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Homebuying

Buying a home is a big decision. You don’t have to make it alone. Check out all our resources to assist you throughout your homeownership journey.

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Then and now: 90 years of homeownership

The average home is different than it used to be If you stepped into a Carolina home in the mid‑1930s, it would be hard not to notice a few important differences. Windows were often opened for cooling. Coal or wood fireplaces did the heavy lifting in winter. Thermostats weren’t yet commonplace. Today’s buyers and homeowners can still feel the effects. Fast‑forward 90 years, and homeownership looks very different. From size and amenities to financing, understanding the history of how we got here can help you make smarter mortgage or refinancing decisions. How bigger homes changed what buyers need from a mortgage In the 1930s, the average new single‑family home measured under 1,100 square feet. At the same time, households were larger — often with several generations or extended family living under the same roof. Today, the average new home has more than doubled in size, while households are smaller. Extra space adds flexibility: home offices, guest rooms, space to grow. But it also means higher purchase prices and, for many buyers, larger loans. Why today’s mortgages are built for real life In 1935, the average U.S. home cost around $3,900. Mortgage terms were short, often requiring large down payments and ending with a “balloon payment,” or a large lump sum due at the end of a loan. Homeownership was less attainable, and refinancing options were limited. Today’s mortgages are designed to be more manageable and predictable. Long‑term, fixed‑rate loans offer borrowers stability, while refinancing gives homeowners the flexibility to make adjustments when life inevitably changes. Modern mortgages often allow homeowners to: Lower their monthly payments during a busy or transitional season Pay off a home sooner by making payments directly towards the principal Leverage equity to reinvest in their home through renovations and other projects Handshakes, paperwork, and people If you had strong local ties and significant savings, there was a time when a mortgage might have been approved with a handshake and a short stack of paperwork. Today’s process involves much more documentation — but it’s also more transparent and regulated, offering clearer protections for borrowers. At First Bank, we believe that every financial journey should begin with a conversation, not an application. We strive to maintain the trust of the past while making the most of the tools of today. That’s why we combine modern lending options with local guidance from people who are invested in the future of the Carolinas. Homes may be bigger and mortgages more complex, but the goal hasn’t changed: stability, comfort, and a place to call your own. Where’s your next move? If you’re not sure whether you’re ready to take the next step in buying a home, take a look at this helpful article. It breaks down a few key factors in deciding whether homeownership is right for you. But sometimes, the most helpful next step is simply a conversation. Our local mortgage team is here to answer questions, walk through your options, and help you understand what makes sense for your goals. It never hurts to get straightforward guidance from folks you can trust.

3 min read
Featured Image

How to know if you’re ready to buy a home

Your guide to homeownership in an uncertain market National Homeownership Month is a good time to slow down and think about what homeownership really means. Owning a home has always been about more than prices and interest rates. It’s about stability, pride, and putting down roots. If you’re a first-time homebuyer, you’re probably wondering whether it’s the “right time to buy” or if you might be better off waiting. But it’s important to remember that no one can predict the market — the better question is whether buying a home fits your life right now. How to know if you’re ready to buy Buying a home isn’t a short‑term investment. It’s a huge financial commitment and a long‑term life decision. And at the end of the day, the choice you’re making isn’t about variables like interest rates, home prices, and market conditions — it’s about what you really want. 4 signs you’re ready for homeownership 1) Life may not be easy, but it’s stable It’s easier to get a mortgage and manage the process of buying a home if your life isn’t in constant motion. You don’t need to have everything figured out, but a steady job and a long-term plan to stay in your target area will make everything easier. 2) Your mortgage payment is manageable A healthy budget leaves room for real life. That means adding to savings, covering household maintenance, and being ready for the occasional surprise. Even if you’re approved for a certain amount, you should think carefully about what payment amount feels comfortable long-term. 3) You plan on staying for a while Homeownership rewards patience. Early payments go mostly towards interest, not principal — which means that building equity takes time. If you expect to stay put for at least a few years, you’ll benefit more from the long‑term value that homeownership provides. 4) You’re ready for the responsibility Owning a home gives you a sense of pride and permanence, but it also means ongoing maintenance costs and constant projects. If you prefer a more flexible lifestyle (or not having to worry if your water heater goes out), renting may be better for you — and that’s okay. National data is important, but your local market matters National headlines don’t always reflect the reality of what’s happening on your street. North and South Carolina are two of the fastest-growing states in the country. People are drawn here from all over the world as they seek new job opportunities, a great quality of life, and a strong sense of community. Growth means opportunity. It also means that some markets have seen explosive price growth, while others remain comparatively affordable. Different cities and counties also have their own property tax rates and insurance requirements, which can affect the math behind your monthly payment just as much as listing prices and interest rates. Because the true cost of homeownership can vary widely from one neighborhood to the next, it’s important to have a local perspective. The first step to finding your dream home is knowing where to look. There’s never a perfect time to buy If you wait for the stars to align, you may end up waiting forever. Making the right decision starts with understanding your own goals and finances, not from predicting market conditions. Sometimes, the most helpful next step isn’t an application. It’s a conversation with someone who understands the Carolinas and takes the time to understand you. At First Bank, we put people first — because great communities start with good neighbors.

