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Building Financial Resilience Learn how to bounce back from financial setbacks. 11 Topics

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Starting Out Take smarter first steps into personal banking. 5 Topics

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Teach Teens to Save: Banking Tips For A Financial Future We know learning may look a little different these days, so we’ve put together a guide to help boost your teen’s knowledge of banking. In this guide, you and your teen will find information on: Working their way around a check – Yes, they still exist! Setting up a financial future – Start sooner than later. Life hacks on saving time and money – Who wouldn’t want that? Get your teen thinking about their financial future, and download this free guide today! For additional resources, check out these interactive courses on Starting Out, Financial Basics, and Paying for College. 1 min read

The Taxman Cometh Do you have a stack of forms sitting on your counter that you’re dreading sorting through? If so, you might have FOTM, or Fear of the Tax Man. It can often hit around February or March, and is incredibly common. One way of dealing with FOTM is by getting your finances ready so that when it comes time to file, you feel a little better. Here are our tips and to-dos to help you prepare. Start Early (If You Can) Ideally, you’ve already started this process, but if you’re reading this and haven’t started pulling your tax information together, don’t panic. Keep it together: Make sure you keep all the tax documents you receive together so they’re easy to find and reference when it’s time to file. If you are getting help preparing your taxes, this will also make the process much smoother. If you have a business, make sure you keep those expenses separate. Review your filing status: Your filing status can affect how much you owe in taxes each year, and whether or not you have to file at all. If you’re unsure about your filing status, the IRS has a tool for helping you figure it out. Look back at last year’s return: Think about what areas (if any) were frustrating or caused you trouble. Prepare ahead of time this year for how you might make it easier for yourself. Deduce your deductibles: Track your charitable donations, childcare expenses, any home improvements you made, and any other deductibles you may have. You can use our mobile or online banking to help track these. Get it done. Whether you file on your own or use a tax preparer, make sure you get everything in by July 15 or file an extension! Check out the IRS tips page for links and articles that may further help and guide you. Remember, FOTM is real, but if you’re prepared, you can alleviate the fear. Please note, First Bank does not offer direct tax advice. We recommend you speak to a professional if you have any questions about preparing your personal or business tax forms. 2 min read

Conventional Mortgage Loans Applying for a home loan can be a strenuous process, especially if you’re unsure which type of loan is the best fit for your financial situation. Before you apply, it is important to understand the two types of loans available to you: conventional mortgage loans and a government-backed loans. In this article, we’ll break down the basics of conventional loans. What are Conventional Mortgages? Conventional loans can have fixed or variable interest rates, which can be impacted by your credit score. Qualifications for conventional loans are usually stricter than government-backed loans because they carry a higher risk for banks and private lenders. If the borrower defaults on the loan, the banks and private lenders are not protected. These kinds of loans are not insured by the federal government, but they are still required to follow guidelines set by the Federal National Mortgage Association—a.k.a. Fannie Mae and Freddie Mac. A Conventional Loan to Meet Your Needs If you live in North Carolina or South Carolina and are looking for a flexible and affordable conventional loan,* look no further than your local First Bank. We offer both adjustable-rate and fixed-rate mortgages with a range of features and benefits that are sure to fit your specific financial needs. Conventional Adjustable-Rate Mortgages This kind of mortgage loan changes periodically depending on shifts in the corresponding financial index associated with the loan. ARMs generally have a lower initial interest rate than fixed-rate mortgages. Both your interest rate and your P&I (monthly principal and interest) payments will stay the same for an initial period of 3, 5 or 7 years. After that it will adjust periodically. Interest rate caps set a limit on how high your interest rate can go for your P&I payment for each adjustment and over the life of the loan. Loans are available for 30-year amortization schedules. Conventional Fixed-Rate Mortgages Your interest rate and P&I payments stay the same for the life of your loan. That predictability for your monthly P&I payments enables you to budget more easily. This kind of loan is available in a variety of loan term options, and it protects you from rising interest rates no matter how high they fluctuate. This option is good for individuals or 3 min read

Renovating Before Moving In? Ask These Questions! Every project is different, of course. But before you close on your property and start looking for a sledgehammer, make sure you know the answer to these 6 questions. 3 min read

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