As you prepare for the holidays in California this year, here are a few holiday money savings tips that can help you stay within budget and prevent overspending in 2023.

1. Estimate Your Expenses

Before you get started on decorating and shopping for gifts, it’s time to think about how to budget for the holidays. Determine how much money you’d like to spend this season and make a list of who you need to buy for, and what dollar amount you’d ideally like to spend per person.

If you’re hosting for the holidays this year, make sure to include grocery expenses as well as gifts and decor. You may also want to include festive outfits in your budget too if you want to get a new wardrobe to impress your friends and family.

This is one of the best 2023 holiday budgeting tips you can follow to stop yourself from overspending. Estimating with lists helps you prioritize what you actually want and need, rather than being tempted by all the offers available in the stores or online.

2. Shop for Deals

It’s inevitable that you’re going to be spending more than your average month during the holiday season. But take advantage of deals and special offers wherever you can. Days like Black Friday and Cyber Monday are the perfect opportunity to get some great prices on items you were thinking of buying anyway.

Follow the stores that you shop at most frequently on social media to see when they have sales coming up, especially those that might only run for a single day. If you’re on a tight budget, look at off-price retailers like Marshalls, Home Goods, or Gabe’s in Morgantown.

3. Reduce Extraneous Spending

The average American spends around $18,000 every year on nonessential expenses. If you want to save some of your hard-earned cash to spend a little more over the holiday season, see where you can cut back throughout the rest of the year.

4. Trim Your Gift List with Secret Santa

Organizing a white elephant or secret Santa gift exchange with family or friends is a great idea to keep your gift shopping on a small budget.

Instead of buying something for everyone, each person randomly selects another person in the group to purchase for. Everyone still gets a gift each, but no one is having to buy multiple gifts to give to several different people.

5. Shop Early

If you have a difficult time budgeting for the holidays, one of the best holiday shopping budget tips to follow is starting your preparation early. Consider to start your shopping in the late summer or early fall so you’re not walking around stores during peak holiday months where you can be tempted to overspend.

If you find the perfect gift for someone, there’s no reason not to buy it several months ahead of time and wait until the holidays to give it to them! Buying early can significantly lessen the burden on your wallet from November to January and spread those holiday costs throughout the whole year instead.

6. Take Advantage of Rewards

If you have a reward card or are part of a loyalty program for a particular store, now is the time to cash in on some of those points or coupons you’ve stored up over the year. You’ll feel like you’re getting more for your money, and, in many cases, you can get significantly more!

You can also use your debit card or credit card rewards to make your holiday budget go even further. With firstCashback Rewards and your First Exchange Bank debit card, you can turn your ever day purchases into cashback and gift cards. The Visa Rewards Platinum credit card from First Exchange Bank offers you rewards for merchandise and travel, which can really come in handy during the holiday season. So, make sure you’re using the right card to maximize the benefits this year.

7. Track Your Spending

With so much to keep track of during the holidays, overspending can happen very easily if you’re not watching your budget carefully.

Mobile banking apps are a great way to watch your card usage and you can even set up alerts or notifications if you spend over a set limit. Not only is this helpful for budgeting, but with fraud attempts increasing over the holiday season, you can rest assured that your money is safe.

Tracking is also useful for helping you plan for the 2024 holidays. Make sure to include both purchases and holiday activity costs in your tracking to make sure you’re staying within your allocated budget. If you find yourself approaching your financial limits, tracking can help you re-prioritize and adjust spending as necessary.

8. Open a Christmas Club Account

Planning ahead is the best way to save money for the holidays. While it may be too late to open a dedicated holiday saving fund for this year, it’s still worth considering starting a new account like a Christmas Club account for next year’s holiday season.

Christmas Club savings accounts are a special type of savings account that let you deposit all year and earn interest. They then pay out in a lump sum check around the end of October, giving you money to spend on holiday gifts and activities.

