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First Reliance Bank

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Teaching Kids About Finance

The summer months mean many kids in America are working for some extra cash in their pocket. Whether he or she is doing odd jobs around the house or working at the local pool, it’s the perfect time to teach your child financial lessons that will last a lifetime. It’s never too early to begin teaching children the basics of finance. We encourage parents to expose their children to experiences like

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Your Credit Score and Buying A Home

So you are looking for your dream home. Did you know your credit score will affect your ability to qualify for the best home loan rates and home loan products? Specifically, a lower credit score might lead to:
  1. A higher interest rate
  2. Higher closing costs
  3. Higher private mortgage insurance (PMI)
That's why it's important for you to understand what a credit score is and how your financial activities directly influence your credit score. The History

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6 Tips for Saving for Your Down Payment

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 5 to 20 percent of the home’s value. First Reliance Bank suggests the following tips to help save for it:

​Develop a budget & timeline.

Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save

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Creating A Budget

The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It's important to keep accurate records of your spending so you'll spot places where you can save money and know how much you can reasonably spend.

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