Relocating Your Finances Finding a new home for your money By Irene Steffens and Barbara Pfitzinger

Relocating your finances in St. Louis is convenient and easy. St. Louis is home to many locally owned banks, national bank branches and credit unions, all providing knowledge of the local business market, as well as outstanding customer service. Top-quality mortgage companies, accounting and investment firms and brokerage houses – both local and national – are also conveniently accessible throughout the area.

Internet or online banking can also ease your transition. Simply change your address online, and you can continue to pay bills, transfer money between accounts and set up new accounts. The key to choosing the right bank for you depends on your personal need for stability, convenient ATMs and customer service. Confirm that the bank is a member of the FDIC (Federal Deposit Insurance Company) to ensure the protection of your assets.

Also scattered throughout the area are various credit unions. Pier Y. Alsup of American Eagle Credit Union, says, “In addition to the online?account access and account opening?features?offered by most credit unions,?many credit unions belong to a?shared branch network.?Shared branches allow?members?of?participating credit unions to access their accounts at a variety of branches and ATMs around the St. Louis Metro area and the U.S.”?

For financing your new home, St. Louis area lending institutions are widely available. With a range of savings and loan associations, commercial banks, mutual savings banks and mortgage companies, you have the choice and a right to your own terms.

The pre-approval process is crucial today. Most realtors and sellers are looking for the pre-approval letter; with this, you are treated as a cash buyer. Also make sure you find the best rate and receive a Good Faith Estimate. Your lender can advise you in terms of what you can afford and what allows you to live most comfortably. Danielle Thurston, Mortgage Loan Officer with U.S. Bank Home Mortgage, suggests, “Whether it be your first house, relocation or a coveted vacation home, please choose a reputable lender, and only buy a house you can afford.”

Many relocating families are interested in setting investment plans in place. Go online or use the white pages to locate wealth management firms that will help identify and define your financial needs, objectives and resources. These advisers strategize for your portfolio, implement/manage a specific set of solutions, and review and rebalance your portfolio on a continual basis.

American Eagle Credit Union
American Eagle Credit Union (AECU) offers a full range of financial products, including free checking, money market accounts, certificates of deposit, IRAs, auto loans, mortgage and home equity loans, and financial planning services. Members enjoy easy access to their accounts via free online banking, free online bill pay, a free Visa check card and access to over 200 free ATMs in the St. Louis Metro area. The eight St. Louis AECU locations include West County, North County, South County, Jefferson County, O’Fallon, Mo., and in the city of St. Louis. You can join the credit union if you live or work in counties of St. Louis, St. Charles or Jefferson County, Mo., or in the zip code communities of 63101, 63102, 63103, 63104, 63109, 63110, 63116, 63118, 63139 and 63143. AECU also serves select employers such as Sara Lee Bakery Group, AT&T Companies, BJC HealthCare System and Metropolitan St. Louis Sewer District. AECU is a safe harbor for its members’ savings with sound financial practices and a strong federal insurance program. Deposits are insured for up to $250,000 by the National Credit Union Association, an independent federal government agency. To become a member of the American Eagle Credit Union, visit a branch, contact the office at 314-771-7700, 877-325-CU4U or go online: www.AmEagleCu.org.

Commerce Bank
Where you get your home loan matters. It’s not just about the interest rate. So, when choosing a lender, be sure they have a solid performance history for making smart loans – a lender such as Commerce Bank that offers numerous local branches.

Commerce Bank’s mortgage company provides unified service to its customers through its local loan officers, central credit underwriting and servicing departments; therefore, we can help find personalized solutions to fit every customer’s home loan or refinance needs. Commerce also offers 57 convenient locations in the St. Louis area to provide personalized solutions. Each branch is a full-service bank where you have access to bank management. It all ties into Commerce Bank’s customer promise to always ask, listen and solve. Call, click or come by Commerce Bank. For more information, call 800-453-2265 or visit www.commercebank.com.

Lending tips adapted from: www.commercebank.com:
Commerce Bank offers several borrowing tips when it comes to applying for loans. First know that lenders examine three things: credit history, financial means and current debt.

Additional tips for borrowing wisely:
• Make your payments on time and in full. If you miss a payment without the lender’s permission, your credit rating will be negatively impacted.
• Be aware of all fees that may apply to your loan or credit card. (A credit card is a loan.)
• Shop carefully for your loan. You may be able to find a lower interest rate or more favorable terms.
• Be proactive in handling payment problems.

Applying for a mortgage loan before you find a home might be the best thing you could do. If you apply for your mortgage now, we’ll issue a pre-qualification letter online instantly – subject to finding the perfect home – to assure your real estate broker and the sellers that you are a qualified buyer. Having a pre-qualification for a mortgage might give more weight to any purchase offer you make. When you find the perfect home, you’ll simply call your loan officer to complete your application. You’ll have an opportunity to lock in our great rates and fees.