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Millennials in the Home Market Much has been made about how millennials are reshaping the world as they enter adulthood. One of the most adult decisions they can make is buying a house. We spoke to First Bank's mortgage team about how Gen Y approaches the American dream. 2 min read

7 Songs to Play After Closing on Your New Home When you finally close on your new home, we recommend loading up your MP3 player (or, if you’re old school, burning a CD or making a mixtape) with these seven songs to kick off your celebration! 2 min read

Jumbo Home Mortgage Loans If you are thinking of buying a home with a higher property value and can handle larger monthly mortgage payments, a jumbo loan could be a suitable option for you. Jumbo loans are typically offered with the same options as conventional loans, and you may even be able to add extra features, such as interest-only payments or temporary buydowns. What Is a Jumbo Mortgage Loan? A jumbo home mortgage, or non-conforming, loan is any mortgage amount that exceeds the conforming loan limit set by the Federal Housing Finance Agency. Because jumbo loans cannot be issued by Fannie Mae or Freddie Mac, they often carry more credit risk and have slightly higher interest rates than other loan options. The current conforming loan limit is set at $510,400 for a one-unit property in the contiguous United States (including D.C. and Puerto Rico). So, if you want to buy a house for more than $510,400, your loan will be considered jumbo. Jumbo loan limits also vary depending on location of property and number of units on it. In Alaska, Guam, Hawaii, and the U.S. Virgin Islands, jumbo loan limits are higher. Things to Consider: Interest rates are usually slightly higher with jumbo mortgage loans than on conforming loans with lower amounts. If you choose the interest-only option, you cannot build equity through monthly payments without making voluntary principal payments during the interest-only period. Jumbo Loans from First Bank: First Bank offers jumbo loans in a variety of fixed-rate and adjustable-rate options. To learn more about our Jumbo Loans or any of our other home mortgage options, visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ———- Sources: Jumbo Mortgages: Definition, Rates and Loan Limits http://www.investopedia.com/terms/j/jumboloan.asp https://localfirstbank.com/mortgage/loans-programs/jumbo-loans/ Locations 2 min read

What Are 15 Year Mortgage Rates? What are 15-year mortgage rates? It seems like a long time doesn’t it? But when you really think about it, 15 years is nothing. Think of all the things you’ve done, the places you’ve been and the people you’ve met in the last 15 years. Where does it all go? For a different perspective, consider that the average American will spend nine years of their life watching television, four years driving a car and 2.5 years cooking. Add it all up and in the time you spend doing those three things you could’ve paid off a 15-year mortgage. First Bank’s Mortgage Know-How center has a number of resources for anyone wanting more information about what 15-year mortgage rates are. About 15-Year Mortgage Rates You can call our mortgage help center at 1-844-855-2262 to seek answers to your questions or expert guidance Use our mortgage calculator to estimate your monthly payments for a 15-year mortgage, determine if you should rent or buy or calculate refinancing savings Complete a loan application online if you are seeking 15-year mortgage rates Our Mortgage Know-How center has articles, tips and guides for first-time buyers, experienced buyers, refinancers and builders You can go online to print necessary forms, check your loan status or contact us for information regarding your loan Get a free consultation with one of our loan officers With more than 100 locations across the Carolinas, there’s a First Bank loan expert near you who will be happy to get the loan process started. With First Bank, you’re sure to find the right mortgage option for your needs.* We offer conventional loans of both adjustable and fixed rates. We have jumbo loans, government loans such as rural housing, FHA loans, construction loans for builders and professional loans for doctors, CPAs, and lawyers. So if you’re seeking 15-year mortgage rates, let First Bank be your time machine and watch the years go by. Loans subject to credit approval. ——— Sources: Distractify: http://news.distractify.com/dark/trivial-facts/astounding-facts-about-how-we-actually-spend-our-time/ 2 min read

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