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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New Construction vs. Existing Home: Points to Ponder if you’re weighing the pros and cons of buying a new versus an existing home, you won’t make a decision based on aggregate data. You’ll be comparing specific options. Here are some factors to consider. 3 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

Jumbo Home Mortgage Loans If you are thinking of buying a home with a higher property value and can handle larger monthly mortgage payments, a jumbo loan could be a suitable option for you. Jumbo loans are typically offered with the same options as conventional loans, and you may even be able to add extra features, such as interest-only payments or temporary buydowns. What Is a Jumbo Mortgage Loan? A jumbo home mortgage, or non-conforming, loan is any mortgage amount that exceeds the conforming loan limit set by the Federal Housing Finance Agency. Because jumbo loans cannot be issued by Fannie Mae or Freddie Mac, they often carry more credit risk and have slightly higher interest rates than other loan options. The current conforming loan limit is set at $510,400 for a one-unit property in the contiguous United States (including D.C. and Puerto Rico). So, if you want to buy a house for more than $510,400, your loan will be considered jumbo. Jumbo loan limits also vary depending on location of property and number of units on it. In Alaska, Guam, Hawaii, and the U.S. Virgin Islands, jumbo loan limits are higher. Things to Consider: Interest rates are usually slightly higher with jumbo mortgage loans than on conforming loans with lower amounts. If you choose the interest-only option, you cannot build equity through monthly payments without making voluntary principal payments during the interest-only period. Jumbo Loans from First Bank: First Bank offers jumbo loans in a variety of fixed-rate and adjustable-rate options. To learn more about our Jumbo Loans or any of our other home mortgage options, visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ———- Sources: Jumbo Mortgages: Definition, Rates and Loan Limits http://www.investopedia.com/terms/j/jumboloan.asp https://localfirstbank.com/mortgage/loans-programs/jumbo-loans/ Locations 2 min read

Buying Your First New Car: What to Know It’s a moment to savor: getting your first vehicle, enjoying the new-car smell, taking pride in ownership. Here are some things to consider before you sign on the dotted line. 3 min read

Happy National Financial Literacy Month!

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