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

College Savings Account in Wilmington, NC

Whether you’re a parent looking to put away money for your child’s university tuition or a high school student trying to save some spending money for college, a savings account with First Bank in Wilmington,...

How to Get a Mortgage for a Rental Property

Looking for rental property mortgage rates near you? If so, First Bank can provide you with tips and tricks on how to get a rental property mortgage, as well as how to find the best mortgage rates near you. Rental Property...

Compare Savings Accounts – Pinehurst, NC

To find just the right savings account, you must ask yourself what you need. First Bank makes it easy to compare savings accounts in Pinehurst, North Carolina, and has a suitable option for every individual requirement....

Mortgage Q&A: What Are Current FHA Rates?

What are FHA mortgage rates? They’re the rates associated with an FHA mortgage. FHA mortgage rates will vary based on a number of factors. There are fixed rates and adjustable rates, down payments, credit scores of...

Find New Business Loan Options in Asheboro, NC

If you’re looking for a new business loan in Asheboro, NC, you’ve got options. First Bank offers a wide selection of loans to help business owners succeed in the competitive market. Whether you’re...

How To Get A Small Business Loan

If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small business loan. Acquiring the funds to start or grow your small...

First Bank One Rewards Program: Learn More

There are a lot of advantages to being a First Bank debit or credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your First Bank Debit, Platinum or World...

Your Top 5 Tips for Effective Online Money Management

Information on the Internet moves quickly. That’s why First Bank* offers streamlined online money management for individuals and small businesses throughout North Carolina and South Carolina. Accounts can easily be...

5 Mortgage Tips to Help You Get the Best Deal

Applying for a home loan can be a confusing and sometimes frustrating experience for prospective home buyers, but it doesn’t have to be. By keeping these mortgage tips in mind, you can make the home-buying process...

FHA Loans vs. Conventional Loans: How to Tell the Difference

Overwhelmed with the prospect of buying a home? FHA loans and conventional loans are likely two sources of financing that you’ve considered. Let First Bank help you understand these options and come to a conclusion...