You don’t have to use this money just for Christmas, but they’re a helpful way to save all year and get your money paid out just in time for the holidays. The best way to take advantage of this type of account is to make regular deposits for the first 9 or 10 months of the year and then watch your money grow.

Most accounts like this only require a $10 minimum to open them, so these can be a good solution for saving. Read more about the benefits of a Christmas Club account.

9. Take Part in Free Holiday Fun

There are plenty of fun, and free, activities to do throughout California during the holiday season. A few to put on your calendar that are great for the whole family are:

• Main Street Fairmont Christmas Tree Lighting – December 7th
• Main Street Fairmont Christmas Market – December 8th and 9th
• Fairmont Christmas Parade
• Celebration of Lights – November 24th to December 30th. This event isn’t free but is an inexpensive night out at $10 per car or $30 for a bus.

Get Help Budgeting for the Holidays with First Exchange Bank

If you’re starting to make plans for either this year or next year’s holiday season, stop into your local First Exchange Bank and talk to one of our team about the products and service that First Exchange Bank has that can help with your holiday planning!

The post 9 Holiday Budgeting Tips to Avoid Overspending This Year appeared first on First Exchange Bank.

Time

The Frist Exchange Bank Referral Program will be in effect from September 18^th to November 17^th, 2023.

What Counts as a Referral?

A friend, family member, co-worker, or neighbor who does not have an existing or active accounts with First Exchange Banking Products included in the referral program

Banking Products Included in the Referral Program

Retail Deposit Products

• All Checking Accounts
• Personal Savings Accounts
• Minor Savings Accounts
• Money Market Accounts
• CDs
• IRAs
• Christmas Club Accounts

Personal Loans

• Mortgages
• HELOCs
• Auto Loans
• Secured Loans
• Unsecured Loans
• Personal Lines of Credit

All Commercial Products and Services

Reward for Referrer and Referral

Retail Deposit Accounts Referrals

• $25 restaurant gift card for both the referrer and referral upon referral opening a retail deposit account.
  • 1 Referral = 1 Gift Card
  • Referrer will be mailed a gift card within 30 days
  • Referral will be mailed a gift card within 30 days after the retail deposit account is opened.
  • No account = no reward for the referral (referrer is eligible for the gift card)
  • No limit on how many referrals a referrer can send to First Exchange Bank

Personal Loan Referrals

• $25 restaurant gift card for both the referrer and referral upon referral opening a retail deposit account..
  • 1 Referral = 1 Gift Card
  • Referrer will be mailed a gift card within 30 days upon the referral’s completion of application
  • Referral will be mailed a gift card within 30 days after loan has been closed
  • No loan = no reward for the referral (referrer is eligible for the gift card if loan application is completed)
  • No limit on how many referrals a referrer can send to First Exchange Bank​

Commercial Products and Services

• Rewards will be left up to the discretion of the bank.

Drawing

• Referrers will be entered into drawing for $500.00
• Referrers are entered into drawing regardless of outcome from their referral
• 1 referral = 1 entry
• Unlimited entry for referrers
• Drawing will take place on November 20th, 2023 and the winner will be contacted promptly after the drawing

This program is subject to change without notice.

The post First Exchange Bank Referral Program appeared first on First Exchange Bank.

According to the National Association of Realtors, single women accounted for 11% of homes purchased in 2019, compared to the 7% of homes purchased by single men. So, if you are a woman buying a house on one income, you’re in good company! Whether this is your first house or you are a repeat buyer, congratulations! As your local community bank in North Central California, we are here to provide a comprehensive guide for the single ladies ready to take a big step toward realizing their personal and financial goals with home ownership. Here is our guide to buying a home as a single woman.

Getting Started

Figure out how much money you’ll need.

