Some financial insights...

Article 1 Best Time to Buy a Home?

Article 2 How to Make Sure All Your Deposits Are Protected by FDIC Insurance

Best Time to Buy a Home?

If we had a dollar for every time we heard the phrase “now is the best time to buy a home”, we would be rich.

We’ve seen buyer’s markets before. We’ve seen low interest rates. But never have we seen them put together like this.

Twice now in the last 30 days, average 30 year fixed mortgage rates have fallen below 5%. And these are true, zero point, thirty year fixed rate mortgages. That is officially lower than anything available in most of our lifetimes. Quite literally, MONEY has never been cheaper.

Marry that to the fact that the countryside is littered with homes for sale. Big homes, small homes, nice homes, some that need fixed up and good homes being sold by regular folks.

For the most part, supply has exceeded demand by a light-year and that means falling prices, a phenomenon most regions of the country have never seen before.

So the finest rates in modern history have reached rock bottom coupled with fire sale home prices. The Federal government is offering up to $8000 tax credit for first time homebuyers, $6500 for all others. It’s a dream come true for first, second, fourth, and eighth-time home buyers.

It can truly be said that there has never been a better time to buy a home. Please feel free to call us at 614-442-1331 or have your daughter, grand-daughter, son, nephew, etc. call to take advantage of this historic opportunity to own a home. First Community Bank never charges an up front application fee and there is no cost or obligation for a mortgage consultation.

How to Make Sure All Your Deposits Are Protected by FDIC Insurance

If you (or your family) have deposits at one FDIC-insured bank with a combined total balance less than the basic maximum insurance amount under federal law, currently $250,000 through year-end 2013, all of that money is fully protected. And, as always, you may qualify for much more than the standard maximum insurance amount at the same bank – perhaps millions of dollars of coverage – if you have funds in different "ownership" categories. That's because the FDIC's rules allow for separate $250,000 coverage for deposits held in your name alone (single accounts), accounts with one or more other people (joint accounts), accounts that name beneficiaries when you die (testamentary or revocable trust accounts), and certain retirement accounts, such as Individual Retirement Accounts (IRAs).

To verify that you're fully protected, the FDIC has an online tool for analyzing your insurance coverage, "EDIE". You can find EDIE – short for "Electronic Deposit Insurance Estimator" – at www.fdic.gov/edie. "EDIE is ideal for verifying your deposit insurance coverage for existing deposit accounts as well any new accounts you might consider opening at your bank," said James Deveney, Chief of the FDIC's Deposit Insurance Outreach Section.

In general, here's how EDIE works. You'll be asked to provide information about all the accounts you have at one bank, including the balance in each account, the ownership category (see the previous examples), and the names of the owners and any beneficiaries. If it will make you feel more comfortable, you don't have to use real names when you answer the questions, but the other basic information should reflect what is in your account records. Then click on the "calculate" button. EDIE will produce a report that will show if you are fully insured or, if not, where your deposits exceed the limits. EDIE can be used for all but a few deposit categories, such as complex trust deposits.

Periodically review your coverage if you have close to or more than the standard maximum deposit insurance amount (currently $250,000) at one institution. "Events such as the death of an owner or a beneficiary on a deposit account can result in changes in the calculation of coverage, including possibly reducing the amount of insurance coverage," emphasized Martin Becker, an FDIC Senior Deposit Insurance Specialist.

When in doubt about the amount of your deposit insurance coverage, call or write the FDIC. Call toll-free 1-877-ASK-FDIC (1-877-275-3342) to speak with an information specialist and request copies of free educational materials. If you'd prefer to ask your questions in writing, you can e-mail the FDIC using our Customer Assistance Form at https://www2.fdic.gov/starsmail/index.asp.

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