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Mortgage FAQ

Q: When should I apply?

A: 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.

Q: How long does the mortgage process take?


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


Q: 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). Moreover, some loans require a very low or no down payment (many First South Bank programs do not have an origination fee). Closing costs fees vary according to the mortgage program you are applying for.

Contact your local Mortgage Loan Officer for more details.

Q: Where do I apply?

A: If you want to apply for a First South Bank mortgage, please contact one of our Mortgage Loan Officers. They will answer any questions you have and schedule a personal appointment at a time and location convenient for you.

Q: What is a Fixed-rate mortgage?

A: A Fixed-rate mortgage is a loan that has the interest rate and payment set for the life of the loan. The benefit is that you always know what your principal and interest costs are, which takes out the guesswork when planning your personal financial budget.

Q: What is a Good Faith Estimate (GFE)?

A: A Good Faith Estimate (GFE) is an estimate from First South Bank that outlines the costs you will incur during the mortgage process. This is provided to you within 3 days of you applying for a mortgage.

Q: How do I lock my interest rate?

A: During the application process, select a rate for your specific loan, or call us anytime during the process to lock your loan rate.

Q: What is an Origination Fee?

A: 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.

Q: What is an escrow payment?

A: The portion of the mortgagor's monthly payment held by the lender to pay for taxes, hazard insurance, mortgage insurance and other items as they become due. Also known as impounds or reserves in some states.


Q: What is a Truth-In-Lending Disclosure?

A: The disclosure is designed to give you information about the interest rate, interest costs and the annual percentage rate (APR) of your loan so that you may compare these costs with those of other loan programs or lenders.



For more information on Home Mortgage Options, click here to send us your questions, or contact us at 1-888-993-8754.