Bank News

First Bank & Trust Company, a diversified financial services firm, today announced an increase in employee pay.  The decision by First Bank & Trust Company is the result of the recent passage of the  $1.5 trillion  tax overhaul reducing the federal corporate tax rate to 21 percent from 35 percent.  As an initial step, First Bank & Trust Company is giving back 30 percent of the tax savings to employees by immediately increasing the minimum hourly salary rate to no less than  $15  an hour. William H. Hayter, President & CEO, First Bank & Trust Company "The new corporate tax rate provides us with the opportunity to take care of our employees, who are our most important asset,"  First Bank & Trust Company President and CEO  William H. Hayter  said in a statement.  "By reinvesting in our employees, we are putting money back into the communities we serve and energizing the economy. It's a win for everyone." First

Q:   What is a Mortgage Loan? A:   A loan for the purchase or refinance of real property, secured by a lien on the property. Mortgage Loan Uses There are two main uses of a mortgage loan:   to purchase a home or refinance a home.   A purchase is straightforward; you borrow the amount of money requested at application, and then pay it back over time.   The mortgage loan can be used to purchase the following: A primary residence (a home you are going to live in). A second home (a home that you will live in part of the year away from your primary residence) An investment property Refinancing is for borrowers that already own a home who want to change or improve their current mortgage loan.   A person can refinance for the following purposes: To get a lower interest rate and/or shorten the term ( term : the time it takes to pay off the mortgage loan). To take cash out of their home for home improvements To take cash out their home to payoff and consolidate other debt