4 min read

 a young couple and their dog on the couch.

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

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[First Bank Webinar] Homebuyer Happy Hour

Event Details: Date: Thursday, January 16, 2025 Time: 6:30 pm to 7:30 pm Location: Zoom Webinar (link provided upon registration) What to Expect: Our First Bank mortgage experts will share general mortgage information along with how the mortgage application process works. Topics covered include: General information: basic mortgage terms and definitions, documentation standards and income calculation Mortgage application process: what to expect, how to prepare Mortgage applicant qualification: loan to value, debt to income ratio and calculations, credit expectations Meet our First Bank Experts: Jarrod Burcham | Mortgage Loan Originator | Greensboro, NC Jarrod pledges professional service and personal attention while finding the right mortgage that fits your needs. Whether you are looking to purchase your first home, build your next, refinance your current home, buy an investment property or purchase a vacation rental, Jarrod will guide you through the home loan process. Monica Moses | Community Mortgage Officer | Apex, NC As Community Mortgage Officer, Monica serves as a liaison for the mortgage loan originators regarding community outreach in underserved markets. One of her focuses is educating potential homeowners by participating in homebuyer workshops in low to moderate income areas. Monica’s role allows First Bank to build connections with minority realtors and builders while enhancing the visibility of our organization. Registrations are now closed – stay tuned for the Q&As from our Homebuyer Happy Hour! Our knowledgeable panel shared their experiences and provided actionable insights during our Homebuyer Happy Hour to help you make informed decisions about homebuying. We will be posting the Q&As from the session to view on our website soon so you won’t miss any valuable expert insights. Keep an eye on our website for updates, and feel free to reach out to one of our loan officers if you have any mortgage questions.

2 min read

Courses

There’s a lot to consider when purchasing a house. Choose from these quick courses to learn what you need to know and the questions you should ask yourself.

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Illustration of home and moving boxes. Buying a Home Get mortgage estimates, plan your budget and more. 5 Topics Start Learning
Illustration of car and house. Major Life Events Big life events don’t have to mean big financial headaches. 13 Topics Start Learning

Articles

Feel confident about the homebuying process. Browse articles with information covering everything from home loan types to estimating the full cost of ownership.

