Private mortgage insurance is an important part of homeownership for most Americans and makes that dream possible for a lot of first-time buyers. Still, it’s an added expense many people don’t know to expect going into the purchase process and one even those who’ve paid for years, maybe even more than once, don’t understand. Here are some of the important points you need to know, whether you’re trying to figure out why you’re paying that extra fee each month or hoping to make sense of everything ahead of you when you make your first real estate purchase. Read on →

The pumpkin spice lattes are back and the mercury is edging downward, which means fall is once again creeping into St. Louis. It’s an exciting time for many as we leave the heat of the summer behind and approach cozier days and hayrides. Fall fun can come with a price. Though we noted the pandemic is changing how we spend in 2020, you can bet there will still be plenty of invitations to open your wallet in the season to come. Read on →

The IRA provides one of the most attractive retirement savings plans available, both in individual accounts and as part of employer-connected savings plans. With options that provide tax-free or tax-deferred growth and average annual returns historically between 7 and 10%, their value is easy to see. Still, reports indicate many Americans are not saving for retirement. With such a great, accessible option out there, that’s hard to understand. IRA Retirement Options Explained St. Read on →

One of the most stable investment options we offer at St. Johns Bank is the traditional certificate of deposit (CD). While they have been around for years, they’re still little-understood and often-ignored. And the confusion isn’t helped by the fact its abbreviated name is the same as that for an audio file format. That lack of recognition is a shame because it could mean investors miss out on an opportunity to put money away in a long-term, relatively safe investment instrument. Read on →

Mortgage points have confounded generations of Americans. In sports and card games, points are good, so are they also good on mortgages? If you’ve heard points can lower the interest rate you pay on your mortgage, maybe they seem like a no-brainer, but is there a potential downside? St. Johns Bank is here to help you understand your finances so you can manage them wisely and confidently. Part of that is helping you understand concepts like mortgage points, so let’s get into it. Read on →

We’re in the midst of a season when people expect to be spending more time outside at summer camps, in sports leagues, at amusement parks and on vacations. With guidance for preventing the spread of COVID-19 advising us to keep our distance from others and avoid crowds, all those things are on hold for many people. While that’s disappointing and may leave us all more than a little stir crazy, it’s important that we find some silver linings in the midst of all this. Read on →

This year has seemed to bring just about everything that could ever provoke anxiety. From pandemic to economic struggle, murder hornets to the prospect of months of political ads, we have enough to worry about as it is. That’s why we think it’s wonderful the three major credit bureaus decided to give everyone one free credit report per week. It’s a move the bureaus made to help people keep a handle on their credit at a time when millions are out of work and millions more are at risk of scams centered on coronavirus stimulus checks that seek to steal both money and identities. Read on →

By now, all Americans should have received their portions of the stimulus monies Congress approved to help the economy recover from coronavirus-related shutdowns. For those who are financially stable, the best choice may be to set the cash aside, whether to bolster retirement funds or as a bit of savings that can help support them if their situations change. Any time Congress appropriates funding for a stimulus such as this one, it does so with an expectation Americans will spend the money to help bolster the economy. Read on →

One of the more interesting topics to spike in internet searches during the coronavirus pandemic is the bridge loan, which Google data shows hit levels in April not seen in more than a decade and a half. If hearing the term ever made you wonder what it means and whether it’s something you need, read on to learn more! Defining “Bridge Loan” A bridge loan helps buyers cover expenses as they purchase properties. Read on →

In a time of uncertainty, such as this one, there is a very good chance that money is at the top of everyone’s mind. Not knowing what can happen next is unsettling, but using this as an opportunity to take stock of your finances can be beneficial now and in the future. Our team at St. Johns Bank has come up with some ways to help you and your family reassess your financial situation during the COVID-19 pandemic: Read on →