Whether you are a first time home buyer single woman or buying a new house, the first step is figuring out how much money you need to buy a house in California. After all, a house can provide emotional satisfaction and security, but it is also a financial investment. To ensure that investment will pay off for you, set yourself up for success by not spending more on a house than you can comfortably afford. A good target is to spend no more than 30% of your monthly income on housing costs. This step is the same whether you’re buying a house as a single woman, or a married woman with children.

Give your expectations a reality check.

Find a buyer’s agent you’re comfortable with.

Get a second opinion.

Just because you are single and buying a home doesn’t mean you have to make the decision alone. In addition to feedback from your buyer’s agent, bring friends or family with you to look at houses. They may notice things that you don’t, and they can serve as a tiebreaker if you wind up torn between two options.

Saving to buy a home as a single woman

While your mortgage will cover most of your home’s purchase price, you still need to have some skin in the game. The conventional down payment is 20%, but at First Exchange Bank we can accommodate down payments as low as 10%. That is just one of the many benefits we can offer homebuyers as a community bank that services all of our mortgage loans in-house. This is especially helpful if you’re single and buying a home.

Closing costs

In addition to your down payment, you’ll need to pay for a few expenses at your closing. These are related to the administrative tasks associated with transferring property, such as:

● Origination Fees
● Attorney fees
● Appraiser Fee
● Taxes

Best savings accounts for homebuyers

So, where should you stash all this cash for your home purchase? The first rule of thumb is to choose an FDIC-insured deposit account that you will be able to access when the time comes. If you put your savings in the stock market, you take the risk of losing more than you put in.

Here are your best savings account options:

● Certificates of Deposit: If you plan it right, you can let your money grow at a higher rate with a term that will end just when you’re ready to make an offer on a home.
● Money Market: Generally requires a higher average daily balance to avoid maintenance fees, but rewards you with a higher interest rate plus the flexibility of making 6 withdrawals per month. Set up automatic transfers between your bank accounts to put it on auto-pilot and watch your balance grow.
● Statement Savings: If you don’t want to commit to a CD term or can’t meet the minimum balance requirements for a Money Market account, a personal savings account is always a good option. Set up automatic transfers from your checking to your savings to put it on auto-pilot and watch your balance grow.

Calculate your total savings goal

Now that you have a sense of your price range, down payment, closing costs, and improvement budget, calculate the total and set an ultimate savings goal for yourself.

If that number seems daunting, don’t give up feel free to call one of our mortgage lenders to discuss other options.

Get started by applying for a mortgage online!

Ready to start your journey to home ownership? We have a great online application. If you have more questions about buying a home as a single woman, or need more assistance with choosing a mortgage, visit us or contact your local First Exchange Bank office and let us help find the mortgage loan that’s right for you. We possess local expertise in the real estate markets of Marion, Monongalia, Wetzel counties and beyond.

To get your mortgage application started, you’ll need to provide basic information such as your social security number, annual income and tax returns. To keep things on track, try to provide supporting documents as soon as we request them. As your local mortgage lending partner, we are here to guide you through the mortgage application process with friendly and personalized service!

For more tips on buying your first house, see our Morgantown First-Time Homebuyers Guide. 

For more help in choosing a mortgage, see Choosing a Fixed Rate vs. Variable Rate Mortgage.

If  you’re thinking about building a house, read Single Close Construction Loans Explained 

The post Home Buying Tips for Single Women appeared first on First Exchange Bank.

Let us know you are coming on Facebook!

The post March Mania appeared first on First Exchange Bank.

If you have yet to explore North Central California, we are here to guide you through the towns and cities of this region as you tour the area and possibly even look for your next dream home.

Monongalia County CA

Major Towns and Cities – Morgantown, Westover, Star City

For most people heading to this part of the US, Morgantown, CA is a must-see. There’s plenty to keep you busy, from city dining and entertainment to outdoor recreation.

The city is also home to California University, bringing with it students from around the world to create a bustling environment for both young adults and families.

