Category: FCM Blog

First Community Bank adds local mortgage executive to Board of Directors

April 21, 2021

First Community Bank (FCB) has added Keith Canter to its Board of Directors. Canter is CEO of First Community Mortgage, and one of the 19-year-old organization’s founders.

“Keith already has a close working relationship with the bank and with so many people in our community that his joining First Community Bank’s board is a natural,” says Scott Cocanougher, CEO of the bank, who also is a board member. “He brings tremendous talents and experience to our organization and understands well its unique role in the community, including our emphasis on people and on community reinvestment.”

Canter is a financial services executive and entrepreneur. In addition to his role of CEO of First Community Mortgage (FCM), he also serves as Chair and President of FCM Cares, FCM’s employee-driven, community-focused foundation. Based in Murfreesboro, FCM is a full-service residential mortgage lender that originates mortgages in 46 states. Canter was previously a partner in Cambridge Equities, LLC, and served on the Advisory Board for the Tennessee Housing Development Agency.

“I am honored and excited to join the bank’s board, especially knowing First Community Bank’s heart and investment are in the community, including its focus on people – from its team members and shareholders to the citizens of the communities we serve,” Canter says. “I look forward to lending whatever expertise I can while also learning how I can help this hometown bank continue to be best positioned to serve future generations of Middle Tennesseans.”

In addition to Canter, other members of First Community Bank’s board are Lee Adcock, general contractor; Mark Cannon, retired telecom executive; Dr. Jimmy Clark, retired dentist; Tom Clifford, retired, First Community Bank; Cocanougher; and Barry Cooper, private investor.

View original press release here: https://news.murfreesboro.com/first-community-bank-adds-local-mortgage-executive-to-board-of-directors/

Award-Winning Mortgage Loan Originator Joins FCM

March 23, 2021

FCM has named mortgage veteran Billy M. Harter as a Vice President based in FCM’s Cool Springs office in Franklin. While the majority of his borrowers are in Middle Tennessee (including Nashville, Brentwood, Franklin, Thompson’s Station, Spring Hill, Columbia, Murfreesboro, Mt Juliet and more), he can originate mortgages for consumers in the many markets in which FCM is licensed across the country.

“Billy strategizes so that he helps every borrower meet their short- and long-term needs and financial goals,” says Dan Smith, President of First Community Mortgage. “And is especially adept at helping homebuyers and working with a full range of mortgage products, from conventional and jumbo to FHA, VA and USDA. He prides himself on leveraging FCM’s internal resources and people power to create a smooth lending process and, whenever possible, quick closings, which makes him a great fit for our team.”

Harter has been in the financial industry for 15 years, closing over half a billion in mortgage loans. He has been recognized and received awards every year since 2008 by the Nashville Mortgage Bankers Association for loan production. Harter also keeps an umbrella of other resources borrowers may need, such as referrals to trusted insurance, tax, estate or financial planning pros. He was previously with FirstBank Mortgage (formerly Franklin Synergy).

“I get to know my borrowers, taking into account current economic conditions,” Harter says. “I offer an extensive line of loan products and manage the entire process so that there are no surprises.”

He holds a Bachelor of Business Administration from the University of Memphis-Fogelman College of Business & Economics, where he majored in Finance with a concentration in Real Estate. He lives in Columbia with his wife and children.

Also joining First Community Mortgage are Harter’s colleagues Jason Kaplan and Johnny Smith, as well as the team members who support them across the many aspects of the loan processes.

View original press release here: https://www.prnewswire.com/news-releases/award-winning-mortgage-loan-originator-joins-first-community-mortgage-301253692.html

The Mortgage Journey Starts with a Single Step

August 26, 2020

We’re more than halfway through 2020 and our loan originators at First Community Mortgage continue to hear a common sentiment from borrowers: many people believe pre-qualification is the same as getting pre-approved. Not necessarily. A pre-qualification letter is a simple and quick process, while a pre-approval requires multiple rounds of documents to be submitted. As you might expect, the pre-approval letter carries much more weight in a multiple offer situation, something many of FCM’s clients are seeing in this summer buying season in Tennessee, Georgia, and other states in which we do business.

Whether you are working with First Community Mortgage on a purchase or refinance, we advise our clients that interest rates are only “one piece of the pie.” Yes, rates are low, and FCM offers some of the best rates available. But what you might hear on the radio or see on TV is not always the best option and that is where we come in. Often times, borrowers hear about low rates but don’t take into account the cost of refinancing (namely, fees that can average 1 percent of the new loan amount) as well as how long they expect to stay in the property. We always tell our clients that regardless of what they hear in the media, it is important, when considering refinancing, to compare the savings from a lower interest rate versus refinancing fees paid upfront. FCM has some great programs that you may not have thought of.

