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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

Fraud Protection: 5 Reminders to Avoid Smishing and Vishing Scams Use these five helpful reminders to stay safe: Stay on alert for suspicious SMS text messages stating payments have been made using your account or Zelle information. These types of messages are called smishing. Phishers send a text, supposedly from your financial institution, asking you to confirm transactions made from your account by responding with a simple “Yes” or “No”, prompting a possible phone call from them immediately after. Do not respond to these types of messages. Instead, call your financial institution directly to confirm they have sent you a message about your account or to make sure there are no actual unknown transactions. When calling your financial institution, always call the number from the institution’s website or the number found on the back of your debit/credit card. If you feel you have been a victim of an SMS text messaging scam, call your financial institution for immediate assistance. Find more on smishing, voice phishing, and Zelle fraud explained by Brian Krebs, author of Krebs on Security, using the links below: SMS About Bank Fraud as a Pretext for Voice Phishing – Krebs on Security The ‘Zelle Fraud’ Scam: How it Works, How to Fight Back – Krebs on Security Need extra information on how to protect yourself and your information? Check out our free online course on Identity Protection. Identity Protection – First Bank 2 min read

Five Reasons to Refinance Your Mortgage Banking professionals suggest mortgage refinancing when homeowners want to replace their current loan with a new one, often to reduce monthly payments or lower interest rates. With a mortgage refinance, your current loan is paid off and replaced with a new one. This can be a great option for borrowers with good credit who want to alter their current loan. But refinancing could be risky for borrowers with less than perfect credit. Check out our list of reasons to refinance and see if you could benefit from refinancing your current mortgage. 5 Reasons to Refinance Lower interest rates—If mortgage rates have dropped since you first took out your loan, you could secure a lower rate by refinancing. Lower monthly payment—Lowering your interest rate could have a dramatic impact on your monthly payment. If you intend on staying in your home for several years, lowering your payment could help you save. Shorten loan term—When interest rates fall, homeowners can often significantly shorten their loan term by refinancing without much increase in their monthly payment. Convert between adjustable-rate and fixed-rate—With adjustable-rate mortgages, your initial interest rate may be low and and then increase over a period of time. Refinancing to a fixed-rate mortgage could allow you to avoid an increase in rate. Cash out to make a large purchase—If you have equity in your home, refinancing enables you to cash out on that equity without taking out a loan, such as a home equity loan. A lot of people will use this cash to pay for home repairs, college tuition, or make a large purchase, such as a car. These types of refinances are typically easy to complete and may even be tax deductible. If you still aren’t sure if a mortgage refinance is right for you, visit our online refinance calculator to see how much you could save, or visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ——— Sources: https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/ 2 min read

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Considering Long-Term Care Insurance? Read This First If you’ve worked hard, invested wisely and had some luck, you should have enough income after retirement to live comfortably. But what happens if you develop a chronic illness or disability in your golden years? 4 min read

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