First Time Homebuyer Mortgage First Time Homebuyer Mortgage Purchasing your first home is exciting! It’s a major milestone and one of the most important financial decisions you’ll make. If you’re ready to begin your homeownership journey, we’re ready to guide you through the process with a competitive loan: Before loan closing, borrowers must complete the required pre-purchase BalanceTrack counseling programs through BALANCETM Financial Fitness. The course summaries are below. Carolina Trust will receive a notification after the completion of each course assessment. To get started, click here and create your free account. Financial Basics: Credit Matters Financial Basics: Money Management Homeownership: The Road to Homeownership In today’s world, credit does indeed matter. In fact, obtaining and using different types of credit instruments is part of almost every American’s financial life. However, because it is so easy to make expensive mistakes that can follow you for a long time, it is a good idea to learn how to borrow wisely from the beginning. Money management is the process of knowing where you are spending your money today and having a well-thought-out plan in place for where you want it to go in the future. This module covers the core concepts of money management. Buying a home can be exciting and challenging all at once. With commitment, planning, and learning, you can become a successful homeowner. *Loan approval and Annual Percentage Rate subject to credit worthiness. Loan type subject to property and borrower qualifications. This payment is calculated on a fixed rate for the first 60 months. The adjustable interest rate may change every 12 months thereafter. The interest rate cannot go up or down more than 2% every 12 months, with a lifetime rate cap of 5% over the initial rate. Payment example: This example is based on a purchase transaction of a single family primary residence with estimated closing costs of $3,150 and a credit score of 700 and above. On a $100,000 purchase price with 3% down payment, amount financed would be $97,000 for a 30-year term. An initial interest rate of 4.50% as of November 2017 would result in a monthly principle and interest payment of $491.48 at 4.78% APR. The initial fixed interest rate will change to an adjustable interest rate as of the 61st payment. Certain restrictions apply. Membership open to community. Ask for more details. Equal Housing Lender. Federally insured by NCUA.