Specific financial considerations will arise for all of us at various points along the road. From your first job and buying your first home to starting a family, retiring, or planning a special occasion like your wedding or honeymoon, you should consider the financial implications and opportunities available for each stage of life.
That's why at Triad Bank, we’re here to offer tips, tools and financial products that allow your money to go farther - providing monetary well-being for you and your family for all the years to come.
If wedding bells will soon be ringing, it’s time to start thinking about the banking services you'll need for a prosperous union and to consider how you'll manage your finances as a married couple.
You'll need to decide if and how to combine your finances with your significant other's and discuss expectations around maintaining individual accounts. Once you've figured out these details, it's time to start planning your big day!
Choosing the right bank is something you’ll want to decide together. We recommend considering a local community institution like Triad Bank to build a relationship that will serve you both throughout your life together.
If choosing to combine finances, you’ll need to open a shared checking account. A shared account can be an easy way to manage bills and keep track of spending. If one person is more financially responsible than the other, consider setting up two separate accounts for bills and spending.
With the cost of weddings on the rise; it can be hard to come up with enough cash to pay for your impending nuptials. A personal loan might be the answer if you're looking for a way to build your credit and avoid high-interest credit cards, which can carry rates over 30 percent.
A personal loan can be used for almost anything related to planning or paying for your wedding, including
If you've just gotten married or made a long-term commitment, buying a home may be at the top of your list of priorities. But before you get carried away and head out to look at houses, there are some things you should know about buying property together.
First, you’ll want to consider a few essential factors, including your desired location, the size of the home you’ll need, and the amount each of you can afford for a mortgage, property taxes and other household expenses.
Here are a few tips to help you make the transition from renting to homeownership:
A baby fund is a term that refers to a designated account where funds are used to either prepare or support bringing a little one into the world. You can use this account to buy baby items such as furniture, toys and even a stroller. Additionally, these funds could be used to cover hospital delivery expenses and even save for college.
The best part of having a baby fund is that it allows your loved ones to forgo baby shower gifts and offers the option to contribute to a checking account specifically designated for your new addition, in whatever way you see fit.
Being a parent is about more than just providing for your little one's needs — it's also about investing in their future. You can begin nurturing your child’s financial life from the start by opening a personal savings account.
Starting a savings account for your child is a tangible way to show your love and support. If you start contributing to this account when they're born and don't stop until they graduate college or leave the nest, you'll give them a great financial foundation. From tuition fees to buying a car, money will be set aside for their big milestones.
A Certificate of Deposit (CD) is a bank deposit that holds your money for a set amount of time. You can gift your child a CD that allows them to collect interest on the money you set aside for their future. CD rates are usually pretty competitive compared to your average savings account, but there are penalties for withdrawing money from the CD before it’s matured.
Buying a home is an exciting step, but without guidance, it can be difficult to navigate. Whether this is your first home or it’s time to downsize, taking the time to explore your financial options can equip you with knowledge and confidence in making one of life's biggest investments.
Here are some tips for buying a home in Oklahoma:
Know what types of mortgages are available. Some of the most common loans in Tulsa and the surrounding areas are conventional, FHA, and USDA.
FHA (Federal Housing Administration) loans are government-backed and offer lower down payments and closing costs than traditional financing but come with higher interest rates.
Conventional loans require larger down payments but have lower interest rates and closing costs than FHA loans.
USDA (United States Department of Agriculture) home loans offer lower or no down payment and less strict requirements. Still, they are limited to designated geographic areas outlined by the USDA.
A Native American 184 Loan offers Native Americans the opportunity to obtain loans for homes located on and off-reservation land. To qualify for the program, tribal members must have a Certificate of Degree of Indian Blood (CDIB) card. Borrowers can expect a lower down payment and less rigid credit score requirements.
The program offers loans for buying a home, refinancing, and new home construction in approved HUD 184 areas. Triad Bank participates in the 184 Loan program for Oklahoma residents.
VA Loans are a financing option backed by the US Department of Veterans Affairs, that offers United States veterans and their spouses the opportunity to buy or refinance a primary home for $0 down. These loans also offer lower interest rates than conventional home loans. VA Loans are easier to get than traditional mortgages, making homeownership a reality for more Americans who've served our country.
There are several other options for financing your home that you can explore in-depth. Once you know which type of mortgage you want, getting pre-qualified for a loan is the next step toward buying your dream home.
The death of a loved one is never easy to cope with; it can also be more complicated if there’s no insurance for burial. There are also several factors to consider if a loved one leaves you an inheritance. Whether you need a loan for a funeral or help with managing a windfall, there are banking services available to help during a time of loss.
Before you spend anything from an inheritance, it’s wise to determine how much you’ll need to pay in taxes if you’ve been bestowed a large amount of money or a piece of property. You may also want to set up a separate savings account for this money if you have no immediate expenses. It’s beneficial to choose a local bank with professionals who take the time to learn about your unique situation and can offer the best financial products for your specific needs.
