Simplifying The Home Buying Process

The home buying process can be daunting, especially for first-timers. When should I start looking? How much do I need for a downpayment? Fear not! With an organized approach and solid advice, you can navigate the path to your ideal home with confidence. This infographic is a great place to start:

The Home Buying Process

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Construction Loans 101: Adjustable Rates If you’re considering building a home, one of the more pressing concerns is the rate you’ll receive for a construction loan. For residents of the Carolinas, First Bank* has convenient locations to stop by for a discussion about your construction loan options. With our One-Time Close Construction-to-Permanent loan, you have the potential to build the house of your dreams. Construction-to-Permanent Loan First Bank offers a One-Time Close Construction-to-Permanent Loan.** With this loan, the cost of your lot, construction, and permanent mortgage is covered in a single loan. Our construction loan rates vary, but you can choose from a variety of fixed or adjustable rate loan options for your permanent financing. Our One-Time Close Construction-to-Permanent Loan consists of two phases: the construction phase and the permanent phase. During the construction phase, you will only make interest payments. When the construction is complete, the permanent phase modifies the loan into a permanent loan. During the permanent phase, the construction loan will be converted to a permanent loan. Other benefits of First Bank’s One-Time Close Construction-to-Permanent Loan include: No prepayment penalties A single set of closing costs Flexible use to finance a primary residence Ability to purchase your lot Benefits of Building a Home If you are thinking about building a home, consider these benefits: Customization—Building a home gives you the opportunity to make everything look exactly how you want it. Low Maintenance Costs—Because homes are built with all new materials and typically have all new appliances, you will spend less on repairs and updates. Efficiency—As technology improves, new homes are becoming increasingly more energy efficient. When you build a new home, you have the opportunity to include as many green materials as you want. Value—New homes have a longer life expectancy so they typically appraise higher than older homes. Ready to get started? You can begin your mortgage application or visit a First Bank branch to speak with a mortgage loan expert today. *Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Source: http://www.investopedia.com/articles/personal-finance/062614/should-you-buy-or-build-home.asp 2 min read

Three Tips to Building Your Emergency Savings Trying to stay on top of your finances and budgeting for monthly expenses can be stressful, especially when unexpected car repairs, job related issues, or natural disasters occur. We want to make sure that you are fully prepared in case any unexpected life altering events happen and fortunately there’s a way you can do so. Starting to build your emergency savings can help you when you find yourself in a bind. Emergency savings, or an emergency fund, allows you to build a savings buffer, so that you do not have to worry about how to pay for unforeseen financial emergencies. If you don’t know where to start with saving for emergencies, here are a few tips to help get you started. Create a budget. Creating a budget helps you estimate how much you are spending. You can adjust a budget to show how much you are spending on a monthly or weekly basis. This helps you visualize where your money is going and how much of your income you have left over after paying bills. Having a budget can also help you determine wants vs. needs. Determining needs over wants can free up more money from things that aren’t necessities. Determine how much to put into your emergency savings. Money experts recommend having three to six months’ worth of expenses saved in your emergency savings. However, once a budget has been created and you see how much extra income you have, you can decide how much is reasonable to put into an emergency fund. Don’t be discouraged if it seems like you aren’t saving enough initially. Everyone’s situation may vary and as you become more comfortable saving, adjustments can be made. Determine where to keep your emergency fund. Figuring out where to keep your emergency savings is completely up to you, but make sure to keep it in a place that is easily accessible. A few options for savings are a savings account, checking account, or certificate of deposit. No matter which option you choose, we have associates ready and available to help get you started. Find your local branch today and start getting your savings in order. Want to continue learning how to make your money go further? Take 3 min read

Simplifying the Home Buying Process

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