FHA Mortgage Loans – Asheboro NC

Since 1935, First Bank has been a bank dedicated to providing for the community. We offer FHA mortgage loans in Asheboro, NC to help home buyers and refinancers obtain a mortgage that is beneficial for them. A FHA mortgage loan is a loan where the Federal Housing Administration (FHA) insures mortgages for qualified homebuyers or refinancers with benefits such as low down payments and flexible terms.

First Bank Can Provide FHA Mortgage Loans To Qualified Homebuyers

There are a lot of things to consider before applying for a FHA mortgage loan, like features, terms and benefits. First Bank offers a variety of fixed-rate and adjustable-rate FHA mortgage loan options. Some other features include:

Down payment options as low as 3.5%.
May allow you to use a gift or grant for all or a portion of the down payment or closing costs.
Lets you add extra features such as a temporary buy down.
You typically have to pay upfront and monthly FHA mortgage insurance premiums.

There are many benefits to an FHA mortgage loan. Probably the most notable benefit is that they require less cash upfront, which is beneficial for home buyers that can’t meet the traditional 20% down payment requirements. FHA mortgage loans are also available for all income levels.

Before applying for an FHA mortgage loan at First Bank in Asheboro, NC, it is important to consider a few things.

FHA loans have low down payments, but there are other loan products that could have the same benefits. Speaking with a First Bank loan specialist could help you determine what type of loan works best for your financial situation.
Sometimes FHA loans can be more expensive than other options and should be considered after looking at all other loan products that meet your credit qualifying and financial needs.

To learn more about First Bank’s FHA mortgage loans, click here or visit one of our Asheboro, NC branches.

Loans subject to credit approval.

———

Sources:

FHA: https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory

Share:

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...

Current Mortgage Rates 30-Year Fixed Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our real-estate loan experts can answer your questions about mortgage rates and more. What is a 30-year fixed-rate mortgage? In the most basic terms, this kind of mortgage provides you with a guarantee that the “interest rate and your monthly payments for principal and interest remain the same for the entire length of the loan.” Budget-friendly: Easily manage and plan your monthly budget without worrying about fluctuating interest rates. It also gives you more breathing room in case your current financial situation changes for whatever reason at some point in the future. Save now: A 30-year loan means lower monthly payments spread out over a longer period of time, in contrast to the high monthly payments of a shorter-term loan. This means the money you save monthly with a longer-term loan can go into your savings or investment accounts now, instead of putting it towards paying off your mortgage immediately. Get flexibility: The beauty of a 30-year mortgage is that even though you have lower monthly payments, you can choose to submit a higher payment equivalent to the monthly rate for a shorter-term loan. This means you can decrease your overall total that much more when you have a bit of extra cash in the bank, but still submit your loan’s lower payment rate when your money is a little tighter. What determines my interest rate? Mortgage interest rates vary depending on several factors, including: The economy. Mortgage rates can fluctuate in some states due to unemployment rates, default and foreclosure rates and differing property values. State laws. States that allow recourse typically have lower mortgage rates. Size of competition. When you have multiple lenders competing for your business, loan costs are typically driven down. Market conditions. An increase or decrease in home building and sales can drive interest rates up or down. Government. Government policies like the Federal Reserve can cause mortgage interest rates to fluctuate. 30-Year Fixed Mortgages from First Bank With a 30-year fixed-rate mortgage from First Bank, home buyers can enjoy a fixed interest rate 3 min read

Get a Lower Interest Rate By Refinancing Your Mortgage Today With mortgage rates remaining low, whether to refinance or not has been a common question asked among our customers. Read on to learn more about the “the what” and “why” part of refinancing if you’re debating whether or not to refinance your current loans or if you just want to know what refinancing is all about. What You Should Know About Refinancing Your Mortgage Refinancing your mortgage* means you pay off your current loan and replace it with a new one. Reasons to Refinance Reduce your current interest rate expense. For example, switching to a 30-year mortgage to lower your monthly payments. Get out of, or into, an adjustable-rate mortgage (ARM). ARMs have lower interest rates than fixed-rate mortgages to begin with, but it later leaves you open to periodic adjustments that could result in large interest rate increases. Get a better rate as the market shifts, allowing you to save money over the long term with your new loan. Contact a First Bank Specialist Today Still wondering if refinancing is right for you? Use our calculator to help you decide if it makes sense for your situation. To learn more, contact one of our loan officers to set-up a consultation at a First Bank branch near you. ——— *Loans subject to credit approval. First Bank is an Equal Housing Lender Sources: Locate a Loan Officer | First Bank Refinance Calculator | First Bank Investopedia 2 min read

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

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

FHA Mortgage Loans – Asheboro NC

Ready to talk to an expert?

First Bank Can Provide FHA Mortgage Loans To Qualified Homebuyers

Ready to talk to an expert?

You may be interested in...