Plan your future with cfsbank
By Michele Gillis
One of the main things married couples argue about is money.
Getting on the same page about spending habits, financial goals and overall attitudes towards money management early on can help.
Whether you are planning your wedding or just starting as a married couple, cfsbank would like to help couples navigate those first financial decisions to make life easier in the long run.
“One of my favorite things about being a banker is that I get to be there for everybody’s first,” said Danielle Maurer, chief operating and retail officer of cfsbank.”We help people with their first car, their first home or their first bank account. When people get married, they’re starting their lives. This is just another way to be part of another first.”
Getting married can be one of the most stressful times in a person’s life, but cfsbank offers several products that help focus on planning and not stress about money.
Weddings can be expensive, so the first thing cfsbank can offer is a loan to help pay for the wedding.
“We have unsecured personal loans where you could either do a line of credit or borrow a certain amount of money, like an installment loan,” said Maurer.”
Maurer said those products go up to $25,000.
“We also have a credit card that’s zero percent interest for 12 months, which could be a good way to help pay for a wedding,” said Maurer. “Or if they’re saving for a wedding, we have a lot of different saving products, but probably the most attractive at the moment would be our money market account. It has an interest rate of over four percent. So you’re basically earning what you would on a CD, but it’s not locked in. It’s liquid.”
Maurer said the interest rate is guaranteed for six months, so the account can help people save up before the wedding. It might also be a good place for newly married couples to put the money received as gifts.
After the honeymoon is over, cfsbank can help with combining finances.
“We could help establish you with a joint checking or savings account,” said Maurer. “Our checking accounts are completely free.”
Maurer said cfsbank can help transfer money from other banks and consolidate it all into one place.
“We could help with changing your name on your account, act in an advisory capacity regarding setting a joint checking account to pay bills, setting up a separate account for everyday expenses or however they want it set up,” she said.
In addition to consolidating finances, cfsbank has Certified Professional Financial Counselors in-house who meet with newly married couples to plan for their financial future.
These counselors can help with budgeting, saving, building credit and more.
The bank has several products to assist in buying a home according to newly married couples’ needs.
A new product cfsbank is offering to homebuyers is a Pathway Home Loan.
“We found that the main barrier to homeownership is that people find it difficult to save for the down payment,” said Maurer. “This loan does not require a down payment. Now, you’d still have to pay for your closing costs, but there’s no down payment requirement. You can finance 100 percent of the home’s appraised value.”
Maurer said in order to qualify for the Pathway Home Loan, buyers have to be low to moderate borrowers. However, it doesn’t require private mortgage insurance and has a competitive fixed rate.
Another product they have for first-time home buyers is a First Time Home Buyer Mortgage that offers a discounted interest rate, a five percent down payment with the purchase of private mortgage insurance and a $250 lender credit.
The bank also participates in the First Front Door program, a homebuyer grant program available through the Federal Home Loan Bank of Pittsburgh.
The First Front Door program provides down payment and closing cost assistance to eligible first-time homebuyers.
Maurer shared that customers who are first-time, low to moderate-income buyers could take advantage of all three discounts at the same time.
“If you are a first-time homebuyer, you can actually double-dip,” said Maurer. “You can get the Pathway Home Loan, take advantage of our first-time homebuyer program so you can get the discounts, and if you qualify, you could really triple-dip and also do First Front Door.”
If someone took advantage of all three, they would not have a down payment per the Pathway Home Loan, so the grant assistance (up to $15,000) from First Front Door could be put towards the closing costs. They would also get the discounted interest rate and the $250 lender credit.
“If you are getting married and thinking about buying your first home, those would all be extremely helpful programs,” said Maurer.
Cfsbank is a full-service community bank headquartered in Charleroi and has been an independent and locally managed mutual savings bank since 1935. Cfsbank operates 10 offices, spanning four counties including Butler, Fayette, Washington and Westmoreland counties.
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