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What You Need to Know About Mortgages

First-Time Homebuyer? Here’s What You Need to Know About Mortgages

Buying your first home is an exciting milestone! But the mortgage process can feel overwhelming if you’re not familiar with the basics. Let’s break down the essentials, so you’re prepared and confident as you take this big step.

1. Types of Mortgages

The first thing to know is that there are different types of mortgage loans, each with its own features and advantages.

Here’s a quick rundown of the most common ones:

Conventional Loans

These loans are not backed by the government and often require a higher credit score and down payment but may offer competitive interest rates.

FHA Loans

Backed by the Federal Housing Administration, FHA loans are more accessible to first-time buyers with lower credit scores and require a smaller down payment (as low as 3.5%).

VA Loans

For eligible veterans, active-duty military and certain members of the National Guard, VA loans require no down payment and offer favorable terms.

USDA Loans

Available for buyers in designated rural areas, USDA loans often require no down payment and have low-interest rates.

2. Down Payments

The down payment is the amount you pay upfront toward the cost of the home. A common misconception is that lenders require a 20% down payment, but in actuality many loan options require less:

3-5% Down

Some conventional and FHA loans allow for down payments as low as 3-5%.

0% Down

VA and USDA loans may require no down payment if you qualify.

While a larger down payment reduces the loan amount and often improves your loan terms, low down payment options make it possible to buy a home with less savings. And did you know that at Pinnacle Bank we offer additional 0% down option mortgage for certain homebuyers?

Contact your Pinnacle Bank mortgage professional today for additional details.

3. Loan Terms and Interest Rates

Mortgage terms define how long you’ll be paying back the loan. The most common loan terms are 15 and 30 years:

30-Year Fixed Rate

This is the most popular option, offering a predictable payment with a fixed interest rate for the entire term.

15-Year Fixed Rate

These loans have higher monthly payments but often come with a lower interest rate, meaning you’ll pay less over the life of the loan.

Adjustable-Rate Mortgages (ARMs)

With ARMs, the interest rate is fixed for an initial period (like 5 or 7 years) and then adjusts annually. These can be risky, as payments can increase when rates go up. Be sure to ask your mortgage  professional lots of questions to fully understand how an adjustable-rate mortgage works.

A Few Final Tips

Get Pre-Qualified

A mortgage pre-qualification gives you a clear idea of what you can afford and shows sellers you’re a serious buyer.

Budget for Closing Costs

Besides your down payment, anticipate paying closing costs. These are transaction costs associated with processing and closing the loan. These amounts can vary between loan programs and lending institutions so be sure to consult thoroughly with your lender on how much to budget for these costs.

Consider Your Long-Term Goals

Think about how long you plan to stay in the home, as this can affect your loan choice and term. A good mortgage lender can help guide and advise you which program is best suited for your long-term goals.

Arming yourself with this mortgage knowledge will make the process smoother and give you confidence as you start your home buying journey.

Happy house hunting!

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Employee Insights – Jamie Pierce

With over 21 years of experience in the banking industry, Jamie Pierce has built a career specializing in residential lending. Now, as VP – Mortgage Loan Originator at Pinnacle, Jamie offers expertise across a wide range of mortgage products, including conventional, FHA, VA, jumbo and construction loans. His commitment to providing personalized financial solutions has earned him numerous industry awards and a reputation for excellence.

Outside of work, Jamie enjoys golfing, hunting and leading worship with his wife, Birdy, at their church in North Augusta, SC. A proud Augusta native and mentor to young men, Jamie is deeply involved in his community.

Thank you for your dedication and leadership, Jamie!

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Employee Insights – Paula Troupe

With 38 years in the banking industry, Paula Troupe started her career at a local bank in 1986 and has been originating mortgage loans since 1997. Now, as VP – Mortgage Loan Originator, Paula helps clients secure financing for their dream homes and assists with refinancing when rates drop. 

Her dedication to personalized service and her extensive experience, from receptionist to loan originator, make her an invaluable part of our team.