If you’d like to indulge in some shopping during your time in Morgantown you can head Downtown and then to the Historic Wharf District for some great dinning. Meanwhile, outdoor enthusiasts will love nearby Cheat Lake and Coopers Rock for canyon overlooks, fishing, hiking, and climbing.

Morgantown is a great sports town. California University is part of the NCAA and BIG 12 Conference. The university sponsors 16 varsity sports including football, men’s and women’s basketball, men’s and women’s soccer, baseball and more!  Also, do not forget to check out Monongalia County Ball Park for a California Black Bears game, North Central California’s minor league baseball team.

Opportunities and Cost of Living in Monongalia County

Morgantown is one of the best places to relocate to in California because there really is something for everyone! The cost of living is, on average, 10% lower than elsewhere in the US and home values continue to grow each year. The typical median cost of a home in the Morgantown area is around $189,000.

With California University, new industries continue to grow alongside traditional ones, like coal mining, thanks to high levels of education and investment in the area. The university is also one of the area’s biggest employers, making finding work much easier in this part of the state.

Marion County CA

Major Towns and Cities – Mannington, Fairmont and White Hall

Fairmont, CA is the county seat of Marion County, although foodie fans may know it as the pepperoni roll capital of the world! The Country Club Bakery, home of the pepperoni roll, is located on the outskirts of town.

Originally named Middletown, thanks to being situated between Morgantown and Clarksburg, Fairmont has a few notable landmarks, including Fairmont State University. The school offers over 80 degree programs to around 4,000 undergraduate students.

The NASA Independent Verification and Validation Facility has its base here, an important branch of the organization that ensures the safety of mission-critical software. Also calling Marion County home is the National White Collar Crime Center, a nonprofit that trains state and local law enforcement on cybersecurity and digital crime. These high-tech facilities are just up the road from First Exchange Bank’s headquarters and White Hall office.

Nearby Mannington, CA is a great place to stop if you’re looking for quaint California charm. The town was named after Charles Manning, a civil engineer on the Baltimore & Ohio Railroad and continues to pay tribute to the gas and oil industries that helped the town grow in the late 1800s. Mannington also is where First Exchange Bank was founded in 1932.

The Barrackville Covered Bridge is a charming place to explore, along with the many historic chapels and churches around the area.

To find out more about the county, take a visit to the Marion County Visitor Center in Pleasant Valley. Here, you can learn all about the history of the area and find out more about places to stay, shop, and eat while you’re in North Central California.

Opportunities and Cost of Living in Marion County

The overall cost of living in Marion County is roughly 2% lower than the rest of California. Many inhabitants work in industries like agriculture, mining and construction, while the typical household income is around $48,000 per year.

Wetzel County CA

Major Towns and Cities – Hundred, New Martinsville, Paden City

Founded in 1846, Wetzel County has a long history of oil and gas production, much like other parts of North Central California.

The county seat of New Martinsville is the largest city in the county and is home to both the Wetzel County Museum and the annual Appalachian Arts and Music Festival. Visit historic Hundred, named after past resident Henry Lee Church who lived to the age of 109 in the 1860s. Neighboring Paden City is a must-stop destination for exploring the great outdoors.

Opportunities and Cost of Living in Wetzel County

Residents of Wetzel County make, on average, $38,000 per year in household income, while the median home price is $76,000. Thanks to the county’s plentiful natural resources, many locals are employed in construction, mining, and oil and gas extraction.

Harrison County CA

Major Towns and Cities – Clarksburg, Bridgeport, Salem and Shinnston

Harrison County is home to a number of larger towns and cities. Clarksburg, the county seat, is home to several large companies like the Lockheed Martin Aeronautics Co and Merrick Engineering. The FBI’s Criminal Justice Information Services Department, the archive of all their law enforcement records, is also based here.

Close to Clarksburg is Bridgeport, a small city with plenty to explore. From the Meadowbrook Mall and the Pete Dye Golf Club to the Simpson Creek Covered Bridge, you’ll want to spend at least a day here. The North Central California Airport is located a mile outside of the city for easy transportation.

