Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Mortgage Basics

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.Mortgage Basics

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 Comparisons. See a comparison of all our different loan options, so you can select the one that is right for you. Choose from conventional, government, jumbo, professional, or construction mortgages.
  • Find a Loan Officer. Enter your location to see the nearest First Bank home loan officers to you, or fill out a short form to have a First Bank specialist contact you within 48 hours regarding your mortgage.

Once you’re up to speed on all the mortgage basics and ready to go ahead and fill out a mortgage application, simply use our easy online application.

Find a First Bank near you to learn more about a mortgage.


Loans subject to credit approval.

———

Sources:

Investopedia: http://www.investopedia.com/university/mortgage/

Investopedia: http://www.investopedia.com/university/mortgage/

Trending Topics

Where Can I Get a Personal Loan? – Think First Bank of Asheboro, NC

If you’re looking to get a personal loan in Asheboro, North Carolina, be sure to visit First Bank. Whether you’re looking to finance a wedding or put a down payment on a house, First Bank has a variety of...

Personal Loan Rates in South Carolina

If you live in South Carolina and are looking for competitive personal loan rates,* visit a local First Bank for highly competitive rates and flexible terms. We’re dedicated to serving our customers and...

High Interest Checking Accounts – North Carolina

A high interest checking account in North Carolina can offer a safe, steady solution for those who want to grow their money without much risk. At First Bank, we have several branches conveniently located across the state...

New Business Loan in Jacksonville, NC

First Bank helps businesses get off the ground in Jacksonville, NC with our new business loans and various sets of helping hands. Our new business loans can provide a lump sum of cash for your business to finance...

Need Help Financing a Wedding in North Carolina?

If you need help financing a wedding in North Carolina, just seek out one of 100+ First Bank locations scattered from Asheville to Kill Devil Hills. We offer a variety of loans that can help you finance the wedding of...

Where to Get Physician Mortgage Loans

If you’re a business-minded professional looking for a mortgage loan with a competitive rate, you’re in luck. First Bank is pleased to be the place to secure physician mortgage loans. We offer professional...

Find the Best Checking Accounts in South Carolina at First Bank

For residents in South Carolina, finding the best checking account can be crucial to managing your finances. But with so many banks in the area, it can feel overwhelming to choose the right option. At First Bank, we are...

Commercial Financing

Finding the right commercial financing is easier said than done. If you’re starting a business or trying to grow, finding the right option can be a tough task. Learn more about different commercial...

Your Community Bank

If you live in North Carolina or South Carolina, you have a ton of banking options right outside your door. Large financial institutions may seem like your best option for banking services at first, but community banks...

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...