Outside of work, Paula enjoys traveling, fishing, boating and spending quality time with family in her hometown of Evans, GA.

Thank you for your years of service and commitment to our clients, Paula!

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Employee Insights – Sam Donley

Originally from Loganville, Georgia, Sam Donley began his banking career nearly two decades ago in Gainesville. After earning a BBA in Management from the University of North Georgia, Sam quickly found his passion in commercial and industrial banking, where he now leads the middle market initiative and strategy for Pinnacle Bank. 

As SVP – Middle Market Executive, Sam brings a wealth of expertise in complex credit and business solutions for middle market clients. He takes pride in seeing clients succeed and enjoys supporting his team members as they reach their personal and professional goals. 

Outside of the office, Sam is an avid outdoorsman who enjoys hunting, fishing and golfing. He also loves exploring new places with his family.

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Employee Insights – Erica Fancher

Meet Erica Fancher, our dedicated East Athens Branch Manager!

With 23 years of experience in the industry, and working at two separate national banks, Erica discovered her true passion lies in helping her community through banking (something we know a thing or two about).

Needless to say, Erica took to our trademark hometown touch like a fish to water—and cherishes the everyday camaraderie of her amazing team. 

Originally from Douglasville and now calling Jefferson home, Erica enjoys spending time with her family, cooking, crafting, traveling and being on the water. 

Connect with Erica at ericafancher@pinnaclebank.com or (706) 425-8872.

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Employee Insights – Craig McKee

Originally from Buford, Georgia, Craig McKee began his banking career nearly two decades ago. After graduating from UNG (then NGCSU) and following his wife, Julie, to Auburn University, he began his journey in the banking industry. 

Craig has done a great job as a Vice President and Business Banker at Pinnacle’s Clarkesville location. We’re excited that he is now located at our Cornelia branch, bringing his years of expertise in lending, relationship-building and business development to this team.

Outside of work, he enjoys golfing, trout fishing, camping and hunting with his sons, Logan and Tucker. He also treasures time spent coaching and supporting their various sports endeavors.

Thank you for enriching our team with your dedication and leadership, Craig!

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Blog Home Buying & Refinancing Safety & Security

Six Pointers to Help Seniors Live at Home Longer

At Pinnacle Bank, we understand the importance of maintaining independence and comfort in your golden years. The vast majority of older Americans wish to remain in their homes long after retirement, a concept known as “aging in place.” 

If this is something you or a loved one is considering, we’re here to offer practical tips and financial guidance to make that possible:

Take a hard look at your finances.

Arrange a meeting with a trusted family member or friend and a banker. It’s critical to understand your financial resources, how long they’ll last and what housing options are the most cost effective for you. Be sure to consider all costs associated with aging in place, including:

  • Home modifications, home insurance and property taxes
  • Transportation to medical appointments, shopping and other errands
  • In-home caregiver for house upkeep and medical purposes

Assess your home and determine what modifications are necessary. 

While staying in your home is preferable for many, there are often design changes that must be made to ensure it’s also safe and comfortable.

  • Make sure there is at least one step-free entrance to your home or consider installing an outdoor ramp. 
  • Update lighting inside and outside of the house so that all walkways and stairs are well lit. Clear pathways throughout the house and firmly secure all carpets to the floor to prevent tripping.
  • Utilize lever style handles for doors and faucets to ensure easy movement.
  • Ensure there are accessible switches and outlets for people of any height.
  • If a bedroom and bathroom does not or cannot exist on the first floor, consider installing an elevator or chairlift. At a minimum, make sure you have handrails on both sides of your stairs.
  • Install grab bars in the bathtub, shower, or near the toilet. 

Make security a priority.

Older Americans are often targets for scams and other criminal behavior. Be cautious about who you allow in your home and disclose sensitive information to.

  • Install up to date and easy to use locks. Make sure your front door has a peep hole or a security monitor so you can see who is outside.
  • Consult someone you trust when hiring a contractor, financial advisor, etc.

Look into community resources.

