Posted on 3/4/2019 12:01 PM By First Bank
Spring comes with a sense of renewal and rejuvenation – and your home should be no different! Spring is the perfect time to get a head start on remodeling your deck, sprucing up the garden, or completing routine maintenance on your roof and windows to keep your biggest investment in tip-top shape. Whether you’re simply keeping your house in working order with various updates and repairs, or overhauling and replacing an HVAC unit or other large household fixtures, a Home Equity Line of Credit (HELOC) could provide some relief.
What is a HELOC?
A Home Equity Line of Credit is a line of revolving credit similar to a credit card, but this form of credit uses your home as collateral. Home Equity Lines of Credit are loans set up as a line of credit in which funds can be drawn when the borrower needs the money, rather than in a lump sum. Funds in a Home Equity Line of Credit can be accessed at any time, however, cannot exceed the amount originally set from the beginning. Because a HELOC is a revolv ...
Posted on 3/4/2019 10:20 AM By First Bank
More than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2018, according to the Internal Revenue Service, and it’s anticipated they will get a similar amount this year. As Americans receive their refunds, the American Bankers Association has highlighted seven tips to help them use the money wisely.
“Prioritizing your tax refund to create an emergency fund and pay off debts first will help position you for financial comfort the rest of the year,” said Corey Carlisle, executive director of the ABA Foundation. “As those who have been affected by the federal government shutdown this year can attest, financial challenges can arise quickly and it's critical to have money set aside for those unexpected hardships.”
Carlisle highlighted recent changes to the tax code as a reason for consumers to file their returns as early as possible this year.
“There are a lot of new wrinkles to the tax code that may surprise people, so you ...
Posted on 1/28/2019 10:26 AM By First Bank
Valentine’s Day is just around the corner; often, this is known as the season of love and proposals. To help couples start their journey on strong financial footing, we’d like to offer these post-wedding money mistakes to avoid:
Not having the money talk. Discussing your finances can be a bit uncomfortable for many couples, especially in the beginning, but those who tackle it head on will be better for it. Understand your partner’s financial goals and spending habits. While you may have different answers, this conversation can help you develop an approach to money management from the start that works for both of you.
Not setting a budget. A mistake many couples make is not establishing a budget early on. After assessing your finances as a pair, determine how you’ll spend your money each month. Are there certain expenses you should be cutting back on and others you should be saving toward each month? Perhaps, you’d like to start saving for a down-payment on a new home or ...
Posted on 1/28/2019 10:05 AM By First Bank
Helpful Tips to Consider
If you’re ready to buy a home, that’s great news! There are a few things you’ll need to do that you may not realize, especially if you’re a first-time homebuyer, or if it’s been a number of years since your last home purchase.
Getting Ready to Buy
Before you even begin looking for a new home, contact First Bank Mortgage and one of our knowledgeable Home Loan Advisors can help guide you through the homebuying process. It’s helpful to obtain pre-approvals prior to house hunting, so you’ll know your budget ahead of time. We’ve provided a helpful list of items, like previous employers and prior addresses, to have ready when applying for home lending with First Bank Mortgage.
Once you’ve received loan approval and an approved contract (and amount) on a new home, you’ll need to obtain homeowner’s insurance for your new place or condo insurance if you’re buying a condo. Most lenders require that informati ...
Posted on 1/3/2019 11:26 AM By First Bank
First Bank Raises Awareness for Data Privacy Day Jan. 28
In recognition of National Data Privacy Day on Monday, Jan. 28, First Bank is urging consumers to take an active role in protecting their data.
As always, First Bank’s first priority is to protect our clients’ money and their financial data. We use a combination of safeguards to protect our clients’ information and we certainly encourage our clients to partner with us in that effort. To help ensure the safety of your personal information, we’d like to offer the following four tips:
Create complex passwords. Avoid birthdays, pet names and simple passwords like 12345. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.
Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the mont ...
Posted on 1/3/2019 10:54 AM By First Bank
Set up a budget to help you get started!
