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Construction Loans NC The thought of building a new home can be daunting. All that planning. All that work. And all that money. At First Bank, we can’t design a floor plan or hang drywall, but we can make that last part a little easier to manage. We offer One-Time-Close Construction to Permanent Loans at all of our North Carolina branch locations as a way of financing your lot, construction, and subsequent mortgage all under one easy-to-manage plan. One-Time-Close Construction to Permanent Loans Our One-Time-Close Construction to Permanent Loans offer 12 months of financing through the construction phase with the ability to seamlessly convert to your permanent mortgage once your home is completed. The details of our One-Time-Close Construction to Permanent Loans in North Carolina include: A selection of adjustable-rate loan options and a fixed construction interest rate for 12 months Interest-only payments during the construction phase No penalties for prepaying the loan and a single set of closing costs Loans for construction only also offered Applying for a construction loan in North Carolina is easy with First Bank. Simply gather your financial and property information, then contact a loan specialist to get the process underway or apply online. If you need more information about One-Time-Close Construction to Permanent Loans before you take the next step, that’s not a problem. We have a collection of articles, guides, and tips about home building and construction loans that are sure to answer any questions you may have. You may also use our mortgage calculator or find a North Carolina mortgage specialist near you. First Bank is also happy to offer One-Time-Close Construction to Permanent Loans with flexible terms and competitive rates to businesses. Let us help you manage the financing of your construction project. We’ll leave the rest up to you. Apply online today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/fixedinterestrate.asp Investopedia: http://www.investopedia.com/terms/a/arm.asp 2 min read

10-Step Program for First-Time Homebuyers If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that requires you to be well-informed and careful. In an article by award-winning writer Gina Roberts-Grey, she outlined the top 10 steps all first-time home buyers must consider before taking the plunge: “Review your financial health”—Before you dive into listings and open houses, it’s vital that you evaluate your financial situation. This ranges from your savings to your bills to your 401k; you need to be sure you can afford the expense. “Check into benefits for first-time home buyers”—You can discover options, including tax benefits, that can make the property more affordable. Look into what deals you can find as a first-time homebuyer. “Meet with lenders”—Meet with lenders and present your financial and benefit findings. A lender will assess your credit score and the amount you can qualify for on a loan and will discuss your assets (savings, 401(k), etc.) and debt, as well as any local programs that might be available for down payment assistance. “Shop around for a mortgage”—As you’re searching for pre-approval, don’t take the first offer. Spend time looking at what different lenders can offer. And keep in mind that “pre-approved” and “pre-qualified” are two different things. “Have a backup lender”—Many factors can affect whether or not your mortgage application is approved, including market changes and shifting guidelines. A backup lender that qualified you for a mortgage loan can give you an alternate way to keep the process on, or close to, schedule. Find a realtor—If you’ve reached this step, congratulations. This means you’re ready to find a real estate agent. When you’re looking for a realtor, it’s best to look for one who works with a team of people who can offer suggestions about home inspectors, insurance agents, etc. Decide on a neighborhood—Narrow your search area to help give you a better idea of what you want and can afford. Two primary factors to consider are neighborhood taxes and length of commute to work. When you find a property, crunch your numbers again—At this step, you’ve found your dream home 4 min read

What are 30-Year Mortgage Rates? If you are thinking about buying a home, you may be asking the question, “What are 30-year mortgage rates?” There are many ways to figure out the current average 30-year mortgage rates, but the best way to find out about rates near you is to ask a local mortgage lender, like First Bank. Get Competitive 30-Year Mortgage Rates at First Bank First Bank offers a variety of home loans with competitive mortgage rates, including a 30-year, fixed-rate conventional loan. 30-year fixed-rate mortgages are some of the most popular mortgages, as they provide homeowners with a fixed interest rate and lower monthly payments. Benefits and features of First Bank’s 30-Year Mortgage include: Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan Predictable monthly P&I payments allow you to budget more easily Protection from rising interest rates for the life of the loan May be a good choice if you plan to stay in your home for a long time Tips for Paying Off Your 30-Year Mortgage A 30-year mortgage does not have to be a 30-year commitment. Plenty of people pay off their mortgages early and you can too. Money Smart Guides provides some great tips for how to do it. Use tax refunds. If you get a sizable tax refund each spring, put it toward your mortgage. This could be the equivalent of making six months worth of mortgage payments at once. Pay extra early. The early payments of a mortgage go mostly to interest while the later stages involve more principal. Paying hundreds extra now can save you thousands later. Pretend to refinance. In other words, calculate how much it would require you to pay each month to pay off your 30-year mortgage in 15 years or 20 years and commit to it. Round up payments. Bump up your monthly payments to the nearest round number. You won’t notice the missing money now but you will when it shaves years off your mortgage. Note: some lenders penalize homeowners for prepaying their loan. Before you prepay your loan, it is best to research prepayment penalties in your state. Find a Good Place to Start What good are 30-year mortgage rates if you don’t find a 3 min read

Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read

What Are 15 Year Mortgage Rates? What are 15-year mortgage rates? It seems like a long time doesn’t it? But when you really think about it, 15 years is nothing. Think of all the things you’ve done, the places you’ve been and the people you’ve met in the last 15 years. Where does it all go? For a different perspective, consider that the average American will spend nine years of their life watching television, four years driving a car and 2.5 years cooking. Add it all up and in the time you spend doing those three things you could’ve paid off a 15-year mortgage. First Bank’s Mortgage Know-How center has a number of resources for anyone wanting more information about what 15-year mortgage rates are. About 15-Year Mortgage Rates You can call our mortgage help center at 1-844-855-2262 to seek answers to your questions or expert guidance Use our mortgage calculator to estimate your monthly payments for a 15-year mortgage, determine if you should rent or buy or calculate refinancing savings Complete a loan application online if you are seeking 15-year mortgage rates Our Mortgage Know-How center has articles, tips and guides for first-time buyers, experienced buyers, refinancers and builders You can go online to print necessary forms, check your loan status or contact us for information regarding your loan Get a free consultation with one of our loan officers With more than 100 locations across the Carolinas, there’s a First Bank loan expert near you who will be happy to get the loan process started. With First Bank, you’re sure to find the right mortgage option for your needs.* We offer conventional loans of both adjustable and fixed rates. We have jumbo loans, government loans such as rural housing, FHA loans, construction loans for builders and professional loans for doctors, CPAs, and lawyers. So if you’re seeking 15-year mortgage rates, let First Bank be your time machine and watch the years go by. Loans subject to credit approval. ——— Sources: Distractify: http://news.distractify.com/dark/trivial-facts/astounding-facts-about-how-we-actually-spend-our-time/ 2 min read

First Time Buyer? For most of us, buying a home is the largest purchase we’ll ever make. If you are a first-time homebuyer, you may be asking questions like, “What is a first home mortgage?” What is a First Home Mortgage? A first home mortgage is a loan you will use to purchase your first home. These loans can come in a variety of forms, from conventional home loans to FHA loans for first-time homebuyers. First Bank offers the following mortgage loans* for first-time homebuyers: Conventional Loans Government loans Professional loans Construction loans Jumbo loans In addition to providing a selection of mortgage opportunities, First Bank also offers a wealth of information about what a first home mortgage is and what can be expected when shopping for your first home. Tips for Buying Your First Home Knowing what a first home mortgage is can go a long way toward easing the process of turning that key for the very first time. U.S. News and World Report highlighted some of the most common mistakes first-time home buyers make and how you can avoid them. Among them were: Searching for your dream home before being pre-qualified for a loan. The reality of what a first home mortgage is can be vastly different than what you were hoping for. Take the time to seek out a mortgage loan specialist at a place like First Bank so you can find out what you can afford and what your expected monthly expenses will be. Thinking short-term. First-time buyers are often so focused on moving in that they don’t ever consider moving out. Chances are, you’ll one day be ready to move into another home as you start a family or change jobs. Think about the factors that will affect how you’ll be able to sell your home in five years such as economic growth in the area or neighborhood expansion. Making an emotional decision. It’s important to sign a mortgage paper with your head and not with your heart. You may be overlooking some serious red flags such as expensive repairs, structural damage, or mold simply because you’re in love with the open layout. Find a First Bank Near You Ready to get started? Check out First Bank’s guide 3 min read

