Happy National Financial Literacy Month!

April, like any month of the year, is the perfect time to take a look at your spending habits and build better behaviors to hit your long-term savings goals. But what makes this month especially ideal is that it’s National Financial Literacy Month!

Below, find a handful of quick and easy-to-do tips to get on the right financial track.

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3 Reasons to Use a Commercial Building Loan Calculator If you’re looking to build or to purchase a commercial building, it’s a great idea to start with a commercial building loan calculator. It can give you a sense of how much to borrow for the property you’re hoping to purchase, what your loan payments might look like each month, what amortization does to your loan, and whether the provider of the commercial building loan calculator might make a good financial partner. First, let’s start with what a commercial building loan is. Much like a mortgage loan is used to purchase or refinance a home, a commercial building loan is used for an office space or piece of property that will be used or owned by a business. Commercial building loans (aka commercial mortgages) are typically funded by a bank or another type of financial institution and often require collateral. The collateral for your commercial building loan is usually the commercial property or real estate that your business wants to buy, build, or refinance. As with most type of loans, the lending partner will take into account your creditworthiness and ask for documentation of your business (e.g. tax returns, bank statements, balance sheets, etc.). See what it takes to apply for a business loan. Commercial Building Loan Calculator Benefit One: Get a Sense of Payment Amounts By using a commercial building loan calculator, you can figure out how different interest rates impact your loan. Plus, you can adjust the term of the commercial building loan to see the amount the lender expects you to pay back each month and how long it might take you to pay off your loan. The “term” of a commercial building loan is the time limit (in years) within which the loan must be repaid. Commercial building loans are offered in a variety of terms lengths. Commercial Building Loan Calculator Benefit Two: What Does It Mean to Amortize A commercial building loan calculator can also give you an idea of what different amortization does to your commercial mortgage. This is because amortization determines how much principal and interest you pay back each month on your commercial building loan. Note that if the number of years you choose to amortize is longer than the term of 4 min read

Saving for College – North Carolina Paying for college begins well before your child ever sets foot on campus. Saving for college from day one is an effective way of combating the rising costs of today’s colleges and universities. There are nearly 200 colleges in North Carolina and with our numerous branch locations, First Bank helps students from across the state afford a college education. Save for College with First Bank First Bank offers several options for college saving for children in North Carolina. MyFirst Savings is a savings account for children under the age of 18. Set up the account when your child is young and begin funding it. You can deposit birthday money from relatives, inheritances or money your child earns from working a job in high school. The account earns interest on any balance so you’ll begin growing your money from day one. Everywhere Savings is a basic savings account that begins earning interest with any balance. Campus Checking is a convenient account for students heading into or already attending college, with no monthly fees*. Secured Card allows your student to start to safely build a credit history before going or while away at school. Our HELOC leverages the equity you have in your home for large purchases and can even be used for college tuition. Getting an early start is the key to saving up for college but it’s never too late to start. If you begin contributing to a savings account now, your child could have the necessary funds to get them through college. Student loan debt can be a long-term burden for you or your new college graduate. Begin building a bridge to your child’s future today with a savings account from a North Carolina First Bank. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch. Federal regulations limit withdrawals or preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of 3 min read

New to Working From Home? Here’s How to Do It Safely To help mitigate the threat of COVID-19, businesses and employees are finding themselves taking part in the biggest “work from home” experiment ever tried. If you are one of those business owners or employees, here are some security tips to help protect you and your data while you work in your home office. 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

Happy National Financial Literacy Month!

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