During the first few weeks of the year, many Americans are typically focused on establishing their goals and resolutions. Whether it’s weight loss, a new hobby, changing careers, or simply saving more money, writing it down can mean the difference between achieving your goals and not achieving your goals. In fact, experts agree that by establishing a plan and writing down your goals, you’re more likely to achieve them. If you’re like many of us, saving money and establishing a long-term savings plan may be at the top of your to-do list. According to a NerdWallet survey (2018), over 84% of Americans make financial resolutions for the New Year but, sadly, over 50% who made them in 2018 failed to achieve their monetary goals. We want to help you stick to them, so let’s get started.
The first part of any financial plan must start by telling your money where to go. If you simply deposit it, forget it, and spend it, then you’ll likely ...
Posted on 12/18/2018 11:00 AM By First Bank
First Bank Debit Mastercard® Offers Convenience, Luxury, and so Much More!
During the busy holiday season, it’s easy to use your First Bank Debit Mastercard® for your purchases and appreciate all of the convenience it offers. Not to mention, enjoy the ease and security of not carrying cash. But, did you know there are also additional benefits of using your First Bank debit card that can help you ease through the holidays as well?
Just take a look at a few of the hidden benefits of using your First Bank debit card:
Mastercard Airport Concierge™ Service—Traveling for the holidays? With a First Bank debit card, you can enjoy 15% savings on Airport Meet and Greet Services. With these services, you can arrange for a personal, dedicated agent to escort you through the airport. Talk about added security and comfort! Plus, with Mastercard Airport Concierge Service™, certain airports will expedite you www.mastercard.com/airportconcierge or consult your Travel Advisor ...
Posted on 12/18/2018 9:27 AM By First Bank
While it gets easier and more convenient to complete all your holiday shopping from your computer or phone, it also makes shoppers more susceptible to fraud, identity theft, and various scams. Though fraudsters and scam artists are active year-round, online shoppers are especially vulnerable to their crimes during the busy holiday season. According to a recent survey, cybercrime will generate at least $1.5 trillion this year.*
First Bank recommends following these tips to keep your holidays merry and bright – and your financial information safe – as you do your shopping:
Shop safely. Before shopping online, verify that the site uses secure technology. Once you’ve reached the checkout screen, or while shopping an e-commerce site, make sure the web address begins with https. The ‘s’ on the end of the https actually stands for secure. Another way to confirm a trustworthy shopping website is the inclusion of a tiny, locked padlock icon in the address bar.
Posted on 12/18/2018 8:00 AM By First Bank
Understand the benefits of using a debit card rather than a credit card during the holidays and beyond.
Whether you’re holiday shopping or doing your regular run-of-the-mill grocery run, it’s all too easy to grab for the plastic in your wallet. We do it mindlessly; even if there are multiple cards in your wallet. But this holiday season can be a great reminder to pay with plastic more mindfully, especially as you shop beyond the holidays or make financial New Year’s resolutions. Did you know that 77% of payments are made with plastic over cash or checks?* Of that 77%, 44% of shoppers pay with a debit card — and with good reason. Unwrap these advantages to see why choosing a debit card payment will benefit you, especially during the holidays.
Theft and fraud protection benefits. Many debit card issuers include protection benefits to keep you and your financial information safeguarded from criminals. In fact, cardholders who proactively use issuer-provided safety and security tools ...
Posted on 12/11/2018 12:54 PM By First Bank
According to the National Council on Aging, almost 90 percent of the financial abuse committed against older Americans is sadly done by someone they know. More than ever, it’s imperative for seniors to select a trustworthy person to properly manage their finances and personal affairs.
First Bank offers tips to help choose the right financial caregiver and prevent financial abuse:
When delegating financial decisions, make sure it’s someone you trust. If you’re unable to facilitate financial transactions, carefully choose a trustworthy person to act as your agent in all financial matters.
Know who is in your home. Conduct a thorough background check on all individuals you hire for personal care or home care services. Check references and credentials before you let them into your personal space.
Understand the terms of assigning a Power of Attorney (POA). Granting someone POA gives them the authority to act and make decisions on your behalf, including managing and having access ...