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30-Year Mortgage Rate Forecast Tips A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal loan. Here are some useful tips for understanding mortgage forecasts to take advantage of the current lending climate. Tips for Analyzing a 30-Year Mortgage Rate Forecast 30-year mortgages offer multiple benefits for home buyers, including lower monthly payments and fixed interest rates. Because it is a long-term investment, it is important to lock in a good rate. Here are some tips for interpreting the current climate of 30-year mortgage rates. Track Rates Over a Few Months A mortgage forecast is a collection of data from a period of time, usually a few months or a week. There are often forecasts for the year in January, but because the market is subject to change, it can be difficult to predict the lending climate. So, in order to find an ideal rate, it is best to track 30-year mortgage rate forecasts over a period of time (a few months) to determine if you should lock in your rate now or wait until later. Your First Bank mortgage advisor can provide informed advice on this issue as well, as they follow the fluctuations of mortgage rates and are trained to predict market behavior. Know What Affects Interest Rates There are a few factors that impact the lending climate in the United States: The Federal Reserve (responsible for adjusting the amount of money put into circulation) 10-Year Treasury Yield (the anticipated return on government investment and assets) Housing Market Climate (the supply and demand for financed housing) Lending Market (current credit rating averages and requirements for loans) Inflation (rising inflation correlates with rising mortgage rates) The combination of these factors changes mortgage rates day-to-day, depending on the economy. In the past few years, for example, economic factors caused mortgage rates to significantly drop. Now that the economy is growing again, interests rates are projected to rise. Current Forecasts Currently, 30-year mortgage forecasts are fluctuating between 3% and 5%. If you are hoping to buy or refinance a home this year in South Carolina or North Carolina, First Bank can help you lock in a 3 min read

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Millennials in the Home Market Much has been made about how millennials are reshaping the world as they enter adulthood. One of the most adult decisions they can make is buying a house. We spoke to First Bank's mortgage team about how Gen Y approaches the American dream. 2 min read

Essential Homeowner’s Insurance Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance is essential for anyone interested in purchasing a home. Purchasing a home is a major life event, so you want to make sure your investment is protected and insured. So, how does homeowner’s insurance work? You pay an annual premium and choose a deductible amount to be paid when you file an insurance claim. That premium is generally paid on a monthly basis as a part of your mortgage. If an event that’s covered by your policy damages your home, such as a fallen tree or fire, you should immediately contact your insurance company to file a claim. The company sends an adjuster to assess all of the damage once your claim is filed. Based on his or her notes, your insurance company will offer a sum of money for repairs, then settle the claim. The amount may be negotiable if you feel it’s not substantial enough to cover the cost of repairing or rebuilding your home. Keep in mind, however, that filing more than 2-3 claims, especially for minor losses, can backfire and lead to an increase in your annual premium. What Kind of Coverage Does Homeowner’s Insurance Include? Without home insurance, it’s likely that you wouldn’t be able to afford the cost of home repairs or rebuilding. With the average cost of a claim coming in at approximately $7,500, even filing one claim in the entire span of your insurance policy can make it worth the protection. Here are some common claims homeowners file: Interior damage—Any accidental damage to your house’s interior is covered by home insurance, including water damage, theft, fire, paint peel, and glass breakage. Exterior damage—A large portion of claims are made up of exterior insurance claims, particularly to repair damage resulting from storms. This kind of claim is particularly applicable to homeowners in wooded or coastal areas who have a higher risk of damage from lightning, wind, or falling debris. Total destruction—While this kind of claim is less common than others, it’s the “most common insurance” offered. The average home value 3 min read

Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings. Curious to see how much you could save with current rates? Use our refinance calculator for home mortgages to see how you can take advantage of major financial perks. Why Refinance Home Mortgages? Home mortgages are contracts. When the contract is signed, the interest rate selected by the homeowners is locked in until the terms of the contract have been satisfied or revised. The interest rates for home loans fluctuate daily. If interest rates are steadily dropping, homeowners can refinance to save money and improve their financial standing. Benefits of Home Loan Refinancing Refinancing is a readjustment of your mortgage loan to benefit your finances in the following ways: Lower monthly payments Build home equity faster Improve credit Change to adjustable or fixed-rate plans When homeowners choose to refinance, they can generally expect to pay off their loan faster. 30-year mortgages can be refinanced to 12 or 10-year loans. Although it may sometimes increase the anticipated monthly payment, you can cash in on equity or sell for an increased value. When Is a Good Time to Refinance? When considering refinancing home mortgages, many homeowners weigh the closing costs with the savings achieved over time. It’s also important to think about the length of time you will live at the property. What to Do Next If You Want to Refinance After you’ve reviewed your savings on our refinance calculator for home mortgages, you may be interested in taking the next steps towards refinancing. Before making an appointment with your First Bank loan officer, make sure you have the following information updated: Current mortgage type Payment history Current credit report Outstanding debt Evidence of home renovations Evidence of home improvements/repairs Your loan officer will use this information to determine what kind of refinancing you may qualify for. There are plenty of options, and we can guide you in selecting the best package for your personal goals. Contact us today to apply for mortgage refinancing. *Loans are subject to credit approval ——— Sources: http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php 2 min read

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