One of the key things to consider when taking out a mortgage loan, besides the interest rate and terms, is the closing costs. Depending on the amount being borrowed, points, fees and closing costs can range from 2% to 5% of the loan amount according to nerdwallet.com. For a $250,000 loan, that can range from $5,000 to $12,500* for either a purchase or a refinance. And if this is a purchase, these costs are on top of any down payment you may make. It can add up quickly.
No matter if it’s a purchase of a new home or a refinance of your current home, our no points, fees, and closing costs offer can help you save when you come to the closing table. Very simply, First South Financial will pay the points, fees and closing costs on your behalf. They are not added into the loan amount or the interest rate. It’s our fiscal strength and stability that allows us to pay these costs for you. In the case of that $250,000 loan example, that could save you thousands of dollars at closing, which means your money can go towards a larger down payment, new furniture, or tackling a remodeling or landscaping project.
This offer only applies to the loans we carry on our books and does not apply to those that are sold on the secondary market, like VA, FHA, THDA, and other long-term fixed-rate mortgage loans.
You can visit firstsouth.com/short-term-fixed-mortgage or call us at 901-380-7530 to find out more about which loans qualify for this offer and how we can help you save money on your mortgage.
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