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Image for tile. Then and now: 90 years of homeownership The average home is different than it used to be If you stepped into a Carolina home in the mid‑1930s, it would be hard not to notice a few important differences. Windows were often opened for cooling. Coal or wood fireplaces did the heavy lifting in winter. Thermostats weren’t yet commonplace. Today’s buyers and homeowners can still feel the effects. Fast‑forward 90 years, and homeownership looks very different. From size and amenities to financing, understanding the history of how we got here can help you make smarter mortgage or refinancing decisions. How bigger homes changed what buyers need from a mortgage In the 1930s, the average new single‑family home measured under 1,100 square feet. At the same time, households were larger — often with several generations or extended family living under the same roof. Today, the average new home has more than doubled in size, while households are smaller. Extra space adds flexibility: home offices, guest rooms, space to grow. But it also means higher purchase prices and, for many buyers, larger loans. Why today’s mortgages are built for real life In 1935, the average U.S. home cost around $3,900. Mortgage terms were short, often requiring large down payments and ending with a “balloon payment,” or a large lump sum due at the end of a loan. Homeownership was less attainable, and refinancing options were limited. Today’s mortgages are designed to be more manageable and predictable. Long‑term, fixed‑rate loans offer borrowers stability, while refinancing gives homeowners the flexibility to make adjustments when life inevitably changes. Modern mortgages often allow homeowners to: Lower their monthly payments during a busy or transitional season Pay off a home sooner by making payments directly towards the principal Leverage equity to reinvest in their home through renovations and other projects Handshakes, paperwork, and people If you had strong local ties and significant savings, there was a time when a mortgage might have been approved with a handshake and a short stack of paperwork. Today’s process involves much more documentation — but it’s also more transparent and regulated, offering clearer protections for borrowers. At First Bank, we believe that every financial journey should begin with a conversation, not an application. We strive to maintain the trust of the past while making the most of the tools of today. That’s why we combine modern lending options with local guidance from people who are invested in the future of the Carolinas. Homes may be bigger and mortgages more complex, but the goal hasn’t changed: stability, comfort, and a place to call your own. Where’s your next move? If you’re not sure whether you’re ready to take the next step in buying a home, take a look at this helpful article. It breaks down a few key factors in deciding whether homeownership is right for you. But sometimes, the most helpful next step is simply a conversation. Our local mortgage team is here to answer questions, walk through your options, and help you understand what makes sense for your goals. It never hurts to get straightforward guidance from folks you can trust. 3 min read
Image for tile. How to know if you’re ready to buy a home Your guide to homeownership in an uncertain market National Homeownership Month is a good time to slow down and think about what homeownership really means. Owning a home has always been about more than prices and interest rates. It’s about stability, pride, and putting down roots. If you’re a first-time homebuyer, you’re probably wondering whether it’s the “right time to buy” or if you might be better off waiting. But it’s important to remember that no one can predict the market — the better question is whether buying a home fits your life right now. How to know if you’re ready to buy Buying a home isn’t a short‑term investment. It’s a huge financial commitment and a long‑term life decision. And at the end of the day, the choice you’re making isn’t about variables like interest rates, home prices, and market conditions — it’s about what you really want. 4 signs you’re ready for homeownership 1) Life may not be easy, but it’s stable It’s easier to get a mortgage and manage the process of buying a home if your life isn’t in constant motion. You don’t need to have everything figured out, but a steady job and a long-term plan to stay in your target area will make everything easier. 2) Your mortgage payment is manageable A healthy budget leaves room for real life. That means adding to savings, covering household maintenance, and being ready for the occasional surprise. Even if you’re approved for a certain amount, you should think carefully about what payment amount feels comfortable long-term. 3) You plan on staying for a while Homeownership rewards patience. Early payments go mostly towards interest, not principal — which means that building equity takes time. If you expect to stay put for at least a few years, you’ll benefit more from the long‑term value that homeownership provides. 