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Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read

Mortgage Q&A: What Are Current FHA Rates? What are FHA mortgage rates? They’re the rates associated with an FHA mortgage. FHA mortgage rates will vary based on a number of factors. There are fixed rates and adjustable rates, down payments, credit scores of all levels and other factors that will affect the interest rates. The best thing to do is contact First Bank where one of our loan specialists can help answer what current FHA mortgage rates are available to you. What are FHA Mortgages? Before you explore current FHA rates, it is important to understand what FHA mortgages are. To start, FHA stands for Federal Housing Administration. According to the U.S. Department of Housing and Urban Development, “FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans.” What are FHA Mortgage Loan Requirements? Although some requirements can vary, FHA requirements usually include: A decent credit score. To receive a FHA mortgage, applicants should have a credit score of at least 580. Applicants with a credit score below 580 may still be eligible for a FHA loan, but will most likely be required to put down a 10 percent down payment. Verifiable income. According to FHA.com, “FHA loan rules for income have more to do with stability of income, the ratio of monthly financial obligations compared to that income, and the reliability of the paychecks rather than scrutinizing the amount itself.” Why Get a FHA Mortgage? In general, FHA mortgages are easier to qualify for than conventional loans, require smaller down payments, and have lower interest rates. For buyers who have decent credit, and who do not have a lot of money to put down, an FHA mortgage can provide the chance to buy a home — a chance that many may otherwise lack. Call First Bank Today Now that you have a basic understanding of FHA mortgages, you can inquire with First Bank about what the current FHA rates are. We have representatives who are available by phone Monday through Friday to assist you. Give us a call today to get started. ———- Sources: HUD: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory FHA: http://www.fha.com/fha_credit_requirements 2 min read

5 Ways to Get the Lowest Mortgage Rates If you are looking for some of the lowest mortgage rates in North Carolina or South Carolina, First Bank might be able to help. Choosing a mortgage option can be one of the most confusing aspects of the home purchasing process. Especially when you are unsure of how to secure the lowest mortgage rates or best long-term plan to manage your home’s equity. First Bank offers a range of home loan options, from conventional mortgages to construction loans. We also offer guidance and expertise on all things related to home loans, such as our tips and tricks for keeping mortgage rates low. Tips for Keeping Mortgage Rates Low Securing a low mortgage rate isn’t a matter of luck. You can follow these five helpful tips to ensure you get the lowest rate when applying for a mortgage: Improve your credit score: The best tool in a mortgage shopper’s arsenal is their credit score. Lenders often offer lower mortgage rates to borrowers with excellent credit scores. Be honest on your application: Filling out your application accurately and honestly can prevent any delays in the application process. There’s also the added bonus of building trust with your lender. Lower your debt: Your debt to income ratio (DTI) is an important factor when applying for a loan. If your debt is too high compared to your income, you could be subject to higher mortgage rates. Make a large down payment: The more you pay upfront, the better you will looks to lenders. Making a larger down payment also means you owe less over the life of the loan, which could help you secure a lower rate. Choose the right loan term for you: If you have a lot of debt, a longer-term loan with lower payments might be a good option. If you can handle larger payments and want to keep interest low, a shorter-term loan could be ideal. First Bank provides you with some of the lowest mortgage rates available on a variety of home loan options, such as: Conventional Loans Government Loans (FHA, VA, and more) Jumbo Loans One-Time-Close Construction-to-Permanent Loans Dream It, Own It Use our mortgage calculators, visit a First Bank location near you to speak with one of 3 min read

What is PITI? [INFOGRAPHIC] The infographic below helps to illustrate how each component is different. We have also provided examples of the average home cost and the associated PITI for the states that First Bank serves. We hope it helps! 1 min read

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