you can easily access your funds and immediately have the cash to deal with an urgent problem.
  • Earn a (Small) Return
    • Some savings accounts can earn up to 2% interest. Although it’s a small return, every little bit helps and the more you put in your savings account, the more interest you will earn.
  • Low to No Minimum Balance
    • Most banks offer savings accounts with an extremely low minimum balance and in many cases, you can open a savings account with $100 or less.
  • Safe Way to Save Money
    • The money that you deposit into a savings account is automatically protected by the FDIC up to $250,000. This means that if your bank goes out of business, the money in your account will be safe.

Concerns of a savings account

  • Low Return
    • Savings accounts differ from other types of investments and the full potential of your money isn’t always realized, especially when you compare it to other investment opportunities.
  • Limitations
    • Some common limitations include having a minimum dollar amount to activate the account, requiring a minimum balance in the account at all times – or else penalty fees are charged, and limiting the number of transactions in a particular period.
  • Easier to Spend
    • It is a lot easier to spend your money when it is so easy to access. If this is something you’re worried about, consider choosing a Certificate of Deposit versus a regular savings account. CDs offer a higher interest rate and you lose immediate access to the funds unless you’re willing to pay an early withdrawal penalty.

At Points West Community Bank, we offer a variety of Savings Account options, such as:

  • Student Savings Account
  • Savings Account
  • Corporate Savings Account
  • Individual Retirement Accounts
  • Health Savings Account
  • Certificate of Deposits

Let us help you accomplish your financial goals and open up your savings account today. Get in touch with your local banker to find out more!

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What Documents Do You Need to Apply for a Home Loan?

Home Loan image with small house and set of keys sitting on money

Congrats, you’re finally ready to buy a house! But, before you can truly start looking – you’ll need to get pre-approved for a mortgage loan. Whether you’re applying for a home loan for the first time, or you’re an experienced buyer, there are some important things to keep in mind to make sure the process is simple. Here are some examples of what your mortgage lender will need when you are applying for a home loan.

Tax Returns

Mortgage lenders typically want to see one to two years worth of tax returns to make sure your income is consistent and that there aren’t big fluctuations from year to year.

Pay Stubs, W-2s or Other Proof of Income

While your tax returns help give your lender a clear idea of your overall financial health, pay stubs help them gauge your current earnings. If you are self-employed or a contract worker, make sure you have paperwork showing your earnings from the past year and a Year-to-Date Profit & Loss statement. If you rely on other income, such as social security or alimony, a statement of benefits would be requested.

Bank Statements & Other Assets

Bank Statements and other assets including investments and life insurance are necessary to verify the down payment. Bank lenders may also want to make sure you have several months worth of reserve mortgage payments in your account in case of an emergency.

Credit History

Lenders will often pull your credit report in order to assess you as a borrower. You may need to explain negative items on your credit and prepare a written statement. If you don’t have a credit report, your renting history or canceled checks can be used instead.

Photo ID

You’ll need to provide a photo ID, such as a driver’s license or passport, to prove your identity.

The exact forms you will need for a home loan will depend on your situation and speaking with your mortgage lender or bank will help you assess exactly what you need to apply.

When it comes to home loans, Points West Community Bank can help you find the right loan for your needs. We take pride in our helpful staff and the products we offer. Please contact one of our friendly loan professionals today.

Points West Bank is an equal housing lender.

 

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