A house was by far the biggest purchase Jenni Snow had ever made. It made her nervous to spend so much money on one item.
And she’s not alone. I’d estimate that 50-60% of my mortgage clients are first time homebuyers.
But instead of being overwhelmed, Jenni simply took the first step: saving money!
She was intentional about saving up as much as possible for her down payment to make sure she was in a good financial position when the time came to buy.
Jenni, AVP, Human Resources at INB, knew that the more she saved up for her home purchase, the less her monthly mortgage payments would be.
That’s why INB is helping first time homebuyers save more.
INB’s First Time Homebuyer structured savings account gives you a 5.00% Annual Percentage Yield intro rate for 12 months!*
You’re eligible for this rate if you:
- Are a first-time homebuyer (you haven’t had homeownership in the last three years)
- Have an INB mortgage pre-qualification application for a primary residence on file no more than 90 days prior to 6/1/2023
Ready to start saving? It just takes 3 easy steps!
#1 Start your discussion and pre-qualification application with an INB Mortgage Lender. Get in touch with a lender here.
#2 Save for your new home by opening our First Time Homebuyer Structured Savings Account.
You’ll just need:
- a $50 minimum opening deposit
- A weekly, bi-weekly, or monthly automatic transfer into your savings account – from any account anywhere. (A $10.00 withdrawal fee would apply if you make more than two withdrawals – including transfers – in a month.)
And even more benefits: if you’re an INB checking account customer and you join our Pocket Change program, we’ll also match your Pocket Change transfers to your First Time Homebuyer Structured Savings Account, up to $100, for the first 90 days of opening of the Savings Account. This will help you save even more!
How does INB Pocket Change work? We’ll simply round up your INB VISA debit card purchases based on your enrollment choice and transfer the difference from your checking account to your First Time Homebuyer Structured Savings Account. Matching funds will be paid at the end of the 90-day period on accounts that remain open and enrolled. All INB personal checking accounts are eligible**
#3 Hit your goal and purchase your home! Enjoy a $200 closing cost credit on your new INB Home Loan, our gift to you for the big accomplishment!
At INB, we understand that buying a house is a huge milestone – and a major expense. We want to make it easier on you with an easy way to save up.
Stop into an INB branch to learn more about taking the first step. Our bankers can help you set up your First Time Homebuyers Savings Account. They’ll also connect you with me or another an INB mortgage lender for help with mortgage prequalification.
*After the intro period, the APY, stated as of 05.01.23, for First Time Homebuyer Structured Savings Account of 0.20% would apply. Rate and APY may change at any time. Fees may reduce earnings.
**Please see our Rate Chart for additional information. Rates may change at any time. We may cancel or modify the Pocket Change service or any matching promotional offers at any time without prior notice. Matching funds will be reported to the IRS on Form 1099.