A recent study was conducted by Bankrate to determine how much Americans were saving. The results showed that adults between 53 to 62 years of age didn’t have any savings. Other age groups, however, did have money saved. When people do have savings, it can obviously make it easier to take care various wants and needs. When someone doesn’t have the funds necessary for a new car, house, or another purpose, then it may be possible for them to receive a bank loan.
A Brief Overview of Car Loans
Many Americans need or choose to take out car loans. According to the Federal Reserve Bank of New York, there are 107 million people within this country that currently have car loans. Recent data also indicates that millions of individuals haven’t made their car payments in a timely fashion. More specifically, six million people are behind on their payments by as much as 90 days. In some instances, there are individuals whose car payments are more than 90 days in arrears.
A Brief Overview of Home Mortgages
Currently, a large percentage of Americans rent rather than own their own homes. In 2004, for instance, 69% of the population owned a house. In recent years, however, this number has decreased by several points. Approximately 63.4%, as opposed to 69% of Americans, now own their own homes.
It’s interesting to note that mortgage refinance applications have also declined, Since 2016, there have been 35% fewer applications for home refinancing. Furthermore, 1.24% of mortgages are currently delinquent.
Choosing a Bank
There are a variety of reasons why someone would choose one institution over another, such as whether or not it has free online banking. Many individuals and businesses tend to prefer having their bank conveniently located close to their home or place of work. Given the variety of options for personal and business banking, other individuals may prefer using online banking services rather than visiting a local branch. In addition to being able to pay bills online, there are other services available with free online banking, such as the added convenience of mobile banking applications for smart phones.
Since you want to have an account with a bank that provides you with the services and resources you need now or may need in the future, it’s important to create the time to sit down with a customer service representative. When you decide to open a new personal or business account, for example, there’s an excellent chance that free online banking is one of the services that is of interest to you. Once you set up a new account at a branch near you, you’ll also be able to learn more about business, home, and other types of loans. If you’re thinking about buying a new home, then remember to discuss mortgage loan rates and options with one of your bank’s experienced loan officers.
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