When a loved one passes on, your responsibilities may include taking care of their funeral arrangements. If the deceased didn’t leave behind designated funds for this expense, you may consider getting a personal loan to cover the costs.
The benefits of getting a personal loan for funeral expenses include:
Determining how much money you need is a personal decision. The average cost of a funeral in 2021 was about $7,848, according to The National Funeral Directors Association. That number can vary widely depending on where you live, whether you choose burial or cremation and what kind of casket or urn is purchased.
It’s usually best to talk with your family about how much money is appropriate for your loved one's service and what you’ll be comfortable paying before shopping for loans.
You did it! You worked hard and earned a well-deserved raise. It's time to treat yourself to the good life! Maybe you’ve been considering traveling abroad; cruising in your dream car or getting your pilot’s license. The sky is literally the limit and Triad Bank is here every step of the way to help you achieve your dreams with banking products tailored just for you.
The first thing you should do when you get a raise is review your budget and see how much extra money is really coming in each month. Give yourself some time (maybe 30 days) to think about what you want that money to do for you before making any big purchases or taking on new financial obligations.
You may decide to pay down existing debt or open a savings account if you have financial goals this extra income can help you reach. If you find that you’re in a sound financial position, it could be the time to make a big purchase that elevates your lifestyle. Maybe you’re ready to book a luxury vacation, purchase a boat or even personal aircraft. Triad Bank can help finance it all.
You’ve been promoted and that new car is calling your name!
Before you head off to the dealership, here are some tips to get rolling on some shiny new wheels.
Make sure you know exactly what type of car you want and how much it costs. By knowing the market for the car you’re interested in, you can stand your own in negotiating with dealerships.
Getting pre-approved for an auto loan with Triad Bank gives you an idea of your payments and interest rate before you begin shopping for the best deal. It also removes the pressure of making financial decisions on the fly while at the dealership.
Has new-found success made the dream of owning your own boat within reach? With so many financing options available today, it's easy to find online lenders looking for your attention, but long-term relationships can be immensely valuable when securing a loan for a boat or any other major purchase. Local lending offers more personal service and often provides better terms than some of the impersonal online companies.
Triad Bank has two branches in Tulsa. With approved credit, our experienced lenders can help you get the financing for your new or used boat that fits your budget and lifestyle.
If you've gotten a raise and are ready to take to the skies for convenience and fun, an airplane loan with Triad Bank can help you reach new heights.
First, determine your budget by speaking with our experienced lenders so you can have a good idea of your options. Then take a test flight. Get a pre-purchase inspection and prepare your offer.
With approved credit, Triad Bank will work with you to get financing or ensure that your aircraft qualifies for funding if needed.
When starting a business, a good banker can be your best friend. If you're like most new entrepreneurs, you may need more experience with business banking, which can be intimidating at first.
When it comes to money matters in business, your bank will be one of your most important partners. The first financial step to start a new business is opening a business checking account.
As you choose the best bank for your business checking account, it's smart to do a little research before deciding. Consider factors like
Making an informed decision today can save tons in potential costs down the line. It also helps to choose a bank staffed with experienced professionals with whom you can build a trusting relationship.
SBA (Small Business Administration) loans are some of the most popular options for funding small business growth. Triad Bank offers SBA loans to help with several needs, including purchasing equipment, adding to your workforce or improving your property. Our lenders can help you decide the best business loans for your needs.
When thinking about retirement, it’s important to consider finances as much as health, freedom and other personal aspects. It's critical to make sure that your finances are in order before retiring so that you have peace of mind throughout your golden years.
Opening a savings account designated for unforeseen events can help you immensely after retirement. You should have enough cash set aside for emergencies so you don't have to use your retirement funds in a crisis situation. Experts recommend having at least three months of expenses in case something happens.
Once you've accumulated enough money for emergencies and set aside some cash for retirement savings, it's time to pay off any remaining debt, such as student loans and credit card debt (if applicable). Paying off debt will allow more of your retirement income to go towards things you love and enjoy.
If you're retiring and want to chase the sun or have a designated getaway, you might be entertaining the purchase of a vacation home. Getting a mortgage for a vacation home can be a seamless process with local service based on building relationships.
The key to getting a loan for a second home is making sure you have sufficient income, assets and liquidity to cover the additional mortgage. You should also be prepared for extra costs – homeowners who own multiple properties know that maintenance can add up quickly, so be prepared for those expenses when budgeting for your new home.
You'll likewise want to factor property taxes and insurance costs into your monthly payment plan. You may find that using the property as a short-term vacation rental when it’s not in use can help offset some of these costs.
Get pre-approved for a vacation home loan with Triad Bank so you can be ready to strike when you find the perfect place.
As you can see, making the most of your money is easier when you have a bank that can partner with you along the way. At Triad Bank in Tulsa, you can expect personalized customer service for every life event, accompanied by personalized financial strategies.
Our team is here to provide you with the support and guidance necessary for every step of your journey. Reach out today and let us help make your goals a reality.