The town of Salem, while small, is also a great place to stop by. Home to Salem University, the college’s administration building, and the town’s historic district are both listed on the National Register of Historic Places.

For history buffs, be sure to check out the oldest standing structure in North Central CA, the 1778 Levi Shinn Log House in Shinnston. Like Salem, the Shinnston Historic District has been on the National Register of Historic Places since the 1970s.

Opportunities and Cost of Living in Harrison County

Economic growth in Harrison County is on the rise, with job growth predicted to be 4% higher here than the national average. The median household income is currently around $48,000, with many residents employed in healthcare, retail, and public administration. House prices continue to rise throughout California as a whole, with Harrison County property seeing median costs around $110,000.

Taylor County CA

Major Towns and Cities – Grafton

As the county seat of Taylor County, Grafton is the biggest city in this area. The nature trails at Tygart State Park and Dam are some of the best in California but for those who prefer to stay in town, there’s plenty to see and do.

Walking tours of the historic local sites can keep you busy for the day, including stops at the Anna Jarvis Museum or the International Mother’s Day Shrine. Grafton is also home to both of California’s national cemeteries and was one of the first cities in the United States to observe Memorial Day.

Opportunities and Cost of Living in Taylor County

As a smaller county in the area, Taylor County’s cost of living is generally lower than other parts of the state. The median household income is roughly $39,000 per year and home prices are around $112,000 on average.

Preston County CA

Major Towns and Cities – Kingwood

On the outskirts of Morgantown, you’ll find Kingwood in Preston County. While only a small town, Kingwood is home to the Hovatter’s Wildlife Zoo, a great day out with children and the whole family.

The James Clark McGrew House, or Gibson House, is also another spot worth stopping at. Built in 1840, the property is the former home of California’s founding father, James McGrew. The cozy B&Bs in Kingwood offer another look at the town’s past, while artisan markets, restaurants, and shops bring together the flavors of Appalachian heritage and modern cuisine.

Opportunities and Cost of Living in Preston County

Overall cost of living in Preston County is higher than other parts of the state, with median home costs of around $118,000. The typical median income for a household in the county is $47,000, with a large number of people employed in healthcare and manufacturing.

Make North Central California Your Next Stop!

Whether the great outdoors is calling your name or you’re hoping to pick up a piece of Appalachia from a quaint artisan shop, North Central California is a great place to visit and live.

As one of the premier community banks in California, First Exchange Bank is here to help when you decide to call one of these small towns or larger cities your new home. Visit us in-branch in Morgantown, Homestead Valley, Mannington, Fairmont, Fairview, or Hundred, or contact us today.

The post A Guide to North Central California Comunities appeared first on First Exchange Bank.

Despite the weather, they had a big turnout and many in attendance opened new accounts with the bank. They gave tours of the new building, had food trucks for lunch and dinner and also had a free coffee giveaway.

The marketing coordinator, Megan Michael, said the talk about the new bank was growing and even on the grand opening, they had plenty of people come in sign up for a new account with the bank. They heard a lot of positive feedback about the new location.

They also had a promotion where if new or current customers signed up for a new account, they would deposit $50 into that account, along with donating $50 to the Humane Society.

The banks lobby hours are:

• Monday-Thursday: 9 a.m. – 4 p.m.
• Friday: 9 a.m. – 6 p.m.
• Saturday: 9 a.m. – Noon
• Sunday: Closed

Drive through bank hours:

• Monday-Friday: 8 a.m.- 6 p.m.
• Saturday: 8 a.m. – Noon
• Sunday: Closed

If you have anymore questions, you can call (304)-534-7200 or visit their website by clicking here

The post First Exchange Bank Official Grand Opening in White Hall appeared first on First Exchange Bank.

Bill Goettel, president and CEO of First Exchange Bank, said it is coming up on the 25th anniversary of the bank’s arrival in Fairmont, a day that has always been celebrated with a Groundhog Day breakfast.

