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Q&As for Prospective Homebuyers Thank you to our Homebuyer Happy Hour Moderators: Jarrod Burcham Mortgage Loan Originator | NMLS 1900830 951-795-0467 jburcham@localfirstbank.com Monica Moses Community Mortgage Officer | NMLS 1651906 910-225-3399 mmoses@localfirstbank.com Schedule a Private Consultation with Jarrod or Monica What are some of the key terms I need to know when thinking about a mortgage? There are several key terms that are used during the mortgage process, including: Credit Scores: Important for qualifying for a mortgage. Loan-to-Value (LTV) Ratio: The size of the loan compared to the purchase price of the property. Debt-to-Income (DTI) Ratio: The ratio of monthly debt payments to monthly income, which affects mortgage qualification. Why is personalized guidance important for homebuyers? Personalized guidance is important because the mortgage process can be complex, and individual circumstances can vary. Private consultations can help potential homebuyers understand their specific financial situation and mortgage options. 5 min read

The Right Age to Buy a House Although buying a house for the first time is a big decision, it turns out there is no perfect age to do it. When it comes to taking the plunge, it’s more about individual readiness. 3 min read

Am I Eligible for FEMA Relief? Here’s What You Need to Know Who Qualifies for Assistance? Federal disaster aid is available for residents and business owners in the following counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes, and Yancey. Not sure if you’re eligible? You can verify your eligibility and apply directly on FEMA’s website: DisasterAssistance.gov. What Assistance Does FEMA Offer? FEMA provides a range of relief programs aimed at helping individuals and businesses recover from disasters. Here’s a closer look at what you may be eligible to receive: 1. Housing Assistance This aid helps you secure safe shelter while your home is being repaired or rebuilt. FEMA can provide funds for: Rental Assistance: Financial support to rent a temporary residence if your home is uninhabitable due to disaster-related damage. Lodging Expense Reimbursement: If you had to stay in a hotel or motel, FEMA can reimburse you for these expenses. This is especially helpful if you were unable to find immediate rental options. Home Repair or Replacement: Grants are available to help repair or replace your home and address disaster-specific damages, such as water damage or mold. FEMA may also cover hazard mitigation measures that reduce the risk of future damage. Accessibility Needs: If you or someone in your household has a disability, FEMA can provide funds to make your home accessible. This might include ramps, grab bars, and other necessary modifications, even if these were not originally present before the disaster. Privately-Owned Roads, Bridges, and Docks: If the only access to your home has been damaged, FEMA can help cover repair costs for private infrastructure like roads and bridges. 2. Other Needs Assistance This program helps with essential expenses and serious needs beyond housing. Covered expenses include: Serious Needs: Grants to cover immediate necessities like food, water, first aid, prescriptions, and personal hygiene items, ensuring you have access to essentials during recovery. Displacement: If your home is uninhabitable, FEMA can help cover the cost of staying with family, friends, or in a hotel while you search for a more permanent solution. Personal Property: Financial assistance to repair or replace items essential to daily life, such as appliances, furniture, and work or school-related items like computers and tools. This can also include uniforms, books, and equipment needed for self-employment. Medical and Dental Expenses: If the disaster caused injury or damaged medical or dental equipment, FEMA can help cover the costs for treatment, equipment replacement, and prescribed medications. Funeral Costs: In the unfortunate event that the disaster resulted in a loss of life, FEMA offers support to cover funeral or reburial expenses. Child Care: For families facing increased child care costs due to the disaster, FEMA can provide funds to help cover these additional expenses. Assistance for Miscellaneous Items: Reimbursement for items like generators, dehumidifiers, and chainsaws that were purchased or rented to aid in the recovery process. Transportation: If your vehicle was damaged and you don’t have an alternative mode of transportation, FEMA may help cover the repair or replacement costs to ensure you have a way to get to work, school, or other essential places. Moving and Storage Expenses: FEMA can help with costs associated with moving and storing personal property, especially if it needs to be relocated temporarily during home repairs or if you need to move to a new residence. Each of these programs is designed to provide immediate and practical support, so you can focus on the well-being of your family and community as you rebuild after the disaster. How Do I Apply for FEMA Assistance? Applying for FEMA relief is straightforward. Here are the steps to get started: Apply Online: Visit DisasterAssistance.gov to apply for assistance. You can also download the FEMA App or call FEMA’s toll-free number at 1-800-621-3362. Register for an Account: If you’re applying online, you’ll need to create an account on Login.gov. This will allow you to save your application, upload documents, and check your status. Prepare Your Information: You’ll need details like your home and mailing address, Social Security number, insurance info, and bank details for direct deposit. Submit Your Application: Once you’ve completed the application, review it, make any necessary changes, and submit it. Be sure to save your application ID as you’ll need it for future communication with FEMA. What Happens After You Apply? After applying, FEMA will review your application and may contact you for additional information or to schedule an inspection. You can always log into your account on DisasterAssistance.gov to check your application status and receive updates. If approved, FEMA will disburse funds via direct deposit or a mailed check, based on your preference. For more information or to begin the application process, visit DisasterAssistance.gov, call FEMA at 1-800-621-3362, or use the FEMA App. Recovering from Disaster with FEMA’s Support If you’re affected by Hurricane Helene, you don’t have to face it alone. FEMA offers a range of programs designed to help you get back on your feet. Take advantage of these resources to help ease the journey to recovery. 5 min read

Current 30 Year Mortgage Rates – South Carolina If you’re looking for current mortgage rates in SC, it’s a great time to buy! In a recent survey conducted by GoBankingRates, the state ranked 27th in the nation for the lowest average home mortgage. The study combined 30-year fixed, 15-year fixed, and five-year ARMs (adjustable rate mortgages) to rank each state by the average cost of a mortgage. Current Mortgage Rates in SC First Bank offers conventional home loans, including a 30-year fixed-rate mortgage. This types of mortgages are extremely popular among home buyers because the longer loan term allows for smaller, predictable payments. With First Bank’s 30-year conventional loan, your interest rate and monthly principal will never change, allowing you to budget more easily. If you plan to live in your house for a long time, a 30-year fixed-rate loan could be a good option for you and your family. What Affects Current Mortgage Rates in SC? 30-year mortgage interest rates vary depending on a variety of things, such as: Economic factors. Lending is riskier in some states than others due to unemployment rates, default and foreclosure rates and differing property values. State laws. States that allow recourse typically have lower mortgage rates. Recourse is the recovery of additional money from borrowers who default and the foreclosure sale doesn’t earn enough to pay off the mortgage. Size of competition. More lenders competing for your business means lower costs. Types of preferred loans. States with more military bases will likely see more VA loans, states with more rural housing might have more USDA loans, etc. Market conditions. An increase or decrease in home building and sales regionally or nationally can drive interest rates up or down. Government. Government policies like the Federal Reserve can dictate the fluctuation of interest rates. As you can see, there are a number of reasons why a 30-year mortgage rate in South Carolina can vary. The best way to find out what your interest rate will be is by speaking with a First Bank mortgage specialist. If you are ready to apply for a 30-year mortgage, you can find out your interest rate by starting an online application with First Bank. Loans subject to credit approval. ———- Source: Housing Wire: https://www.housingwire.com/articles/48165-this-is-how-mortgage-rates-vary-by-state/ 2 min read

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