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Mortgages

Mortgage Services

START OFF THE NEW YEAR
WITH A LOW-RATE MORTGAGE!!

Get a great rate on our 10-year
fixed-rate first mortgage!

4.99% APR*

HURRY!!! LIMITED FUNDS ARE AVAILABLE AT THIS RATE!

*4.99% APR is valid for a 10-year fixed rate first mortgage at 80% LTV or less. Offer is valid until $3 million is loaned out at this rate. Payments are approximately $10.62 per $1000 borrowed. Other rates and terms are available, please see First South for details. First South is an equal opportunity lender.

First South is your neighborhood mortgage lender with 13 convenient offices throughout the Mid-South. We specialize in providing our members with the best possible services, friendly professional service, and competitive prices. In fact our rates are among the lowest in the marketplace today!

We offer FHA and conventional financing with terms from 10 to 40 years with fixed rates.We also have 3, 5, or 7year ARMs and 5 or 7 year balloon mortgages for shorter term estate planning. We also offer a 10-year fixed first mortgage with payments amortized over 15 years. You can choose from either a balloon option or an ARM option.

In addition, those planning to build will be interested in our land and construction-to-perm loans.

Our mortgage lending experts take the time to talk with you about your mortgage lending news. We want to be sure you are in the loan product that suits you and not the mortgage loan "flavor-of-the-month." If your mortgage loan is $50,000 or $500,000, you'll receive the care and consideration you deserve.

Land Loans
If you're looking to purchase land, then you should talk to our Mortgage experts. Our land loans are an excellent way to make the most of your dollars, since we offer:

Financing available for up to 90% of the sales price
Ten year term available
Rates as low as Prime + 3%* if you finance 80% of the sales price
Should you choose to finance 90% of the land value, the rate is only Prime + 4%*

"All In One " Construction Loan
First South Credit Union is dedicated to serving the needs of our members and the local area community. We have developed an “All in One” construction loan program that will allow you to build your dream home without the complicated nightmares of construction financing.

Our “All in One” construction loan makes it fast, convenient and easy to finance new home construction from land acquisition, interim construction financing and your permanent mortgage “All In One”. Plus, you’ll enjoy a highly competitive rate and the personalized service of construction financing professionals who can help tailor a loan specifically for your needs.

Working with us, you’ll enjoy the same expertise that has made our First South Credit Union one of the area’s leading lenders. We understand that financing is the last thing you want to worry about. That’s why our “All in One” program focuses on ease and efficiency. It’s a speedy, streamlined process that lets you think about what’s important — Your New Home.

Interest rate during construction period is a fixed rate — WSJ Prime + 1
As you draw against your construction loan, you only pay interest on the amount of the draw
No monthly billing for your interest payments on your draws — just pay as you go
Plus, rates are locked in for six months so you'll have plenty of time to allow for the completion of construction. And, rolling your Construction to Perm loan into one of First South's great in-house mortgage products means no closing costs!
Your mortgage interest rate is set at the time of closing for your interim financing, the beginning of the process
There is an interest “rate float down” provided at no cost. If at time of modification (final inspection and certificate of occupancy) the interest rate for the mortgage you have chosen has dropped , you will receive the lower interest rate
There is also an “interest rate cap” provided at no charge. When your interim loan is modified to the permanent mortgage and rates have risen during this period your interest rate will not be able to rise more than .375%

To find out more about how our Mortgage experts can help get you into the home and loan of your dreams, just call 901.380.7530, send an email to mortgages@firstsouth.com, click here for a mortgage application!

* Prime as listed in the Wall Street Journal. All rates and offers are subject to change without notice. Loan applications are subject to approval criteria, including credit history. First South is an Equal Housing Lender. See First South for details.

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