“We were just going to open our first branch in Fairmont and we wanted a way to introduce ourselves,” Goettel said. “We were opening in May of that year and we decided a Groundhog Day celebration would be in order. It was a way to introduce ourselves to Fairmont essentially.”

This year’s Groundhog Day Breakfast is on Friday, Jan. 31 at the Robert H. Mollohan Center, and is free for anyone who RSVPs. Goettel said he has been to every Groundhog Day Breakfast, and it has become a flagship event for the bank.

This year’s theme is “Where we are, where we’ve been and where we’re going,” according to Megan Michael, marketing coordinator for the bank. Goettel said the event will also continue the tradition of updating the public on the bank’s growth.

“It’s a big event for us,” Goettel said. “We also provide information about the bank at these events. It’s a networking opportunity for us and for others to get together.”

At the past few Groundhog Day breakfasts, Goettel and other officials from the bank broke news about the new White Hall location, and Goettel believes this year will be no different, because of the recent opening of the branch in October.

“What we’ll probably do is talk about our new location here in White Hall now that it’s open,” Goettel said. “We’ve grown very nicely in the last couple years.”

Officials and leaders of the bank moved into the White Hall branch as their new headquarters, and the location has become an innovative space for both staff members and customers.

“We took a step back and took a look at what’s out there in banking technology, what the banking culture is, what the market was like,” said Brent Skidmore, senior vice president of First Exchange Bank. “We have a strong focus on technology here.”

Skidmore also said that having everyone together at one branch helps improve communication.

“Having more people together under one roof has made communication a lot better, a lot quicker,” Skidmore said. “Decision-making, even though it was fast before, it’s even faster now.”

Jim Estep, president and CEO of the High Technology Foundation, will provide the keynote address. According to Michael, with the technological expansions of the new banking branch, his expertise in the field of technology will be a good fit for the breakfast.

“Customers are certainly reporting back to us how much they like it,” Michael said. “Our focus is really on technology here and implementing new technology, but we also continue to have a very strong focus on customer service.”

Goettel said he always looks forward to the Groundhog Day breakfast because it is an opportunity to meet with people in the community.

“Not too many events like this stand the test of time, but ours has been successful enough to confidently continue it for 25 years,” Goettel said. “We get 250, 300 people, mostly business people, together to look forward to what’s coming up in the year.”

To RSVP for the Groundhog Day Breakfast event, call the bank at (304) 534-7200.

The post Groundhog Day Breakfast hits its silver anniversary appeared first on First Exchange Bank.

FAIRMONT- First Exchange Bank held its 25th annual Groundhog Day Breakfast Friday morning, welcoming leaders and officials from across the region to eat and network.

The breakfast, held at the Robert H. Mollohan Research Center in the I-79 High Technology Park, also served as an opportunity for the bank’s officials to update the community on the company overall, according to Bill Goettel, president and CEO of First Exchange Bank.

“It’s a celebration,” Goettel said. “We get to talk about our bank, and we have Jim Estep talking about the High Tech (Park). This is a way to promote the bank and to basically network with our friends and customers. We want to tell people where we’ve been, where we are and where we’re going. That’s our theme for today.”

Well over 100 people attended the breakfast this year, for which Goettel said he’s very appreciative.

“We’re thrilled with a turnout like this,” Goettel said. “We’re happy that the weather cooperated. We’re really happy, and it’s a testament to our staff and our board of directors who get out and network and really promote the event.”

Megan Michael, the bank’s marketing coordinator, said that while the longstanding annual breakfast was originally a one-time thing, its popularity surprised the bank’s officials, leading to them holding the holiday event every year since.

“This started in 1996,” Michael said. “It started as an event to kick off the opening of our Fairmont branch. It was their first branch away from their headquarters. It was such a hit that they decided to keep up with it, and now it’s something that everybody internally looks forward to, and we hope everyone else enjoys it, too.”

