North Carolina’s Key Industries [Infographic]

It’s no secret that North Carolina is a hotbed of business and population growth in the Southeast. Its cities are repeatedly chosen as one of the best places to live, work, raise a family, or go to school. We take a look at our home state’s key industries and the economic impact in 2017.

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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 Tips: How to Get a Mortgage According to Money Under 30: “Getting a mortgage for an investment property can be headache. Your best bet is to be prepared before you even start down that path. Make sure you have enough cash reserves to make your lender happy, as well an impressive credit score.” How Can You Prepare? Know the lending limits — For example, Fannie Mae currently allows each investor to carry 10 loans at once. Look for investor-friendly lenders — Having a good relationship with your lender could be the key to success. Know your credit requirements — There are two different credit-qualification guidelines for getting rental property loans. Prepare your cash reserves — Lenders typically require you to have six months of cash reserves available per property. Be prepared to make a down payment — There are sets of guidelines regarding rental properties that you must follow when making a down payments. Show your W-2 income — Lenders typically require that you show a minimum of two solid years of W-2 income. Traditional Mortgage vs. Rental Property Mortgage If you are looking for a rental property mortgage, expect to find rates that are slightly higher than primary residence mortgages. Lenders are trusting that you will be able to rent the property to tenants and that they will be able to make their payments on time to you. Don’t be surprised to see mortgage rates for rental properties fluctuate more than primary residence mortgage rates from one lender to the next. Some lenders are more trusting in rental properties than others and may want to see that you have enough money to pay for both your primary residence mortgage and the rental property mortgage at the same time. This is a safety net for the bank in case your rental property fails to attract any renters or those renters fail to pay the rent. Mortgage rates can vary from one lender to the next but there are also some key differences in the mortgage itself when compared to 3 min read

Banks With Hassle-Free Checking Accounts If you’re like most people, you probably want a checking account with all the perks but none of the stress. First Bank has more than 100 locations throughout North Carolina and South Carolina that offer banks with hassle-free checking accounts. Checking Accounts at First Bank Here’s a breakdown of First Bank’s five personal checking accounts and what makes them hassle-free: Everywhere Checking What it is: A no-frills account to give you exactly what you need and nothing you don’t. How it’s hassle-free: Maintain either a $600 minimum balance, a $1,200 average monthly balance or make a monthly direct deposit of any amount.* Everywhere Plus What it is: A simple checking account that accumulates interest. How it’s hassle-free: Keep a $1,200 balance or an average monthly balance of $2,400.* Everywhere Premium What it is: An upper-tier account that earns interest and features additional perks. How it’s hassle-free: Maintain either a $5,000 minimum balance, an average monthly balance of $10,000 or maintain $20,000 in personal deposits or outstanding personal loans or HELOC balances.* Campus Checking What it is: A checking account for college students or those about to go to college. How it’s hassle-free: No monthly maintenance fees or minimum balance requirement as long as the customer is under the age of 25. Senior Checking What it is: Checking account for individuals over the age of 55. How it’s hassle-free: Keep a $600 minimum or $1,200 average balance or make a direct deposit of $250 or more.* With our hassle-free checking accounts, you get online and mobile banking, paper or eStatements, online bill pay, and debit cards. You also gain access to account alerts so you can stay on top of your activity. Visit a First Bank Today Find a First Bank with hassle-free checking accounts nearest you and lose the stress today. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep if Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. Direct deposit defined as external ACH credit. Transfers from other First Bank accounts or deposits made at a 3 min read

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North Carolina's Key Industries [Infographic]

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