4) You’re ready for the responsibility Owning a home gives you a sense of pride and permanence, but it also means ongoing maintenance costs and constant projects. If you prefer a more flexible lifestyle (or not having to worry if your water heater goes out), renting may be better for you — and that’s okay. National data is important, but your local market matters National headlines don’t always reflect the reality of what’s happening on your street. North and South Carolina are two of the fastest-growing states in the country. People are drawn here from all over the world as they seek new job opportunities, a great quality of life, and a strong sense of community. Growth means opportunity. It also means that some markets have seen explosive price growth, while others remain comparatively affordable. Different cities and counties also have their own property tax rates and insurance requirements, which can affect the math behind your monthly payment just as much as listing prices and interest rates. Because the true cost of homeownership can vary widely from one neighborhood to the next, it’s important to have a local perspective. The first step to finding your dream home is knowing where to look. There’s never a perfect time to buy If you wait for the stars to align, you may end up waiting forever. Making the right decision starts with understanding your own goals and finances, not from predicting market conditions. Sometimes, the most helpful next step isn’t an application. It’s a conversation with someone who understands the Carolinas and takes the time to understand you. At First Bank, we put people first — because great communities start with good neighbors. 4 min read
a young couple and their dog on the couch. 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
Shot of an attractive young couple moving house [First Bank Webinar] Homebuyer Happy Hour Event Details: Date: Thursday, January 16, 2025 Time: 6:30 pm to 7:30 pm Location: Zoom Webinar (link provided upon registration) What to Expect: Our First Bank mortgage experts will share general mortgage information along with how the mortgage application process works. Topics covered include: General information: basic mortgage terms and definitions, documentation standards and income calculation Mortgage application process: what to expect, how to prepare Mortgage applicant qualification: loan to value, debt to income ratio and calculations, credit expectations Meet our First Bank Experts: Jarrod Burcham | Mortgage Loan Originator | Greensboro, NC Jarrod pledges professional service and personal attention while finding the right mortgage that fits your needs. Whether you are looking to purchase your first home, build your next, refinance your current home, buy an investment property or purchase a vacation rental, Jarrod will guide you through the home loan process. Monica Moses | Community Mortgage Officer | Apex, NC As Community Mortgage Officer, Monica serves as a liaison for the mortgage loan originators regarding community outreach in underserved markets. One of her focuses is educating potential homeowners by participating in homebuyer workshops in low to moderate income areas. Monica’s role allows First Bank to build connections with minority realtors and builders while enhancing the visibility of our organization. Registrations are now closed – stay tuned for the Q&As from our Homebuyer Happy Hour! Our knowledgeable panel shared their experiences and provided actionable insights during our Homebuyer Happy Hour to help you make informed decisions about homebuying. We will be posting the Q&As from the session to view on our website soon so you won’t miss any valuable expert insights. Keep an eye on our website for updates, and feel free to reach out to one of our loan officers if you have any mortgage questions. 2 min read
Image for tile. Hurricane Helene Recovery: Financial Assistance Options 1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program.  4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance.  While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business. 5 min read
Image for tile. 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
Construction Loans NC The thought of building a new home can be daunting. All that planning. All that work. And all that money. At First Bank, we can’t design a floor plan or hang drywall, but we can make that last part a little easier to manage. We offer One-Time-Close Construction to Permanent Loans at all of our North Carolina branch locations as a way of financing your lot, construction, and subsequent mortgage all under one easy-to-manage plan. One-Time-Close Construction to Permanent Loans Our One-Time-Close Construction to Permanent Loans offer 12 months of financing through the construction phase with the ability to seamlessly convert to your permanent mortgage once your home is completed. The details of our One-Time-Close Construction to Permanent Loans in North Carolina include: A selection of adjustable-rate loan options and a fixed construction interest rate for 12 months Interest-only payments during the construction phase No penalties for prepaying the loan and a single set of closing costs Loans for construction only also offered Applying for a construction loan in North Carolina is easy with First Bank. Simply gather your financial and property information, then contact a loan specialist to get the process underway or apply online. If you need more information about One-Time-Close Construction to Permanent Loans before you take the next step, that’s not a problem. We have a collection of articles, guides, and tips about home building and construction loans that are sure to answer any questions you may have. You may also use our mortgage calculator or find a North Carolina mortgage specialist near you. First Bank is also happy to offer One-Time-Close Construction to Permanent Loans with flexible terms and competitive rates to businesses. Let us help you manage the financing of your construction project. We’ll leave the rest up to you. Apply online today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/fixedinterestrate.asp Investopedia: http://www.investopedia.com/terms/a/arm.asp 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

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