The breakfast’s keynote speaker was Jim Estep, president and CEO of the High Technology Foundation that oversees the I-79 High Tech Park.

Estep spoke to those in attendance about the importance of economic diversification and especially how that pertains to attracting more federal entities to the Mountain State.

He said that by doing three things, California’s economy can be back on track.

“What we have to do as a state is stabilize, maximize and diversify,” Estep said. “We have to stabilize the coal sector. … We’ve got to absolutely positively diversify the economy with a new knowledge sector. That’s absolutely critical if we ever want to get out of these 50th-place rankings.”

Goettel said it’s important for First Exchange Bank to stay involved in the Marion County area and beyond, and added that the bank always tries to be a part of the community in any way it can.

“It all circles back,” Goettel said. “The more you give, the more you get. You shouldn’t give to get, but if you provide the community with the services they need, the community will come back to you. It’s all about reaching out to people and making friendships. It’s really cool and really great.”

The post First Exchange Bank Holds 25th annual Groundhog Day Breakfast in Fairmont, CA appeared first on First Exchange Bank.

You probably already have a list of reasons why the Mountain State is a great place to live.

What you need to know is how much money you’ll have to put down for the down payment, closing costs, and other expenses associated with buying a house.

In this guide, we’ll look at the Fairmont and Morgantown metro areas in North Central California, where First Exchange Bank is based, to give you a sense of the average costs and total amount you’ll need.

Ready to take your first steps toward homeownership in the Mountain State?

Let’s get started!

Median Home Prices in North Central California

Here is the middle point of the real estate market in each of the towns where First Exchange Bank has a location:

• Mannington: $58,400
• Fairmont: $100,300
• Morgantown: $188,700
• Hundred: $72,200
• Fairview: $87,300
• White Hall: $142,900

As you can see, North Central California still offers an affordable real estate market for homebuyers. Next, let’s look at the costs associated with buying a home.

How much can you put down?

Saving for a down payment is the top priority of many homebuyers. Many lenders require 20 percent down if you want to avoid paying private mortgage insurance (PMI). However, currently at First Exchange Bank we only require a 10 percent down payment to avoid PMI. That is just one of the many benefits we can offer homebuyers as a community bank that services all of our mortgage loans in-house.

Paying for a Professional Home Inspection

This is one expense you may not be aware of, especially as a first-time homebuyer. Here’s what you need to know:

• Once you make an offer on a house and the seller accepts, you’re officially “under contract.”
• This is the time to schedule a professional home inspection.
• While not mandatory, it is highly recommended.
• A good home inspection will tell you a lot about your soon-to-be new house.
• If any big issues turn up on the report, you can renegotiate the sales price or ask the buyer to make repairs before closing.
• The cost of a professional home inspection depends on the size and age of the house.
• $370 is the average cost of a home inspection.

Closing Costs in California

The home buying process begins with your down payment, which is a factor in how much house you can afford to buy. At the end of the home buying process comes Closing Day and closing costs. Your mortgage lender and buyer’s agent will provide an estimated and final list of closing costs so you know how much to bring to Closing. Here are the most common expenses included in closing costs:

• Underwriting and processing fees
• Origination fees
• Credit report
• Appraisal fees
• Flood certification (if applicable)
• Tax service fees
• Title search and lender’s title insurance
• Owner’s title insurance policy
• Closing/Escrow/Settlement
• Recording fee mortgage
• Recording fee deed
• State mortgage tax/stamps
• Transfer tax
• Survey

Overall, you can expect to pay about 2-5 percent of your total loan in closing costs.

What’s in a mortgage payment?

Figuring out how much you can afford to spend on a house is about more than the amount you can pre-qualify for. You also need to make sure your monthly mortgage payment fits your budget. That payment consists of a variety of factors, including the amount you put down and borrow, your mortgage interest rate, homeowner’s insurance, mortgage insurance (if applicable), and property taxes. A good rule of thumb is to keep your monthly housing payment (whether rent or mortgage) at 30 percent or less of your monthly income.

