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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

How to Get a Mortgage for a Rental Property Looking for rental property mortgage rates near you? If so, First Bank can provide you with tips and tricks on how to get a rental property mortgage, as well as how to find the best mortgage rates near you. Rental Property Tips: How to Get a Mortgage According to Money Under 30: “Getting a mortgage for an investment property can be headache. Your best bet is to be prepared before you even start down that path. Make sure you have enough cash reserves to make your lender happy, as well an impressive credit score.” How Can You Prepare? Know the lending limits — For example, Fannie Mae currently allows each investor to carry 10 loans at once. Look for investor-friendly lenders — Having a good relationship with your lender could be the key to success. Know your credit requirements — There are two different credit-qualification guidelines for getting rental property loans. Prepare your cash reserves — Lenders typically require you to have six months of cash reserves available per property. Be prepared to make a down payment — There are sets of guidelines regarding rental properties that you must follow when making a down payments. Show your W-2 income — Lenders typically require that you show a minimum of two solid years of W-2 income. Traditional Mortgage vs. Rental Property Mortgage If you are looking for a rental property mortgage, expect to find rates that are slightly higher than primary residence mortgages. Lenders are trusting that you will be able to rent the property to tenants and that they will be able to make their payments on time to you. Don’t be surprised to see mortgage rates for rental properties fluctuate more than primary residence mortgage rates from one lender to the next. Some lenders are more trusting in rental properties than others and may want to see that you have enough money to pay for both your primary residence mortgage and the rental property mortgage at the same time. This is a safety net for the bank in case your rental property fails to attract any renters or those renters fail to pay the rent. Mortgage rates can vary from one lender to the next but there are also some key differences in the mortgage itself when compared to 3 min read

Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned properties typically make great investments for first-time home buyers or for new business opportunities. Click here to see a list of First Bank’s available properties. About Bank Owned Homes (REO Properties) – Learn More Before You Buy A bank-owned home or real estate owned (REO) home is a home that has been foreclosed on be the mortgage lender. When you purchase a bank-owned property, you go directly through the bank, so you won’t have to deal with any homeowners. Once the mortgage lender or bank owns the property, they can evict the current residents, pay off any necessary tax liens, and make any necessary repairs. In today’s market, buying a home can be pretty expensive—especially when you add in extra costs and potential upgrades or home repairs—so if you are looking to purchase a home, but don’t have a lot of money to spend, a bank-owned home could be a good option. Bank-owned properties make great investments for first-time home buyers or anyone looking for new business opportunities. Advantages of Buying a Bank-Owned Home Bank-owned homes give real estate investors and homebuyers opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Some other advantages of buying bank-owned homes include: Bank-owned properties are typically cheaper than newer homes and often offer great terms like low down payments and low interest rates. Buying bank-owned homes can involve less risk and less competition than traditional markets. Bank-owned properties are typically clear of any liens against the property. The bank that owns the foreclosed property is usually the mortgage lender, so it might be easier to negotiate closing costs. Bank owned properties are typically vacant, which can save you from having to evict its current residents. For more information on bank owned homes, check out our article on how to shop for bank-owned properties. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/foreclosure.asp Investopedia: http://www.investopedia.com/terms/t/taxlien.asp 2 min read

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Money Pit or DIY Heaven? Whether you flip houses or see your potential dream home in something that’s currently a bit rundown, it can be hard to tell if the property you’re planning to renovate will turn out to be a fortunate find or a total flop. 4 min read

How to Shop Bank-Owned Properties Bank-owned properties can be a savvy choice for first-time buyers looking for a deal and for seasoned property investors alike. If you’re up for a challenge and trying something new, here are some tips to help you through the shopping process. 2 min read

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6 Things To Know When Buying a Second Home Essential tips for second home buyers whether you plan to keep it as a vacation spot or as rental income. 2 min read

The Benefits and Risks of Flipping Houses Before you run out and buy a home to flip, take the time to weigh the pros and cons. 4 min read

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Realtor vs. For Sale by Owner [INFOGRAPHIC] Selling your house can save you money, but you should be aware of the challenges you may face. 0 min read

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5 Things You Need to Know Before You Become a Landlord Seriously, how hard could it be to be a landlord? Not so fast, eager capitalist. Here are 5 items to cover before you decide to become a landlord. 4 min read

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A Primer on Investment Property Mortgages The idea of purchasing an investment property can be enticing. Before you jump in and become a landlord though, you should fully understand everything that is involved in qualifying for an investment property mortgage and owning an investment property. 3 min read

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