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If you are thinking about buying your first home in the Springfield area, congratulations — and welcome to what will probably be the most exciting (and occasionally stressful) financial decision of your life so far. Before you start touring houses and falling in love with kitchen islands, there is one critical step you need to take first: getting pre-approved for a mortgage.

Pre-Qualification vs. Pre-Approval: What's the Difference?

These two terms sound similar, but they mean very different things. A pre-qualification is an informal estimate of how much you might be able to borrow, based on self-reported information about your income and debts. It is useful as a starting point, but it carries very little weight with sellers or real estate agents.

A pre-approval, on the other hand, is a formal commitment from a lender. We verify your income, pull your credit report, review your assets and debts, and issue a written letter stating exactly how much we are willing to lend you, subject to finding a suitable property and a satisfactory appraisal. In the Springfield housing market, where well-priced homes can receive multiple offers within days, a pre-approval letter is essentially your ticket to being taken seriously.

What You'll Need to Bring

When you sit down with our mortgage team for a pre-approval, plan to bring the following documents:

• Two most recent pay stubs
• W-2 forms from the past two years (or tax returns if you are self-employed)
• Two months of bank statements for all accounts
• A valid government-issued photo ID
• Information about any outstanding debts (student loans, car payments, credit cards)

If you are using gift funds from a family member for your down payment, we will need a gift letter as well. Do not worry about having everything perfect — our job is to help you organize the pieces and figure out what works.

How Much Home Can You Afford?

The amount a bank is willing to lend you and the amount you should borrow are not always the same number. As a general guideline, most financial advisors recommend keeping your total housing costs (mortgage payment, property taxes, insurance, and any HOA fees) below 28% of your gross monthly income. Here in Springfield, the good news is that the cost of living remains significantly below the national average, which means your dollar goes further.

At CRB, we also factor in your overall debt-to-income ratio to make sure you are comfortable with the monthly payment — not just on paper, but in real life. We want you to enjoy your new home, not feel trapped by the payments.

First-Time Buyer Programs

Many first-time buyers are not aware of the programs available to help with down payments and closing costs. The Missouri Housing Development Commission (MHDC) offers down payment assistance for qualifying buyers, and USDA loans provide zero-down financing for homes in eligible rural areas around Springfield. FHA loans allow down payments as low as 3.5% with more flexible credit score requirements. We walk every first-time buyer through all available options to find the best fit.

Ready to Get Started?

Getting pre-approved takes about 30 to 45 minutes, and there is no cost or obligation. You can stop by any of our five branches, or call our mortgage team directly at (417) 555-0300 to schedule an appointment. We look forward to helping you find your first home.

In my 20-plus years of working with small businesses across the Springfield area, I can tell you that the number one reason businesses get into financial trouble is not a lack of customers or a bad product — it is poor cash flow management. Revenue and cash flow are not the same thing, and understanding the difference is critical to keeping your business healthy.

1. Know Your Numbers Every Week

Too many small business owners look at their bank balance and assume that is their cash flow picture. It is not. Your bank balance does not account for checks that have not cleared, invoices you have sent but not collected, or bills coming due next week. At minimum, you should review a simple cash flow projection every week that shows your expected inflows and outflows for the next 30, 60, and 90 days. A spreadsheet works fine for most businesses — you do not need expensive software to get started.

2. Invoice Promptly and Follow Up

If you provide goods or services on credit, your accounts receivable is the lifeblood of your cash flow. Invoice immediately upon delivery or completion of work. Set clear payment terms (Net 15 or Net 30) and follow up consistently when invoices go past due. Many small business owners feel awkward about chasing payments, but remember: you have already delivered the value, and you deserve to be paid on time.

3. Build a Cash Reserve

Just as personal finance experts recommend an emergency fund, businesses need a cash buffer. Aim to keep at least two to three months of fixed operating expenses in a business savings account. This reserve protects you from seasonal slowdowns, unexpected equipment repairs, or a major customer paying late. It also gives you the ability to take advantage of opportunities — like a volume discount from a supplier — when they arise.

4. Use a Line of Credit Before You Need It

The best time to apply for a line of credit is when your business is doing well and your financials are strong. A revolving line of credit from CRB gives you a safety net for temporary cash flow gaps without the need to liquidate assets or take on long-term debt. You only pay interest on what you actually draw, and having the facility in place means you are never scrambling during a slow month.

5. Separate Personal and Business Finances Completely

This seems obvious, but it is one of the most common mistakes I see, especially among sole proprietors and family-owned businesses. Mixing personal and business finances makes it nearly impossible to accurately track cash flow, complicates your taxes, and creates problems when you apply for business credit. Open a dedicated business checking account, get a business debit card, and pay yourself a regular draw or salary. Your accountant and your banker will both thank you.

If you would like to discuss your business's cash flow management or explore whether a commercial line of credit is right for you, I am happy to sit down over a cup of coffee and talk it through. You can reach me directly at any of our branches or through our main line at (417) 555-0300.

If you have been paying attention to interest rates over the past couple of years, you have probably noticed that certificate of deposit (CD) rates are more attractive than they have been in a long time. For savers who are comfortable setting money aside for a fixed period, CDs can be an excellent way to earn a predictable return without the risk of the stock market. Here is what you need to know to make the most of them.

How CDs Work

A certificate of deposit is a time-based savings product. You deposit a lump sum with the bank for a specific term — anywhere from 3 months to 5 years — and in return, the bank pays you a fixed interest rate that is typically higher than what you would earn on a regular savings account. When the CD matures at the end of the term, you get your original deposit plus all the interest earned.

The tradeoff is liquidity. If you withdraw your money before the CD matures, you will usually pay an early withdrawal penalty, which is typically a portion of the interest earned. That is why it is important to choose a term that aligns with when you will actually need the funds.

What Affects CD Rates?

CD rates are influenced primarily by the Federal Reserve's benchmark interest rate and the competitive landscape among banks in your area. When the Fed raises rates, CD rates tend to follow. Community banks like CRB often offer more competitive CD rates than large national banks because we rely on local deposits to fund local loans, which gives us an incentive to offer attractive rates to keep deposits in the community.

The CD Ladder Strategy

If you are not sure whether to lock your money up for 12 months or 60 months, consider a CD ladder. Here is how it works:

• Divide your savings into equal portions — for example, five portions.
• Open CDs with staggered terms: 12 months, 24 months, 36 months, 48 months, and 60 months.
• As each shorter-term CD matures, reinvest it into a new 60-month CD at the current rate.

After the initial setup period, you will have a CD maturing every 12 months, giving you regular access to a portion of your savings while still earning the higher rates that come with longer-term CDs. It is a simple but effective strategy that balances yield and flexibility.

CDs and FDIC Insurance

One of the biggest advantages of CDs at a community bank like CRB is that your deposits are insured by the FDIC up to $250,000 per depositor, per institution. That means your principal and interest are guaranteed by the full faith and credit of the United States government, regardless of what happens in the stock market or the broader economy. For retirees and conservative savers, that peace of mind is worth a great deal.

Current CD Specials

We regularly offer promotional CD rates that are above our standard published rates. These specials change frequently, so the best way to find out what is currently available is to stop by any of our five branches or give us a call at (417) 555-0300. We are always happy to walk you through the options and help you decide which term makes the most sense for your situation.

CDs are deposit products offered by Community Regional Bank, Member FDIC. Early withdrawal penalties may apply. Annual Percentage Yield (APY) is accurate as of the date of account opening and may change at renewal. Minimum deposit requirements apply.