Bank Independent wants to help you save for a home by providing special accounts paying rates equivalent to Wall Street alternatives.*
Program DescriptionBank Independent has created a home funding program with good growth potential and safety of your principal. First, let’s start with why you need to save.
Buy vs Rent ComparisonGinnie Mae (an entity that places government guarantees on qualified mortgages) has created an illustrative chart demonstrating a cost comparison for a renter and a homeowner over a seven year period. Because mortgage interest is generally tax deductible, a mortgage payment generates tax savings that may be returned after your annual tax filing (consult your tax advisor).
Ginne Mae 2012
Home Ownership also provides the opportunity to
How to SaveHere’s an example showing how a little savings each month can add up to a down payment.
Growth of a $100 or $250 monthly contribution to 2 year time deposit paying .71% APY (Annual Percentage Yield) compounded annually. The rate as of 7/15/2012 and subject to change. This example assumes an initial deposit of $1.00. Rates may change after account opening. No minimum balance is required to earn the APY. A penalty may be imposed for early withdrawal.***
Customization Options The Home Express program allows you to save a moderate amount from your checking each month for placement in a Premier Money Market Account or Premier Growth Account. While you can customize the program to fit your needs, here are common choices.
Checking Choices You can fund your Home Express account from any Bank Independent checking. Note that some plans even waive the monthly service fee based on the amount saved monthly.
Your Growth ChoicesHere is more information on the growth accounts from which you can choose to have your money placed. Note that you can make future changes at your option. Plus, these accounts allow you to make extra deposits at any time. So you don’t have to rely on your monthly savings alone to reach your goals.
* Compare our rates to non-FDIC alternatives by visiting iMoneyNet.com. There you’ll find iMoneyNet Money Fund Averages that reflect the average return of US money market mutual funds. You can also review the top 15 retail funds individually. Either way, you’ll find that our FDIC insured money market accounts and CDs provide competitive returns - with the added safety of FDIC insurance. ** For a complete example, visit: www.ginniemae.gov/rent_vs_buy/rent_vs_buy.asp A $1,000 mortgage payment is published by Ginnie Mae for comparison purposes only and does not correspond to any rate or term. *** Fees may apply depending on the account you have chosen to open at the bank.
How much can my savings grow?
Custom Calculators for Prospective Home OwnersWe have several calculators to help you get into a home including:
How much can I borrow?
How much will my mortgage payments be?
How much will my adjustable rate payments be?
Which is better: fixed or adjustable?
Should I pay points to lower the rate?
Which is better: 15- or 30- year loan term?
How much should I put down for a new home?
How much can I save in taxes?
What will my closing costs be?
Am I better off renting?