If mobility is limited, look into services offered in your area. Many communities have established non-profit programs that offer transportation and food delivery to assist older Americans at a reasonable cost. 

Be prepared for possible emergencies.

  • Keep a list of all emergency contacts on your refrigerator or by phone.
  • Consider a Personal Emergency Response System. Transmitters can be worn as a bracelet or around your neck and require the simple push of a button to send a signal to a call center.
  • Have your address number visible from the street so emergency responders can easily identify your home. 

Reevaluate every six months to make sure all needs are being met. 

As you age, your needs inevitably change. Take time twice a year, or as needed, to sit down with your trusted family or friend and make sure your current living situation is still the right one.

We hope these six pointers have provided valuable insights and actionable steps to support you or your loved ones in aging in place. At Pinnacle Bank, we’re committed to being your trusted partner through every stage of life. Our dedicated team is here to help you navigate financial planning, home modifications and community resources to ensure a safe and fulfilling experience at home. 

Reach out to us today to learn more about our services and how we can assist you in creating a secure and comfortable living environment. 

Together, let’s make aging in place easier than ever.

 

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Blog Home Buying & Refinancing

Housing 101: Terms to Know Before Buying

Buying a home is a significant milestone, whether you’re a first-time buyer or an experienced homeowner. Navigating the real estate market can be complex, and understanding key terms is crucial to making informed decisions. 

At Pinnacle Bank, we’re committed to helping you achieve your homeownership dreams with confidence. From understanding APR to the intricacies of escrow, this guide will equip you with the knowledge you need to make sound financial choices.

Before Buying

APR

Short for annual percentage rate, APR is how much your loan will cost over the course of a year. This figure is almost always higher than the interest rate, because it takes into account the interest charged as well as fees or additional costs associated with the loan. Since all lenders use the same formula, it can be a more effective way of comparing mortgages rather than just the interest rate.

Closing costs/settlement fees

The costs, in addition to the price of the property, that buyers and sellers are charged to complete a real estate transaction. Costs include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.

Escrow

An account held by a neutral third party (called an escrow agent) who works for both the lender and the borrower. There are two main types that are used for real estate purposes – purchase and mortgage escrow accounts. Purchase escrow accounts are used to safely hold money when a homebuyer successfully bids on a home and provides a deposit to assure the seller that the buyer is serious about purchasing the home. Mortgage escrow accounts may be required by lenders to cover costs such as property taxes and homeowner’s insurance. After an initial deposit, borrowers pay into the escrow monthly – usually as part of the mortgage payment and the account is maintained by the mortgage servicer.

Loan Estimate (LE)

The Loan Estimate is a three page document homebuyers receive once they apply for a mortgage. It provides potential homebuyers with important information about the loan request, such as the estimated interest rate, monthly payment and projected closing costs for the loan. It also provides information on estimated taxes and insurance. Potential homebuyers may use the form to compare offers from other lenders to ensure the homebuyers receive the best deal.

Mortgage broker

An individual or company who connects borrowers and lenders for the purpose of facilitating a mortgage loan. Unlike a mortgage lender, a broker does not make the loan or service the mortgage. A mortgage broker may represent various lenders or may offer loans from one single source.

Points

Borrowers can pay a lender “points” to reduce the interest rate on the loan, resulting in a lower monthly payment. The cost of one point is equal to one percent of the loan amount. Depending on the borrower, each point lowers your interest rate by one-eighth to one one-quarter of a percent.

We hope this glossary of housing terms has provided you with valuable insights into the home buying process. 

Whether you’re ready to apply for a mortgage or simply exploring your options, our team of experts is available to answer your questions and guide you through the process. 

Together, let’s make your dream home a reality–visit your local brand today.

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Blog Safety & Security

Recognizing and Avoiding Digital Phishing Scams

At Pinnacle Bank, your security is our priority. In an increasingly digital world, protecting the financial health of our community, especially for small business owners, is more important than ever. Phishing scams pose a significant threat to long-term stability and growth, impacting real people and businesses.

