Mortgage FAQs

When should I apply?

Most borrowers apply once they have selected a property. However, you can get pre-qualified by First South Bank so that you will already know how much house you can afford before you start shopping.

How long does the mortgage process take?

Processing and closing a mortgage usually takes between 30 and 45 calendar days, depending on the type of mortgage loan. A First South Bank Mortgage Loan Officer can give you a precise estimate based on your individual situation.

How much does it cost to close a mortgage?

For purchases, most mortgages require a minimum down payment as a percentage of the sales price or appraised value (whichever is less). However, some loans require a very low or no down payment (many First South Bank programs do not have an origination fee). Closing cost fees vary according to the mortgage program you are applying for.

Where do I apply?

If you want to apply for a First South Bank mortgage, you may begin the application process online, visiting a local branch, or sending a message to our mortgage team and they’ll reach out to you directly. 

What is a Loan Estimate (LE)?

A Loan Estimate (LE) is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested. This is sent to you within three business days of receiving your application.

The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance. In addition, the form indicates if the loan has special features that you will want to be aware of.

What is an Origination Fee?

A fee or charge for the work involved in the evaluation, preparation and submission of a proposed mortgage loan. Many of First South Bank’s programs do not have an origination fee.

What is an escrow payment?

The portion of the mortgagor’s monthly payment held by the lender to pay for taxes, hazard insurance, mortgage insurance, flood insurance (if applicable) and other items as they become due. Also known as impounds or reserves in some states.

What is a Closing Disclosure (CD)?

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your monthly payments, and how much you will pay in fees and other closing costs to get your mortgage (closing costs).

For most kinds of mortgages, borrowers will receive a Closing Disclosure.

The Closing Disclosure is provided to you at least three business days before you close on the mortgage loan.

Where do I make my mortgage payment?

The mortgage program you choose will determine where you make or mail your payment. The mortgage payment can be made at one of our local branch locations, mailed to First South Bank, or drafted from your deposit account.


Have more questions? Send a message to our mortgage team and they’ll reach out to you directly.

Our experienced mortgage loan officers are ready to walk you through the process of purchasing a home.  Speak with a lender your area today!
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