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A New Mortgage Loan Process is Here. Are You Ready?
TRID (an acronym for the TILA-RESPA Integrated Disclosure Rule regulation) is a federal initiative that aims to streamline the mortgage loan process for borrowers that rolled out at the end of 2015. At its heart, it’s designed to help our customers know the ins and outs of their loans before they sign on the dotted line. What It Does Let’s dig into that more and break it down into TRID’s 3 major benefits. First, TRID ensures that customers...
Government Loans
FHA Loans The Federal Housing Administration (FHA) insures mortgages for qualified homebuyers and refinancers with special features like low down payment requirements and lenient qualifying terms. As with many other government programs, the FHA loans are subject to maximum loan amounts that may apply based upon region but there are no maximum income limits. Details Terms Apply Online Details Features Available in a variety of fixed-rate and...
Conventional Loans
Conventional Adjustable-Rate Mortgages Adjustable-rate mortgages (ARMs) have an interest rate that will change periodically depending on shifts in a corresponding financial index that’s associated with the loan. Generally, when the rate changes, your monthly payment will increase if rates go up and decrease if rates fall. Details Terms Apply Online Details Features Your interest rate and monthly principal and interest (P&I) payments remain...
Catching Up With A MedPro Loan Program Customer
If you’re a physician, dentist, optometrist, Pharm.D pharmacist, ophthalmologist, podiatrist, osteopathologist, or veterinarian purchasing a primary residence, First Bank offers the MedPro Loan Program, which allows for up to 100% financing. That’s no money down, and better yet, no mortgage insurance. We caught up with one MedPro loan customer, dentist Jim Woodard of Rocky Mount, North Carolina. He and his wife Liz recently bought their first...
3 Surprising Facts About Small Business Loans
Image of Southern Pines diorama built by Jim McNiff When the time comes to invest in new resources, a small business loan can help you stimulate production and grow. But what should you expect when applying for a loan? Is the road to approval quick and effortless, or is obtaining financing a complex, protracted process? The answer, it seems, lies somewhere in between. According to Greg Britt, a First Bank Regional Credit Officer in Greenville,...