Happy National Financial Literacy Month!

April, like any month of the year, is the perfect time to take a look at your spending habits and build better behaviors to hit your long-term savings goals. But what makes this month especially ideal is that it’s National Financial Literacy Month!

Below, find a handful of quick and easy-to-do tips to get on the right financial track.

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Mortgage Q&A: What Are Current FHA Rates? What are FHA mortgage rates? They’re the rates associated with an FHA mortgage. FHA mortgage rates will vary based on a number of factors. There are fixed rates and adjustable rates, down payments, credit scores of all levels and other factors that will affect the interest rates. The best thing to do is contact First Bank where one of our loan specialists can help answer what current FHA mortgage rates are available to you. What are FHA Mortgages? Before you explore current FHA rates, it is important to understand what FHA mortgages are. To start, FHA stands for Federal Housing Administration. According to the U.S. Department of Housing and Urban Development, “FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans.” What are FHA Mortgage Loan Requirements? Although some requirements can vary, FHA requirements usually include: A decent credit score. To receive a FHA mortgage, applicants should have a credit score of at least 580. Applicants with a credit score below 580 may still be eligible for a FHA loan, but will most likely be required to put down a 10 percent down payment. Verifiable income. According to FHA.com, “FHA loan rules for income have more to do with stability of income, the ratio of monthly financial obligations compared to that income, and the reliability of the paychecks rather than scrutinizing the amount itself.” Why Get a FHA Mortgage? In general, FHA mortgages are easier to qualify for than conventional loans, require smaller down payments, and have lower interest rates. For buyers who have decent credit, and who do not have a lot of money to put down, an FHA mortgage can provide the chance to buy a home — a chance that many may otherwise lack. Call First Bank Today Now that you have a basic understanding of FHA mortgages, you can inquire with First Bank about what the current FHA rates are. We have representatives who are available by phone Monday through Friday to assist you. Give us a call today to get started. ———- Sources: HUD: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory FHA: http://www.fha.com/fha_credit_requirements 2 min read

From One Home to Another: Should You Sell or Buy First? It’s time for an upgrade. You're ready to sell your current home and move into a new one, but you don't know which you should do first, right? 3 min read

Need Online Payroll Services Nearby? Trust Your Local First Bank Going green isn’t only good for the environment. If you’re a business owner, turning your business into an eco-friendly venture could help you save money and attract more customers. By cutting costs in certain areas, you can spend more money focusing on things like marketing and employee growth, or just make more of a profit. Customers also love to support green businesses, and it could help your reputation to show that you care about more than your own personal success. If you own a business and want to make it more environmentally friendly, switching to online payroll services is a good place to start. Eliminating paper checks and the need for a bookkeeper can help you cut down on paper costs and save a few trees in the process. If you are ready to make the switch, you may be looking for online payroll services near you. Look no further than First Bank. We offer a variety of online payroll services sure to meet the needs of you and your business. Reduce Your Business’ Carbon Footprint With Top Payroll Companies Near You End your search for online payroll services near you at First Bank. We offer a Payroll Direct Deposit service, as well as Everywhere Electronic Payments that enable you to cut costs and reduce your carbon footprint. With First Bank’s Payroll Direct Deposit services you won’t have to play your employees by check. You will be able to deposit pay directly into their checking or savings accounts. You can also use Direct Deposit to expense reimbursements, pension payments, dividends, and other disbursements. Everywhere Electronic Payments give control of your funds until the exact moment you need them. Electronic payments can also be used to disburse funds like direct deposit of payroll, expense reimbursement, royalty payments, or vendor payments. When you provide information electronically, you will reduce the time and expense of writing, processing, and reconciling checks. Lessen your impact on the environment by visiting a First Bank branch today. We have nearly 100 locations in North Carolina and South Carolina, making it easy to find online payroll services near you. ——— Sources: USA.gov: http://www.usa.gov/topics/environment-agriculture/going-green-tips.shtml 2 min read

Small Business Startup Loans in North Carolina If you have a good idea and a little bit of business savvy, a small business startup loan can serve as the cornerstone to your fortune. Whether it’s a traditional business loan, credit line, commercial mortgage, construction loan or business credit card, First Bank* can provide the foundation you need to become your own success story. Sign up for a free small business financial consultation with one of our experts or visit your nearest North Carolina First Bank to learn more about a small business startup loan. Small Business Loans from First Bank First Bank’s small business startup loan offerings include: Lump-sum loan to finance equipment or vehicles Business credit card for all those everyday business expenses Business line of credit for continued borrowing Commercial mortgage so you can buy the business space of your dreams Construction loan for starting from scratch or renovation projects Learn more about how First Bank’s small business start up loans can help you succeed. Using a Loan to Start a North Carolina Small Business Our support for small businesses extends well beyond startup loans. Utilize our Financial Education Center to read about valuable information for small business owners including: How to evaluate a location for business potential. Tips for marketing a small business and social media strategies. Common cash management mistakes and how to avoid them. How to utilize Google to help new customers find you. Ways to thank your customers and cultivate loyalty. How to gather customer data. Come to First Bank for a small business startup loan and turn your idea into a success story! Contact us or stop by a North Carolina First Bank location near you. For even more information on First Bank, read our articles on what’s required to open a business checking account, construction loans in North Carolina, and small business credit card comparisons. Loans subject to credit approval. ——— Sources: Small Business: http://smallbusiness.chron.com/definition-business-loans-1902.html 2 min read

Happy National Financial Literacy Month!

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