Answer These Questions Before Buying a Home

Home Blog Answer These Questions Before Buying a Home

Posted On: October 12, 2020 by Peoples Bank of Kankakee County in: Budget Mortgages Saving

Buying a house is most likely the biggest purchase you’ll make in your lifetime. Asking lots of questions and having a well-thought-out plan before making the decision is crucial. Though it may seem overwhelming, we’re here to help you focus on some of the most important considerations before making your big purchase.

Questions to ask yourself:

Am I planning on living here long-term? Buying a home for a short time period may leave you realizing your home isn’t worth as much as you’re paying for it. Real estate is a long-term investment, so a general rule-of-thumb is to plan on living there for at least three years.

Will I be able to sell this house before moving to a new one? Whether you need more room for a growing family, or you relocate because of a new job, the day may come when you need to find a different house. Is this house going to sell when you need it to? Keeping an eye on how long the house has been on the market is a good way to know if it’s a popular buy.
Is this house something I can afford? It seems like an obvious question to ask, but it’s at the top of the list of importance. Don’t rush it – even staying in your apartment for another year or two gives you time to save more so you’re completely prepared.

Questions to ask about the house:

Does the house have any issues/has it in the past? It’s important to be aware of any problems or damage the house has had in the past. Past issues could reoccur and rack up your maintenance bills down the road. If you don’t ask about it explicitly, you might not know until it’s too late and you have to pay to make the repairs.
How long has this house been on the market? Your real estate agent will help you navigate what you should offer, keeping in mind how long the house has been up for sale. If it’s been on the market for longer than normal, that could be a red flag for the property or it could simply allow you to negotiate a better price for yourself.

What’s included? Things like appliances and light fixtures are pricey and they aren’t always included in what you pay. While it’s common for built-in appliances like the oven or dishwasher to stay put, it’s not promised, so be sure to ask.

Buying a house is very exciting, but also requires thought and consideration. While we covered just a small portion of the many questions to ask, we’re always here to further your knowledge about all things finance. Contact Peoples Bank of Kankakee to learn more about our services and how we can help.

One service offered is Mortgage Hero. It can make the home buying process much easier! Apply by phone, in person, online or on your mobile phone. Just Tap, Apply, Get Mortgage.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.