What Are 30-Year FHA Mortgage Rates? If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates are, the most accurate way to find out is to visit your local First Bank and ask about our FHA mortgage loans. Determining 30-Year FHA Mortgage Rates Securing a good 30-year FHA mortgage rate depends on a few different factors, including: How much you can put forth as a down payment Whether the loan is fixed or adjustable-rate If the loan is adjustable-rate, your margin Your credit history and current finances What is an FHA Mortgage Loan? The recession experienced in the last decade caused a dip in the housing market. This downward trend of the housing market has led to an increasing popularity of FHA mortgage loans. But before you shop around for what all the current 30-year FHA mortgage rates are, it’s important to know exactly what FHA loans are. An FHA loan is a mortgage that is insured by a government agency called the Federal Housing Administration. By purchasing mortgage insurance, borrowers are often able to secure low interest rates under more flexible qualification requirements. A few key facts about FHA mortgages include: Down payments for an FHA loan can be as low as 3.5%. This is well below the traditional down payment of up to 20%. FHA loans allow for sellers, lenders or builders to contribute to the closing costs on the buyer’s behalf. The lender must be FHA-approved. First Bank is an example of an FHA-approved lender with 30-year FHA mortgage rates. Mortgage insurance is required. This protects the lender from loss as a result of a default and is what opens the door for low down payments and interest rates. Visit Your Local First Bank Today If you want to know what 30-year FHA mortgage rates are, contact your local First Bank representative. Use a loan officer finder to locate a First Bank loan specialist near you and set up a consultation. If there’s no First Bank loan officer near you, simply fill out our online application and a mortgage specialist will contact you to address your needs.* *Loans subject to credit approval. ——— 2 min read

15-Year North Carolina Mortgage Rates Looking for information and assistance in choosing a 15-year mortgage rate that suits your needs? First Bank has a North Carolina location nearby that can help you with your decision to invest in a 15-year mortgage. 15-year North Carolina mortgage rates can vary and depend on a number of factors with your application, but to get a rough idea of the current average rates check out the Mortgage News Daily. 15-Year North Carolina Mortgage Rates | First Bank First Bank offers conventional fixed-rate mortgages in terms of 15, 20, and 30 years. Our 15-year fixed-rate mortgages offer predictable monthly payments, as your interest rate and your total monthly payment of principal and interest will remain the same for the duration of the loan. Benefits include: Predictable monthly P&1 payments allow you to budget easily Protection from rising interest rates for the duration of the loan Overall interest paid on 15-year mortgages will be less than other longer-term loans Understanding Mortgage Rates in North Carolina One advantage of a 15-year mortgage rate is that it has a more competitive interest rate than that of its 30-year counterpart. A 15-year mortgage rate may allow the borrower to pay less interest over the duration of the mortgage and build equity more quickly. However, the disadvantage is that your monthly mortgage payments might be higher than that of a 30-year mortgage because you are essentially paying off the mortgage in half the amount of time. Mortgage rates come in the form of fixed or adjustable. The advantage of a fixed-rate mortgage is that your interest rate and mortgage payments will never change during the lifetime of your mortgage. Because of this stability, fixed-rate mortgages are the most popular kind of home mortgages. Adjustable rate mortgages (ARM) come with a fluctuation of interest rates from year to year that are dictated by and reflective of the market. Regardless of the type of the mortgage you choose, the payment of principal itself is only a portion of what’s included in a monthly mortgage payment. Borrowers also must pay the interest, and typically property tax, property insurance, and sometimes mortgage insurance. Compare 15-Year NC Mortgage Rates at First Bank First Bank has several convenient locations in North Carolina and offers mortgages of 3 min read

Mortgage Basics 101 Understanding mortgages can be difficult, which is why we’ve put together some information to guide you through the mortgage basics. You don’t need an advanced degree in economics to understand the financing of your home. A crash course in mortgage basics will suffice, and First Bank has the resources to help you learn the ins and outs of a mortgage. Mortgage Basics 101 What is a mortgage? According to Investopedia, at its most basic, a mortgage is a loan used to purchase a house. While this definition may seem simple enough, home loans are complex. There are many different types of home loans and each can have varying terms and interest rates. Types of mortgages. Mortgages can be broken down into two main categories—fixed-rate and adjustable-rate—and each category can include different loan types. Fixed-rate mortgages are popular because the interest rate stays the same throughout the life of the loan and they typically have less complicated terms. Adjustable-rate mortgages are loans in which the interest rate can change. Adjustable-rate mortgages typically have lower initial interest rates than fixed-rate mortgages, which means your initial monthly payments will be lower. Getting a mortgage. Before you apply for a mortgage, it helps to understand the types of mortgages available to you, how much house you can afford, and what you will need to apply. And one of the best ways to find out this information is to use mortgage tools from First Bank, from mortgage calculators to application help, we make the process of purchasing a home as simple as possible. Help from First Bank’s Mortgage Center By visiting our Mortgage Center, you can get the benefits of a crash course in mortgage basics through a host of services, including: Mortgage Know-How. This is a collection of blogs, articles, tips, and guides for first-time or experienced home buyers, builders, or refinancers. Calculators. Use these tools to calculate how much house you can afford, determine whether you should refinance or not, decide to buy or rent, or figure out how much you can save by increasing your mortgage payment. Application Help. We give you the opportunity to fill out a mortgage application online to expedite the process, but if you need help with the application, simply contact one of our home loan experts. Loan 3 min read

Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance) A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest decisions you ever make, so it is important to know how much your mortgage payment will be each month after taxes and insurance are added, so you can know how much house you can afford. How Much House Can I Afford? First Bank* provides a mortgage loan calculator with taxes and insurance for potential homebuyers who want to estimate their monthly payments before applying for a loan. Before you use the calculator, you will need to gather the following information: Loan term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Once you have all of the necessary information, you can click here to calculate your potential monthly mortgage payment.** Applying for a Home Loan Now that you’ve calculated how much house you can afford, you may be ready to apply for a mortgage loan. You can get the homebuying process started by visiting First Bank’s online Mortgage Center. Our Mortgage Center provides you with tools, tips, and tricks to help you find a loan that meets all of your needs. Whether you are a first-time home buyer or ready to build your vacation home, we can structure a loan to meet your needs. First Bank offers a variety of home loan options*** with competitive interest rates, including : Conventional loans Government loans Professional loans Jumbo loans Construction loans Dream It, Own It loans The path to quickly finding an affordable home loan starts at First Bank. When you’re ready to apply, all you have to do is start an online application or visit your local branch to speak with one of our home loan experts. *Member FDIC. Equal Housing Lender. NMLS #474504. **Determining exact rates and payments can be a complex process. Your exact rates and payment amounts will depend on a number of factors including geographical location and personal financial information. This tool provides you with an estimate of payments based on the information you put in but does not guarantee them. Loans are subject to credit and collateral approval. ***Loans subject to credit approval. 2 min read

Home Mortgage Calculator from First Bank A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking a vacation home. You can even discover how much money you might save by increasing your mortgage payment with a calculator. Home Mortgage Calculators from First Bank Whether you simply want to know how much of a house payment you can afford or you are trying to determine if you should rent a home or buy one, First Bank has a home mortgage calculator that can help. With our home mortgage calculators you can: Determine How Much House You Can Afford – Home Mortgage Calculator What you’ll need to know: Term in years Purchase price Percentage down Interest rate Annual tax Annual insurance Decide Between Refinancing or Keeping Your Current Loan – Home Mortgage Calculator What you’ll need to know: Loan amount Annual property taxes and insurance Term in years Interest rate Determine Whether You Should Rent or Buy – Home Mortgage Calculator What you’ll need to know: Monthly rent Yearly rent increase Home purchase price Loan amount Term Find Out How Much Money You Can Save by Increasing Your Mortgage Payment – Home Mortgage Calculator What you’ll need to know: Principal balance Interest rate Monthly payment Additional monthly payment Mortgages from First Bank First Bank offers a variety of home mortgage options,** including: Conventional loans—Fixed or adjustable rates. Jumbo loans—For higher property values. Government loans—Lower rates and closing costs. Professional loans—For physicians, CPAs, dentists, and attorneys. Construction loans—For land, construction, and home mortgage. To learn more about our home loan options or how one of our home mortgage calculators can help you prepare for the future, contact or visit your local First Bank branch. *Member FDIC. Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read

Where To Get 20 Year Mortgage Rates When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial part. Once you’ve found the perfect house, the first thing you may be wondering is where to get 20-year mortgage rates. First Bank can help you determine what type of mortgage works best for you, and help structure a loan that meets your individual needs. What are 20-Year Mortgage Rates? 20-year mortgages are typically offered as fixed-rate mortgages, meaning your interest rate—and your total monthly payment of principal and interest—will stay the same for the entire term of the loan. A fixed-rate mortgage offers a predictable monthly payment, making it easier for you to follow your budget. With fixed-rate mortgages, you also have the option to take them out in 15 or 30-year terms. While a 20-year mortgage helps you pay off your home faster and build equity quicker than longer-term fixed-rate mortgages, a 15-year mortgage will help you pay it off even faster, and pay less interest. However, 15-year mortgages have higher payments than other longer-term mortgages. Additionally, 30-year fixed-rate mortgages allow you to pay off your loan with lower monthly payments, but since the life of the loan is longer, you’ll pay more interest and build equity slower than you would with a shorter-term loan. Visit Your Local First Bank First Bank offers conventional fixed-rate mortgages in 15, 20, and 30-year terms, and we also offer adjustable-rate mortgages. To learn more about our loan options, or if you’re still wondering where to get 20-year mortgage rates, visit your local First Bank branch. Our loan experts will be happy to teach you more about mortgage loans and rates, or help you structure a loan* that meets your needs. *Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/fixed-rate_mortgage.asp 2 min read

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