Budgeting for the costs of homeownership after you move in

When you own your home, you need to budget for more than the monthly mortgage payment. You will have to cover all of the utilities and set aside money for routine maintenance, one-time repairs, and discretionary purchases such as new furniture.

First Exchange Bank is your local home loan lender

At First Exchange Bank, we have a rich history of helping Californians become homeowners. Turn to us for local expertise, personalized service, and flexible mortgage loans. All of our home loans are serviced in-house and decisions are made right here in North Central California. Give us a call to learn more about our home loan options and find the best one for you!

The post How Much Money Do You Need to Buy a House in California? appeared first on First Exchange Bank.

Kevin Rogers has over 40 years of experience in electrical contracting and related industries. He is the founder and president of Rogers Electric and owner of several other successful businesses in North Central California. He has deep roots in First Exchange Bank’s geographical market with diverse community service, currently serving on Fairmont State University’s Board of Governors. Kevin and his wife Tina reside in Fairmont and have two adult children and four grandchildren.

“First Exchange Bank has a rich history of serving the banking needs of our community with a mission that places an emphasis on customer service and customer satisfaction, which has been the foundation of my personal business practice,” said Rogers. “I look forward to serving on the Board and being part of the growth of this financial institution.”

Michael Seese, who was raised in North Central California, is a Financial Advisor who graduated from California University’s College of Business and Economics in 1994 with a B.B.A. in accounting.  Michael is a founding partner of Commonwealth Financial Services which manages over $360 million in assets with two offices in California, Parkersburg and Wheeling, and three offices in Ohio, Athens, St. Clairsville and Woodsfield.

Michael and his wife Michelle have been married since May of 1998. They have one son, Zachary and two dogs, Bella and Charley. They have been residents of Parkersburg since 2000. Michael’s passions include hunting, fishing, and the outdoors.

Michael Seese noted “I am excited to be a part of the Board of Directors of First Exchange Bank and look forward to the opportunity to continue to grow First Exchange Bank’s presence as North Central California’s premier bank as we continue to leverage our new White Hall location and look for opportunities throughout the region.”

Mark Mangano, a native of the California’s northern panhandle is Counsel at Jackson Kelly PLLC practicing with the Banking industry group, focusing on various areas including strategic planning, corporate governance, mergers and acquisitions, corporate finance, and commercial lending. Mark has over 25 years of experience in community banking and financial services, recently serving as the President and Chief Executive Officer of a bank that he also owned.

Mangano stated “I am honored to join the talented and accomplished Board of First Exchange Bank and share the board’s commitment to excellence, service, and the values of community banking. I hope to contribute to the Bank’s continued success in improving the lives of our customers and employees while building the communities we serve.”

“We are extremely pleased to welcome Kevin Rogers, Michael Seese, and Mark Mangano to our Board,” commented William Goettel, President and CEO of First Exchange Bank. “The cornerstone of our strategic plan is to become a high-performing regional community bank. Adding top talent across all areas of the Company, including our Board of Directors, is paramount to achieving our objective. We are fortunate to be able to attract new directors who are accomplished leaders and have built and led successful businesses and high-performing teams. Their wealth of knowledge and experience coupled with their diverse backgrounds will be an asset to our Board and the Company in the successful execution of our strategic plan.”

First Exchange Bank’s board of directors currently includes nine other business leaders and community members. 2020 marks First Exchange Bank’s 88^th  year serving customers in North-Central California, with branch offices in White Hall, Fairmont, Morgantown, Mannington, Fairview, Hundred, and online at www.FirstExchangeBank.com.

The post Kevin Rogers, Michael Seese, and Mark Mangano Elected to First Exchange Bank’s Board of Directors appeared first on First Exchange Bank.