Simplifying The Home Buying Process

The home buying process can be daunting, especially for first-timers. When should I start looking? How much do I need for a downpayment? Fear not! With an organized approach and solid advice, you can navigate the path to your ideal home with confidence. This infographic is a great place to start:

The Home Buying Process

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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

Are You a Financial Wellness Wiz? Take our quick quiz to find out! Create your own user feedback survey If you got: 1-2 points: Good start! We’re here to talk you through the basics and to help you plan for the future. Also be sure to check out our free financial basics course. 3-4 points: Well done! You’ve got the basics down; but if you need help planning for a big purchase or life event, we can help. Start with our free course: Major Life Events. 5 points: Look at you go! Capitalize on all that great financial savvy with the right mix of tools and products you need for your plans. No matter your score, we’re committed to helping you achieve your dreams (big and small!). Visit your local branch today, or give us a call. Let’s start something amazing together. 2 min read

Where to Get Small Business Loan Rates So you’ve decided to start a small business, and you have everything sorted out. Business plan…check, location, check. Small business loan rate quotes….not checked. Okay, so you have almost everything sorted out. You’re stuck on the next step—financing your business—and you aren’t sure where to get small business loan rates in your area. There are a lot of options for small business loans, but banks are still the best places you can go. If you live in NC or SC, you can move forward with your plans to open a small business quickly and easily. All you have to do is visit a First Bank location near you, and ask one of our experts about our small business loans. Rates can vary depending on the type of loan, so speaking with one of our experts is the best way to make sure you’re getting a rate that works for you. Loan Options at First Bank At First Bank, we understand that small business loans aren’t one size fits all. Different businesses have different needs, and that is why we offer a variety of small business loan options, including: A business credit card with rewards Lines of credit Business loans Commercial mortgages Construction loans SBA loans All of our loans are offered with flexible terms and highly competitive rates*. With First Bank, you won’t have to wonder where to get small business loan rates anymore. What’s Next? Now that you’ve gotten your finances figured out, what’s next? According to the U.S. Small Business Administration, you have 6 steps left: Determine the legal structure of your business Register a business name Get a tax identification number Register for state and local taxes Obtain business licenses and permits Understand employer responsibilities For more information on starting a small business or answers to questions like “where to get small business loan rates?”, visit your nearest First Bank location to talk to a business loan expert today. Loans subject to credit approval. ——— Sources: Bank Rate: http://www.bankrate.com/finance/personal-finance/3-ways-to-get-a-small-business-loan-1.aspx Small Business Administration: https://www.sba.gov/content/follow-these-steps-starting-business 2 min read

10-Step Program for First-Time Homebuyers If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that requires you to be well-informed and careful. In an article by award-winning writer Gina Roberts-Grey, she outlined the top 10 steps all first-time home buyers must consider before taking the plunge: “Review your financial health”—Before you dive into listings and open houses, it’s vital that you evaluate your financial situation. This ranges from your savings to your bills to your 401k; you need to be sure you can afford the expense. “Check into benefits for first-time home buyers”—You can discover options, including tax benefits, that can make the property more affordable. Look into what deals you can find as a first-time homebuyer. “Meet with lenders”—Meet with lenders and present your financial and benefit findings. A lender will assess your credit score and the amount you can qualify for on a loan and will discuss your assets (savings, 401(k), etc.) and debt, as well as any local programs that might be available for down payment assistance. “Shop around for a mortgage”—As you’re searching for pre-approval, don’t take the first offer. Spend time looking at what different lenders can offer. And keep in mind that “pre-approved” and “pre-qualified” are two different things. “Have a backup lender”—Many factors can affect whether or not your mortgage application is approved, including market changes and shifting guidelines. A backup lender that qualified you for a mortgage loan can give you an alternate way to keep the process on, or close to, schedule. Find a realtor—If you’ve reached this step, congratulations. This means you’re ready to find a real estate agent. When you’re looking for a realtor, it’s best to look for one who works with a team of people who can offer suggestions about home inspectors, insurance agents, etc. Decide on a neighborhood—Narrow your search area to help give you a better idea of what you want and can afford. Two primary factors to consider are neighborhood taxes and length of commute to work. When you find a property, crunch your numbers again—At this step, you’ve found your dream home 4 min read

Simplifying the Home Buying Process

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