FirstBank Florida Review, Rates: CDs, Savings, Money Market, Mortgages
FirstBank Florida is headquartered in Clewiston, Florida and claims the title of being the 102nd largest bank in Florida. In the nation, it is the 2,550th largest bank. Since its beginning in 1922, 1 FirstBank Florida has grown to be a well-established financial institution. 1 FirstBank Florida is a subsidiary of First BanCorp, which was the first Savings & Loan institution established in Puerto Rico.
1 FirstBank Florida holds a strong network of 10 branch offices in Miami/Dade, Broward, Orange and Osceola counties in Florida. The regional headquarters is located in Miami, Florida. Personal and commercial banking are offered through 1 FirstBank Florida, as well as impeccable customer service and Online Banking.
The checking accounts provided by 1 FirstBank Florida are designed to add value, flexibility and functionality. They are also specific to your daily needs and other convenient benefits. Each checking account serves a different purpose, such as the Prestige Checking account which is ideal for higher-balance account holders.
1 FirstBank Florida checking accounts are as follows:
- First Checking
- Interest Checking
- Prestige Checking
- Money Market
1 FirstBank Florida offers only one savings account and it is called First Savings. The account allows customers to save in an easy, hassle-free way. It is equipped with no fees and no minimum balance. 1 FirstBank Florida’s CD accounts are a bit unique. They allow customers to choose their own term and it can be used as collateral for a personal loan. In regards to the business aspect with 1 FirstBank Florida, they help business owners with financing. They are given financial guidance and business management services.
1 FirstBank Florida is able to help so many individuals because of the versatility and convenience they display with their banking services. With a creditable history behind 1 FirstBank Florida, many customers are taking advantage of great rates and terms.
FirstBank Florida offers flexible CD accounts that help you earn on a fixed-rate and term. With their CD accounts, you can earn interest while minimizing your risk. When you open a CD account with 1 FirstBank Florida, it can be used as collateral to guarantee a personal loan.
You have the ability to choose how and when you want the interest to be paid on the CD account. The interest can be paid monthly, quarterly, bi-annual, annually or at expiration all depending on the type of CD and its expiration date. The interest can be made into a check or credited to your FirstBank Florida checking or savings account.
Terms & Conditions: This product is for one or more individuals under the name of a business, special society, club, association, church or corporation. Any withdrawals from the principal amount or any cancellation executed prior to the expiration date will be subject to penalties.
The First Savings account provided by FirstBank Florida is designed to help you in every stage of your life. It’s said to be the easiest, most hassle-free way to save and comes with no fees and commitments. The First Savings account offers flexibility and no minimum balance to help you earn as much as possible.
The minimum opening balance is $100 and the account pays interest dividends on your balance. The First Savings account comes equipped with a debit card and unlimited deposit services using any 1 FirstBank Florida ATMs. You can set up direct deposit at no additional charge and you receive a detailed quarterly statement.
The Money Market account offered by FirstBank Florida will help make saving for your future a rewarding experience. This account offers convenience and you are able to maintain control of your money as you plan ahead in your financial goals. It comes with free online banking, monthly transfers to or from your other accounts and check writing.
The minimum opening balance on the account is $100 and you earn interest when you keep a minimum balance of $2,500. The interest on the account is credited monthly. If the minimum balance on the account is not met, then a $20.00 a below-minimum-balance fee will be charged and will be charged on a monthly basis for as long as your account balance is below the minimum. If your account balance falls below $2,500, then no interest is paid on the balance.
Terms & Conditions: Limit if six transfers per statement period. An excess check fee of $5.00 will be charged for each check in excess of three during a statement cycle. Interest rates are subject to change at any time. Consult with bank for the most current rates and terms.
FirstBank Florida promises that your home buying experience will positive, painless and swift with their mortgage loan team. Whether you are in the process of buying a primary residence, acquiring a second home ore refinancing your actual property, 1 FirstBank Florida offers many loan options to help address just about any financial need or purpose you may have. They also offer the Homeowner’s Assistance Program, which lends a helping hand to those who are having difficulty paying their mortgage payments. This program allows participates to reduce the amount of their mortgage payment, if they qualify.
1 FirstBank Florida offers:
- Fixed-rated mortgages
- Loan Refinancing
- Jumbo loans
- FHA loans
- VA loans
- Construction loans
Great information is listed on 1 FirstBank Florida’s website about their mortgage loans and the specifics you will need and need to know:
- Jumbo loans amounts: From $500,000 to $5,000,000
- FHA loan amounts: 97.75% of the value of the property when you are buying a property, up to the maximum allowed by the FHA by district. 85% of the appraisal permitted by the district, if you are refinancing
- VA loan amounts: 100% of the sales price or value of the property, with a maximum of $300,700 when acquiring a new property. 90% of the appraisal of the property of you are refinancing your actual property
- Construction loan information: To determine the value for the property, an appraiser from 1 FirstBank Florida will evaluate the construction/development plans, the budget for materials and labor and other related documents. 1 FirstBank Florida will offer you up to 100% of the value of the plot of land of your principle residence, including construction costs for the purchase of building materials, equipment and labor.