After the initial decline in rates back in March, many borrowers have been led to believe the refinancing window has closed. In reality, rates for a 30-year fixed loan have APR’s around 3%. This means there are still several of you who can take advantage of these current rates and reduce their current mortgage payment through FCM.

Finally, that hot buzzword in the last few months is “forbearance.” It sounds great in theory, as borrowers are led to believe they can delay monthly payments indefinitely. They can’t: Borrowers still owe the money and our loan originators are honest and upfront about this. Forbearance will impact a borrower in the future when buying or refinancing a home. Borrowers should speak to an FCM loan originator for guidance on how a mortgage forbearance will impact their credit report or credit score since it is different for different loan programs.

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Redo a Room for ROI

April 18, 2018

If you could make over one room in your house, which room would it be? Better yet, which room should it be? I’m guessing you’re going to say either the kitchen or the bathroom. Ding, ding, ding—you’re right!

Buyers are looking for those newer finishes throughout the house and are calculating how hard a project is going to be to do-it-themselves, so kitchens and bath redo’s show well.

It’s no secret the best room for a makeover, in terms of your return on investment, is the kitchen. Even though a kitchen remodel likely is the most challenging and time consuming, it’s still a very worthy project for three reasons: you can enjoy it yourself, you could build equity in your home, and be able to get it ready for an eventual sale. If you take it on you’ve accomplished three goals in one!

In fact, Remodeling Magazine says a minor kitchen remodel returns approximately 80 percent of its value at resale, while a major midrange kitchen remodel will return about 65 percent of its value at resale. So, if you’re looking at redoing the kitchen, and you know you’re going to sell at some point in the near future, keep it to a minor remodel. A big kitchen remodel that involves tearing walls back to the studs, reconfiguring the layout, and investing in all new cabinets and appliances, just isn’t going to give you the biggest return because your expense outlay is so great.

Bonus tip: If you’re thinking about adding a pool to increase the value of your current home the answer is, don’t do it! Although it could be fun in the meantime!

Investing in your own home while you’re living there is a great way to build equity without emptying your bank account. Kitchen and bath remodels that include upgrades like a new vanity, lighting, and toilet, can give you a good return. Sometimes it helps to tap into some additional funds to make a remodel possible. If you want to see if you qualify for a program with us that would help finance a remodel, we would love to help! We offer several cash-out refinance programs here at FCM. This means, qualifying borrowers can refinance their mortgage by using some of their home’s equity to fund a remodel. We also have renovation programs that allow you to borrow 100% of the total funds needed for your remodel project if it’s over $5,000 and meets program guidelines. This will be financed into the loan, so that means you will just be able to pay it off as you pay off your mortgage!

Disclaimer:

All content provided on this blog is for informational and educational purposes only. There are no representations as to the completeness regarding the topic of this blog post and as such no liability can be created for any losses, injuries or damages caused by any errors or omissions. Please consult a Loan Originator for more detailed information. © 2018 First Community Mortgage, Inc. All Rights Reserved.

Are You Self-Employed?

February 16, 2018

For most Conventional mortgages, you are considered self-employed if you own 25% or more of a business.

Ideally you should have a minimum 2-year history of self-employment for your income to be considered reliable and stable for mortgage qualification purposes.

If you plan to use business assets for your down payment or closings costs, the lender must perform additional analysis to ensure the use of these funds won’t negatively impact your business. This typically requires additional documentation.

It’s always best to consult a mortgage professional to assess your specific situation. One of our helpful humans at First Community Mortgage, the Human Mortgage company, is always here to answer any questions you may have.

Source: Fannie Mae

Mortgage Insurance Premiums Get an 11th Hour Tax Break!

February 15, 2018

On February 9th, taxpayers got a surprise break for their 2017 tax returns. The Bipartisan Budget Act of 2018 included a last-minute allowance for private mortgage insurance (PMI) to be deducted for the 2017 tax year. If you plan to take advantage of this one, you cannot also take the standard deduction. Itemizing is required to take this special deduction. Also, if your adjusted gross income is more than $100,000, be sure to check the phase-out limits. There is no word on whether this deduction will continue into 2018.

What is PMI anyhow? When your down payment is less than 20%, most lenders require you to buy private mortgage insurance. This protects against losses should a person default on their mortgage.

Sick of paying mortgage insurance? You might have the home equity to refinance. Call us today for a free no-obligation consultation.

This information does not constitute and is not intended to be a substitute for specific individualized tax planning advice.