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Mortgage FAQ

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 mortgage product. 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). Moreover, 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, please apply online or 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.

What is a Good Faith Estimate (GFE)?

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 three business days of you applying for a mortgage.

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 and other items as they become due. Also known as impounds or reserves in some states.

What is a Truth-In-Lending Disclosure?

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. This is provided you within three business days of you applying for a mortgage.

Where do I make my mortgage payment?

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

Contact your local Mortgage Loan Officer for more details.

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