Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Compare First Time Mortgage Rates with First Bank

Homebuying 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

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 aspect. Once you’ve found the perfect house, the first thing you may be wondering is where to get 20-year mortgage rates, or even 30-year mortgage rates. But you may not know that you have other options. First Bank can help you determine what type of mortgage works best for you, and help structure a loan that meets your individual needs.

About 20-Year Mortgage Rates

Before we tell you where to get 20-year mortgage rates, let us explain what a 20-year mortgage is, and tell you about all of your options.

Twenty-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. These other two options could work better for you depending on your financial situation. 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. 30-year fixed-rate mortgages allow you to pay off your loan with lower monthly payments, but since the life of the loan is long, you’ll pay more interest and build equity slower than you would with a shorter-term loan.

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.

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

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
Is It Possible to Get a Mortgage Refinanced with No Closing Costs? When it comes to refinancing a mortgage, you need to spend money to save money. Closing costs can amount to thousands of dollars, depending on the home loan. This is why the prospect of a mortgage refinance with no closing costs is so attractive. But, is it real or a myth? Here’s the truth about zero-cost refinancing. What “No Closing Costs” Really Means When a mortgage refinance comes with no closing costs, consumers should be wary. That’s because there is actually no such thing as a cost-free mortgage refinance. It requires a variety of billable administrative research and work to complete: Credit report fee Appraisal Fees Settlement or Attorney Fees Title Fees Recording Fees Third party verification fees The homeowner can pay these costs at closing, or the costs can be integrated into an ongoing payment plan. When a mortgage refinance has “no closing costs,” the fine print may require higher interest rates to cover what you would normally pay at closing. Why You Pay for Closing Costs Closing costs are part of the home purchase process. Since a mortgage refinance loan is viewed as another type of home loan by lending institutions, refinance packages require the same closing procedure. Here are some of the most important closing costs: Lender’s and Owner’s Title Insurance—Protects you from any title issues and ensures you are the official homeowner. Appraisal—Confirms the value of your home and any equity gained since your initial mortgage. Survey—Identifies property lines, structural changes, and geologic features of your property. Insurance Reports—Conducted to determine if the home is in a flood zone, fire danger, etc. Loan Origination Fees—Paid for processing, lender research, and underwriting. Home Inspection—Determines if any aspects of your home are in need of repair. Settlement/Attorney Fees—One of the largest fees the borrower will pay. All of these costs are necessary components of the refinancing process. Without these services, refinancing would be extremely confusing, complicated, and time consuming. Closing Costs Can Be Regained While closing costs may seem like a high price at the time, you can regain your losses in a reasonable amount of time by locking in a great refinancing rate. First Bank can help you find the best refinancing rate for your mortgage*, so 3 min read
A living room and dining room in house The Right Age to Buy a House Although buying a house for the first time is a big decision, it turns out there is no perfect age to do it. When it comes to taking the plunge, it’s more about individual readiness. 3 min read
FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home with lenient qualifying terms and lower down payment requirements. There are, however, three major requirements that prevents people from purchasing an unaffordable home. Three Major Requirements Debt-to-Income Ratio:There are two debt-to-income ratio requirements that FHA lenders will look at in order to determine if a buyer can afford a home: Mortgage payment expense to effective income: Add your total mortgage payment and divide it by your gross monthly income. The maximum ratio to qualify is 31%. Total fixed payment to effective income: Add your total mortgage payment and all recurring monthly debt and divide it by your gross monthly income. The maximum ratio to qualify is 43%. FHA Credit: FHA loans are more lenient when it comes to qualifying terms, but there are still certain credit requirements applicants must meet. If you have no credit history, filed for bankruptcy, have a history of late payments, been foreclosed on, or sent to debt collections, it will be harder to get approved for a loan. Application: Aside from financial requirements, there are a few FHA loan application requirements buyers must meet and present to their loan officer: Address (past two years) Social Security number Names and location of your employers (past two years) Gross monthly salary at your current job(s) Information for all checking and savings accounts Information for all open loans Complete information for other real estate you own Approximate value of all personal property Certificate of Eligibility and DD-214 (for veterans only) Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement, and business balance sheet for self-employed individuals If you understand the FHA loan requirements and are ready to apply for a loan, you can apply online with First Bank.* Have more questions about FHA loans? Visit the FHA’s website, or contact your local First Bank branch to learn more. *Equal Housing Lender. NMLS #474504. Loans subject to credit approval. ——— Sources: http://www.fha.com/fha_requirements_debt http://www.fha.com/fha_requirements_checklist http://www.fha.com/ 2 min read