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 VA, FHA, and conventional financing with terms designed to meet your personal goals. We even offer unique mortgage services you won’t find anywhere else. Come in or call the Mortgage Department at 901.380.7530 to see for yourself why First South is fast becoming the mortgage lending source for many people throughout the Mid-South.
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.
First South has several mortgage programs to choose from
3/1 ARM, 5/1 ARM, 7/1 ARM — For first-time home buyers or those planning to move up, this product gives you the stability of a fixed rate and payment for 3-7 years before converting to a low adjustable rate for the remaining term up to 30 years.
- Fixed rates for the first three, five, seven or ten years
- No points or closing costs
- Convenient terms up to 30 years
- Fast approval, pre-qualify today
- AutoPay loan payment feature
- No charge for Biweekly Payments
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A balloon mortgage offers you a fixed rate for a term of 5, 7 or 10 years. The payments are amortized over a term of 30 years. This provides you with low payments at a fixed rate. At the end of the 5, 7 or 10 year period, the balance of the loan comes due in one lump sum, or "balloon" payment. You then have the option of either paying off the balance or refinancing it.
Members who have been wanting to reduce the term of their current mortgage, pay down their principal and save thousands in interest payments will be excited about this one. You can even borrow more than you owe to start that remodeling project you’ve been wanting to do.
- Fixed rates
- Terms of 3,5,7 and 10 years
- No closing costs or points
- Same day qualification — give us a try
- AutoPay loan payment feature
- Fast friendly First South service
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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%*
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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%
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Looking for a 15, 20 or 30 year fixed rate loan? We can help. We offer a wide range of long term fixed-rate loans, including FHA & VA loans.
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.
