A fixed-rate loan offers the same interest rate, monthly principal and interest payment throughout the entire life of the loan. The fixed-rate mortgage loan is the "traditional" choice and is still the most popular because it offers stability and predictable monthly payments.

The longer the term, the lower the monthly payments and the more cash you'll have for other expenses. With a shorter term, you will have higher monthly payments and you will qualify for a smaller loan amount, but you'll save on interest costs over the life of the loan and build your equity faster.

Choose a fixed-rate loan if you:

• Like the current rate and want to keep it for the life of your loan
• Plan to stay in your house for a long time
• Prefer regular payments with no surprises
• Are on a limited or fixed income

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

A popular means for making your home purchase affordable is through an FHA mortgage program. FHA mortgages help low-to-moderate-income home buyers purchase homes with low down payments and flexible qualifying guidelines. These loans are insured by the Federal Housing Administration (FHA), which sets loan limits that vary by area. With an FHA mortgage, you may use a gift for down payment and closing costs. 

Choose an FHA loan if you:

• Need a low down payment
• Have limited savings and/or moderate incomes
• Are a first-time home buyer concerned about not having enough funds for down payment and closing costs on a new home

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

A popular means for making your home purchase affordable is through a VA mortgage program. 

Veterans Affairs (VA) Loans

Available to veterans of the armed services, active-duty personnel, reservists, and their spouses. VA mortgages may not require a down payment.

Choose a VA loan if you:

• Are a qualified veteran, in-service military personnel or immediate family member.

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

If your income is modest, a low-interest mortgage from the North Carolina Housing Finance Agency can make the difference between owning a home and dreaming about it.

Home buyers may qualify for extra help with the NCHFA down payment assistance program.  This program offers interest-free, deferred second mortgages to help pay down payment and closing costs.

Choose a NCHFA loan if you:

• Are buying a home in North Carolina
• Are a first time home buyer, or you have not owned a home as your principal residence during the past three years
• Annual household income does not exceed the maximum income limits allowed for your county

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

If you need to borrow more than $417,000 then a jumbo loan might be right for you.

A jumbo loan is also called a non-conforming loan because it does not conform to the loan limits set by Fannie Mae or Freddie Mac. Non-conforming loans typically have a higher interest rate and different down payment requirements.

Choose a Jumbo loan if you:

• Want to finance larger and/or more expensive properties and can handle larger monthly payments
• Are an investment-minded buyer who wants to leverage your assets more effectively

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds may be used to purchase a new or existing facility, often with no down payment.

Choose a USDA loan if you:

• Homes in Rural or Suburban areas are available
• Often with no down payment

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

We offer mortgage loans for the real estate entrepreneur who wants to own rental property. Buying investment property can provide future income and possibly build equity if the property appreciates.

Choose an Investment Property loan if you:

• Want to create additional income for you and your family
• Like to manage real estate
• Live in an area with a demand for rental property
• Can afford the payments of rental property in addition to all of your other debt obligations
• Are looking for a possible tax advantage (consult your tax advisor for details)

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

First South Bank has financed many second homes for our customers in the Carolinas. If you want to play in the sand at the beach, ski in the mountains, or relax in the country, we have many second home programs that may fit your needs.

Choose a Second Home Loan loan if you:

• Want to finance larger and/or more expensive properties and can handle larger monthly payments
• Are an investment-minded buyer who wants to leverage your assets more effectively

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

ARMs offer start rates that may be lower than the interest rates of fixed rate home loans. This typically enables you to begin with lower monthly payments.

ARMs are available in conforming and jumbo loan amounts. A start rate, also known as the initial interest rate, may give you a lower monthly payment for a short period of time.  Your interest rate and mortgage payments may rise thereafter.

After the start rate period is over, your interest rate is based on the performance of a financial index, such as the average interest rate or yield on treasury bills. Before you agree to an ARM, be sure you can afford the highest payments that would result in an increase of your interest rate and mortgage payments.

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.

With only one closing for both the construction and permanent financing, a construction-to-permanent mortgage saves you time, effort and money. And, because we provide the funds to your builder locally while your home is under construction, it allows for a faster, more efficient process to get your dream home completed.

Choose a Construction / Permanent loan if you:

• Interest-only payments throughout the construction phase.
• Land or lot purchase may be included in the loan amount.
• A variety of fixed or adjustable rates available.
• Take advantage of the market rates before construction is complete with our Rate Cap Guarantee.

All mortgage programs are subject to change at any time.  All mortgage programs are subject to applicant qualification and loan approval, including but not limited to verification of credit, asset, income, and collateral.

What You Need to Know:
Contact a Mortgage Loan Officer to go over any questions you may have or call our Mortgage Call Center at 1-888-993-8754.