The term APR (Annual Percentage Rate) was specifically developed to help consumers understand the relative cost of a transaction. It is a useful factor to consider when comparing similar loans.
The APR is a measure of the total cost of your mortgage expressed as a yearly interest rate. It is designed to help you determine the relative cost of a loan you are considering. The annual percentage rate reflects the amount being financed, the interest rate, the timing of the payments, and any other costs (prepaid charges) required as a condition of the mortgage loan that make up the finance charge. The finance charge reflects as a dollar amount the costs associated with the loan, including interest and other payments required of the borrower such as loan fees, origination fees, application fees, and insurance.
The APR is a measurement of the relative cost of your loan transaction. It doesn't have a bearing on the actual rate of interest you pay on a particular loan, but your loan rate of interest is part of the calculation.
Comparing the APR of different mortgage loans you are considering is an important tool to help you measure the relative cost of each loan. It is not the only factor you should consider before making a decision.
You need to take into account other factors such as the interest rate and any fees or charges required by the lender. A lower APR on one loan doesn't necessarily ensure that it is the best mortgage loan for you.
Prequalifying for a loan is the process of determining how much money you will be eligible to borrow before the application for a loan. The factors that are used to determine the maximum mortgage you can afford are income and existing debt. On a conventional mortgage, a debt-service ratio of 28/36 is the guideline used to make the determination. Here's how it works:
The total monthly housing cost, which includes the principal, interest, taxes and homeowner's insurance should not exceed 28% of your total gross monthly income. The total monthly debts (including the above housing costs) should not exceed 36% of your monthly gross income.
There are some programs available which allow for higher ratios - specifically VA, FHA and some First Time Home Buyer programs. It is important to note that "prequalifying" for a loan does not mean that you are approved for a loan. It simply helps you determine what is affordable for you.
An estimate of closing costs will be provided based on the program you select. Also, within three business days from the date of your application, you will receive a GOOD FAITH ESTIMATE OF CLOSING COSTS in written form. The Good Faith Estimate itemizes the costs associated with closing the loan.
Apply for a loan against your assets. Collateral, such as a car, act as a financial safeguard for a lender should you fail to keep up with your loan payments.
Ask a relative or other creditworthy person to cosign a loan for you. Most financial institutions will issue you a loan under this condition since the cosigner assumes full responsibility for the loan.
Obtain a gasoline credit card and make timely payments.
Apply for a retail department store credit card. If you can prove you receive steady income, you'll most likely be approved. Plan on paying the monthly balance in full.
Request a copy of your credit record from each of the national reporting agencies at least once a year (i.e.. Trans Union, TRW/Experian, and CBI/ Equifax).
Review that report for any missing or inaccurate information and request that the agency reinvestigate your record and make the necessary corrections.
Avoid overloading on credit card debt and installment payments.
Repay all debts as agreed. If you cannot make your payments on time, immediately contact your creditors to explain the circumstances and work out a repayment plan.
Maintain a special fund for times when you may have difficulty meeting your credit obligations.
Avoid extreme measures (i.e.. repossession, collection agencies, and litigation).
Your standard daily limit is $1,500: $500 for cash withdrawals and $1,000.00 for purchases. Ask about our special thresholds for PassKey Members
During banking hours, please contact the Franklin Savings Bank Office nearest you. Click here for a listing of our locations, business hours, and phone numbers.
Outside of banking hours, should you need to report a lost or stolen VISA QuickCheck Debit/ATM Card, please call Client Services 1-800-523-4175. Then, on the next business day, please contact the Franklin Savings Bank Office nearest you to ensure potential fraudulent use is reported. Click here for a listing of our locations, business hours, and phone numbers.
No, there are no per transaction fees assessed to our cardholders. In addition, our PassKey and Advantage Checking accounts allow QuickCheck card access with no monthly service charge. Our other checking/savings accounts are charged a monthly fee on each account with ATM access.
NOTE: Although Franklin Savings Bank does not impose a per transaction fee, there are other financial institutions that assess a surcharge fee as part of your transaction. They are required to notify you of this fee prior to processing your transaction. Again, this is not a fee charged by Franklin Savings Bank. You may also use your FSB Visa QuickCheck Debit or ATM Card at all Meredith Village Savings Bank locations at no charge.
Our VISA QuickCheck card offers our customers more flexibility than our traditional ATM card. The QuickCheck card may be used at any merchant location that accepts VISA. This allows you to make purchases at various stores and have the purchase amount automatically debited from your Franklin Savings Bank checking account.
At our Main Office, Bristol Office Tilton Office and Gilford Office locations, we maintain the following size safe deposit boxes(sizes vary by location):
| Box Size | Yearly Fee | | 3" x 5" | $ 37.50 | | 5" x 5" | $ 45.00 | | 3" x 10" | $ 60.00 | | 5" x 10" | $ 85.00 | | 10" x 10" | $ 135.00 |
Box rents are discounted for PassKey members.
Are the contents of a Safe Deposit Box insured?
No, the contents of a Safe Deposit Box are not insured by the FDIC. You may purchase insurance through most homeowners / renters insurance. Check with your insurance agent for details.
Current FSB customers may apply to open a new account online. Simply complete a New Deposit Account Application. Your signature form will be mailed to you.
New customers are welcome to visit any FSB office to apply in person. Due to Federal Regulations, we will ask you for your identification when establishing a relationship.
|