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 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.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

Best Business Checking Account – Lillington, NC

If you are a business owner, you know how important proper finance management is to running a successful business. Separating your business bank account from your personal bank account can ensure accurate bookkeeping. If...

Best Savings Account for Kids in Wilmington, NC

By simply opening one of the best savings account for kids in Wilmington, NC, you can set your child up for future financial security through First Bank. First Bank has five locations in Wilmington, and each offers a...

Checking Account Comparison First Bank of High Point, NC

High Point, North Carolina, is a bustling city full of history, businesses, recreation and much more. If you live in High Point, NC, you probably want a checking account that fits your lifestyle. Finding a bank dedicated...

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...

Best Business Checking Accounts in Asheville, NC

If you own a business, or are looking to start one, you might be worrying about where to put your money, among other things—don’t worry, we understand. At First Bank¹, we are dedicated to helping local...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any...

How to Get a Custom Homeowners Insurance Quote Without a Calculator

Homeowners insurance may not be the most exciting part of buying a home, but it’s one of the most important. Buying a home is probably your biggest investment, so use every tool to make sure that you’re...

Your Community Bank – Pinehurst, NC

Part of being your community bank in Pinehurst means offering a variety of services that meet the needs of individual community members. Whether it is assisting an individual with opening a checking account, or helping...

Online Money Hacks – First Bank

If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright...

Breathe Easy with Affordable Small Business Loan Rates in Albemarle, NC

First Bank has remained committed to helping small businesses and communities flourish since we opened our doors in 1935. Our dedication to providing a robust package of banking solutions with a personalized touch is why...