We're happy to offer a new interactive feature on our Web site - Just Ask Anchor. With Just Ask Anchor, you can rely on an expert from AnchorBank to provide financial insight on FDIC insurance, home loans, AnchorBank products and services or other topics that impact you.

All you have to do is submit your question and our AnchorBank expert will respond personally via email within just a few days. Other people may be asking the same questions that you are, so some of the most frequent questions and answers will be posted on the site anonymously and updated every week.

Our featured expert is Associate Vice President of Security, Dave Oldenburg:

Dave Oldenburg is AnchorBank’s associate vice president, security coordinator. He began his career at AnchorBank 10 years ago as a personal banker. Since that time, Dave has held a variety of other positions within the bank, including branch supervisor and branch manager with a specialization in consumer lending and fixed annuity sales. Dave is responsible for monitoring AnchorBank's security program. As part of this role, he conducts internal and external investigations related to suspicious activity, theft, fraud and forgery cases. Dave collaborates with a team of other AnchorBank experts to help answer any financial question you may want to Just Ask Anchor.

Thank you for visiting Just Ask Anchor. At AnchorBank, we believe you should be able to ask your questions and get the answers from someone you trust. Here are some of our most frequently asked questions. Feel free to submit your own and I'll get back to you shortly.

After an account is inactive for five years, the funds in that account are turned over to the Wisconsin State Treasurer. Inactivity includes letters, statements or tax 1099 forms that were sent to the account holder and were returned as undeliverable for five years.

We encourage Wisconsin residents to check this Web site periodically for accounts that they may have forgotten about. These funds are yours to claim indefinitely. The Web site address is: www.statetreasury.wisconsin.gov and click on 'Begin your search here.'

Thank you for submitting your question to Just Ask Anchor.

I am thinking about taking advantage of the current low rates and refinancing my mortgage. Would it benefit me to refinance to a 15-year fixed rate, or should I wait to see if rates drop even more?

Making the decision to refinance is one that is dependent on your personal situation. What may be a good time for one may not be as good a time for someone else. You should always take a look at what kind of interest rate you will have and compare that to what you are currently paying. Generally, you want at least a one percent difference between what you have and what is available. Secondly, you will want to consider whether or not you are planning on staying in your house for a long time. All of these things factor into deciding if you should rewrite to a 15-year fixed rate.

If you are curious to see what your monthly payment might be if you got another loan or refinanced, we have some great financial calculators that you can check out.

At AnchorBank, there are many knowledgeable loan officers ready and willing to help you determine your best course of action. I suggest that you contact a local loan officer using this Web site feature to determine who is most conveniently located. They will be more than happy to talk to you about your options and follow through with whatever direction you choose.

Thank you for submitting your question to Just Ask Anchor.

How much down payment is required on purchasing a house?

Traditionally, the standard down payment required when purchasing a house has been 20%, although this is no longer a requirement of all lenders in determining whether or not you can secure a mortgage. Affording the monthly mortgage payment isn’t necessarily the only thing that keeps folks from owning their own homes. It’s also coming up with the money for the down payment.

The average first-time home buyer spends 2 ½ years saving money for a down payment, so once you decide you’re ready to take the big step, you need to realistically assess your resources and determine what you can afford.

It’s possible that you may qualify for mortgages that will accept a lower down payment. These include FHA and VA mortgages. Some state agencies offer special programs for first-time homebuyers. Also, your lender may accept a lower down payment. Some require the addition of private mortgage insurance (PMI), an added cost to you that protects the lender in the event of a loan default. You may check with an AnchorBank mortgage representative for further details.

Here is a link to AnchorBank’s Mortgage Quick Guide, a brief but valuable resource that will provide you information on ways to start saving for your down payment, as well as an overview of the underwriting process, interest rates and points and the types of loans available.

You may also want to consider using SPEED e-App, AnchorBank’s free online pre-approval and mortgage loan center:

Thank you for your question and best of luck.

How can I improve my credit score?

Your credit score is calculated from a lot of different data in your report, such as your payment history, the amount of debt you owe, the length of your credit history, the type of credit and the amount of new credit you have.

The first step to improving your credit is to make payments on time and stay away from high interest rates. However, that is not always enough to fix problems that are on your credit report which may be causing your score to be low.

My advice is to start by requesting a free credit report from one of the three national credit bureaus that collect and store your financial history: Experian, TransUnion or Equifax. You are allowed a free copy of your credit report from each of these bureaus once a year. To request yours, go to www.annualcreditreport.com. While getting the report is free, seeing your credit score isn't. You can get a pretty good idea of where you stand by looking at the report, so it's not absolutely necessary to pay extra to see your score.

Next, check your report for unpaid bills and inaccurate charges. If you find an error in your report, you have the right to request in writing that the credit bureau investigate it. If your credit report appears to be correct, but there is financially damaging information in it, you also have the right to insert a brief explanation.

The next step to improving your credit score is keeping your credit card balances low. Be aggressive when paying off your credit cards. These most likely have the high interest rates, so the sooner you pay them off or lower their balances, the better your credit score.

The final piece of advice I have is to limit applying for and opening new credit accounts. Opening new accounts or closing unused cards will not raise your score.

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