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

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

Mortgage Rates 101: Information You Should Know

Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank.

First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home.

Mortgage Rates Information from First Bank

You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages.

Conventional adjustable-rate mortgages:

  • Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically.
  • Interest rate caps set a limit on how much your interest rate can increase.
  • ARMs typically have a lower initial interest rate than fixed-rate mortgages.
  • Monthly principal and interest payments may increase as the rate adjusts.

Conventional fixed-rate mortgages:

  • Interest rate and monthly payments stay the same for the duration of the loan.
  • Offers protection from rising interest rates for life of the loan.
  • Available in 15-year, 20-year, and 30-year fixed-rate loan term options.

For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today.


Loans subject to credit approval.

———

Sources:

Investopedia: http://www.investopedia.com/terms/c/credit_score.asp

Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1

Trending Topics

Rental Property Mortgage Rates – Jacksonville, NC

Rental property mortgage rates can vary from bank to bank. In order to be sure you are getting the best rates possible, it is important to use a bank you trust. First Bank in Jacksonville, NC offers some of the best rental...

Loan for New Roof – Aberdeen, NC

North Carolina experiences all kinds of weather throughout the year. What you may not know is that a lot of extreme North Carolina weather happens in and around the 6.2 square miles that make up the city of Aberdeen....

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...

Best Banking Rates and Services: First Bank, NC

There are many factors to consider when assessing a checking account comparison. You’ll want to weigh interest rates, maintenance fees, ATM options, online features and more. First Bank has nearly 100 locations...

Loan for a Brewery – Asheville NC

Need a Loan for your Brewery in Asheville? Breweries have become a booming business across the state in recent years, particularly in Asheville. Between 2006 and 2013, the number of breweries in North Carolina skyrocketed...

First Bank: Financing Loans for Businesses

Choosing a bank to finance the right loan for your business is a critical decision. There are loans that cater to the established business looking to expand, and there are loans for the entrepreneur just getting...

Is It Possible to Get a Mortgage Refinanced with No Closing Costs?

When it comes to refinancing a mortgage, you need to spend money to save money. Closing costs can amount to thousands of dollars, depending on the home loan. This is why the prospect of a mortgage refinance with no closing...

Where to Get Commercial Mortgage Rates

Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while...

Long-Term Installment Loans

First Bank offers long-term installment loans and other types of lending that help small businesses cover expenses. The government-backed Small Business Association (SBA) helps business owners acquire...

Hassle-Free Savings Account – High Point, NC

Saving your hard earned cash shouldn’t be a hassle. At First Bank in High Point, NC, we understand the importance of saving and we want to make sure our customers aren’t worried about their savings accounts....