Realtor vs. For Sale by Owner [INFOGRAPHIC]

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First Bank partners with Habitat for Humanity to promote housing affordability There’s no place like home for the holidays. The benefits of homeownership reach far beyond the financial investment and earned equity. Owning a home means long-term security and stability for individuals, families, and economies to thrive. This holiday season, we’re reflecting on our Power of Good commitment to Housing Affordability and our partnership with Habitat for Humanity. “Greater tax generation, creation of jobs, opportunities for economic development, increased job retention and productivity, and the ability to address inequality — all are among the economic benefits of increased access to quality, affordable housing.” – Habitat for Humanity What does housing-affordability mean? While many factors impact what affordable means to each buyer, housing policymakers generally use the 30% rule that states no more than 30% of your income should be spent on housing. In areas where the average home prices and rental rates exceed the 30% rule for the average citizen’s income, housing is deemed unaffordable and residents are considered to be housing cost-burdened. Nationwide, U.S. Census Bureau data shows that 40% of renters meet the definition of cost-burdened. Additionally, an October 2023 report from Redfin suggests that homebuyers must now earn a $115,000 annual salary to afford the median-priced U.S. home – that’s up more than 50% since the start of the COVID-19 pandemic. Housing affordability snapshot on the Carolinas As population growth continues to rise across North and South Carolina, it’s proving difficult to keep up with the increase in demand for housing. Many experts point to the combination of limited supply and growing demand for the sharp rise in housing costs. Cost-burdened households in North Carolina represent 45% of renters and 19% of homeowners while in South Carolina those numbers are 50% and 25% respectively. What are the impacts of cost-burdened households? Households that spend more than 30% of their budget on housing oftentimes experience a snowball effect on other areas of their budget. Many housing cost-burdened households experience food insecurity and are forced to make difficult decisions like choosing between paying a bill or seeking medical care. This also makes it difficult to save for emergencies in the future, and places more reliance on credit card spending. When these difficult circumstances at an individual level become compounded, the entire community’s wellbeing becomes marginalized. First Bank’s commitment to affordable housing As a First Bank client, you’ve made the decision to invest in your community. Our designation as a community bank means that we will always prioritize investing in the communities where we do business. Unlike banks who operate nationally or globally, First Bank is committed to the Carolinas. Banking with First Bank allows you to keep your hard-earned money within your community – where it can do the most good for your neighbors. Our First Bank Power of Good corporate citizenship program has made the following investments in affordable housing: 6 min read

Cool Crops for Chilly Days: How to Plant a Fall Garden, Part 1 To get the inside dirt on gardening goodness, we talked to Julie Thompson-Adolf, who is a master gardener, South Carolina resident, and owner of Garden Delights. 3 min read

How Local Produce Leads to Local Innovation When you take a bite of an apple or dig into some leafy greens, do you ever think about where they came from and how they were grown? With the wealth of information available via the Internet, wary consumers in North Carolina (and beyond) are getting invested in and engaged with where and how their food is produced, from the chemicals involved to the methods used to get the goods from the farm to their forks. It’s no surprise that many are finding it’s often more beneficial for their bodies, their families, and their communities to purchase food products from local farms. Paul Jones, Media Marketing Specialist of the North Carolina Department of Agriculture, explains that the interest in organic, locally grown food is nothing new in North Carolina. “Agriculture has such a rich heritage in North Carolina and continues to be the state’s top industry,” he explains. “I think both those factors contribute to our strong interest in local food.” But the rebirth of the farm-to-table movement nationally has been “tremendously beneficial” to farms that dot the state, says Jones. One such business is Pine Knot Farms located in Hurdle Mills, North Carolina. Pine Knot Farms: Organic Original The Orange County farm was originally built for large tobacco crops but is now known more for its certified organic vegetables including collards, kale, and sweet potato greens. Owner Stanley Hughes and his wife, Linda Leach Hughes, are proud to carry on the century-old tradition of organic farming that started when Stanley’s grandfather purchased the land in 1912. “Back in the day, they were farming organically, but there was no term for it,” says Linda. “It was just the way things were done. This land is over 100 years old and has never had any chemicals on it.” Stanley says that the local movement has led to increased demand of Pine Knot’s organic products. “We’ve seen an increase of 15-25% a year in the last 10 years because folks are more educated about what they eat.” Buying Local Helps Local Economies And they are not alone. The Hughes say they have seen many other farms benefiting from consumers who keep their food spending within the community. “It’s helped them to maintain 5 min read

Current Mortgage Rates 30-Year Fixed Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our real-estate loan experts can answer your questions about mortgage rates and more. What is a 30-year fixed-rate mortgage? In the most basic terms, this kind of mortgage provides you with a guarantee that the “interest rate and your monthly payments for principal and interest remain the same for the entire length of the loan.” Budget-friendly: Easily manage and plan your monthly budget without worrying about fluctuating interest rates. It also gives you more breathing room in case your current financial situation changes for whatever reason at some point in the future. Save now: A 30-year loan means lower monthly payments spread out over a longer period of time, in contrast to the high monthly payments of a shorter-term loan. This means the money you save monthly with a longer-term loan can go into your savings or investment accounts now, instead of putting it towards paying off your mortgage immediately. Get flexibility: The beauty of a 30-year mortgage is that even though you have lower monthly payments, you can choose to submit a higher payment equivalent to the monthly rate for a shorter-term loan. This means you can decrease your overall total that much more when you have a bit of extra cash in the bank, but still submit your loan’s lower payment rate when your money is a little tighter. What determines my interest rate? Mortgage interest rates vary depending on several factors, including: The economy. Mortgage rates can fluctuate in some states due to unemployment rates, default and foreclosure rates and differing property values. State laws. States that allow recourse typically have lower mortgage rates. Size of competition. When you have multiple lenders competing for your business, loan costs are typically driven down. Market conditions. An increase or decrease in home building and sales can drive interest rates up or down. Government. Government policies like the Federal Reserve can cause mortgage interest rates to fluctuate. 30-Year Fixed Mortgages from First Bank With a 30-year fixed-rate mortgage from First Bank, home buyers can enjoy a fixed interest rate 3 min read

Realtor vs. For Sale by Owner [INFOGRAPHIC]

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