To help you and your business remain resilient, we’re breaking down the common red flags to watch out for in email and payment app scams.

Email Scams

Unusual Email Addresses: Slow down and take a look. Does that email address seem off? If it’s not one you usually see from your bank, be cautious. Scammers often use addresses that look almost right, but not quite.

Misspelled Words: Spot check! If you see misspelled words or odd grammar, it’s a red flag. Real banks take care to spell things correctly.

Scare Tactics: Don’t panic. If an email tries to scare you with urgent warnings about your account, it’s likely a scam. Legitimate banks don’t use fear to communicate with you.

Suspicious URLs: Hold up — we don’t ask you to log in through an email. Phishing emails often include links to fake websites. Never click on unexpected links.

Unexpected Attachments: Something’s phishy if you receive an email from Pinnacle with attachments you didn’t ask for. We don’t send attachments out of the blue. These could contain malware.

If you feel odd about opening, just give us a call at 877-759-7939.

Payment App Scams

Unexpected Requests: If you get a random request to send money through a payment app, be cautious. This is often a scam.

Sending Money to Yourself: If someone claims to be us and says to send money to yourself, it’s definitely a scam. We never ask for this.

Overpayment Claims: Be wary if someone says they overpaid you and asks for a refund through Zelle®. Scammers use this trick to steal your money.

Suspicious Links: If a payment app message includes a link, don’t click it. Scammers use these links to steal your login details.

Pressure and Urgency: Scammers love to create urgency. If you’re told about emergencies, unverified transactions, account suspensions or surprise winnings, it’s likely a scam.

Staying informed and vigilant is crucial in protecting your business from phishing scams. At Pinnacle Bank, we are committed to supporting you in this effort. If you ever encounter any suspicious activity or have concerns about the legitimacy of an email or payment request, don’t hesitate to reach out to us at 877-759-7939. 

Together, we can keep your financial health secure and your business thriving. Stay safe!

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Blog Safety & Security

Recognizing Red Flags in Phone-Based Phishing Attempts

At Pinnacle Bank, we prioritize your safety and security, especially when it comes to protecting the financial health of our community from scams. All small business owners understand staying vigilant against phishing scams is critical for long term stability and growth–things that carry true human impact.

So, to help you and your business stay strong, let’s break down some common red flags to watch out for in phone and text scams.

Phone Scams

Unusual Caller ID: Even though caller IDs can be faked, our calls usually come from a known number (your local branch). If it’s not familiar, be skeptical and let it go to voicemail.

Scare Tactics or Threats: Phishing calls often use urgency to pressure you. If a caller demands immediate action or threatens you, hang up and call us directly at 877-759-7939 or the number on your card.

Asking for Personal Information: We don’t ask for your account number, PIN or password over the phone, and we never ask for a one-time code. Don’t share these details unless you initiated the call.

Calling You Unexpectedly: Be wary of unexpected calls. We usually contact you only if you’ve reached out first. If in doubt, hang up and call us back.

Text Scams

Strange Phone Numbers: Slow down. Is that the usual number your bank uses for texts? Legitimate bank texts come from official short codes, not random phone numbers.

Urgent Warnings or Requests: Take a breath. Phishing texts create panic, threatening to suspend your account or urging you to log in. We won’t send texts like this.

Odd Grammar or Spelling Mistakes: Spot check! Misspelled words or weird grammar in a text? That’s a clear sign of a scam.

Requests for Personal Information: If a text asks for personal details like account numbers, PINs or passwords, it’s a scam. We never ask for sensitive information via text.

Suspicious Links: Banks rarely send links in texts. Don’t click them. Instead, visit our official website (pinnaclebank.com) or call 877-759-7939 to verify.

Verification Codes: If and when we do send a verification code, do not give any codes sent to you via text message to anyone who contacts you.

By keeping these red flags in mind, you can help protect yourself and your business from scammers. Remember, Pinnacle Bank is here to support you — if something feels off, don’t hesitate to reach out to us directly. 

Stay safe and stay vigilant!