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Mortgage FAQ: Answers to Your Questions About Home Loans During COVID-195/27/2020

Calculator on a table with a set of keys with a house on the keychainAs part of the economic fallout due to the coronavirus pandemic, interest rates have dropped, and lenders have been flooded with questions surrounding mortgages and refinancing. Our lending experts put together answers to some of the most frequently asked questions.


  • Is this a good time to refinance? Yes, rates are historically low and it’s a great time to take advantage of a lower rate, which can result in cost and possibly time savings.


  • I have always been told that I need to lower my interest rate at least 2% for it to be beneficial. Is this true? No, actually if you are lowering your interest rate at least 1%, you should refinance. Also, you might have additional bills you would like to pay off. By doing a “cash-out” refinance, you can pay your bills off and have one mortgage payment in the end. Or, you might have a long term mortgage and you want to cut years off your mortgage. By refinancing, you can possibly go from a 30 year mortgage to a 15 year mortgage, which will save you time and money.


  • With COVID-19, I’m concerned about applying for a loan and signing documents face to face. Is there a solution? Yes there is – At First South Financial, you can apply on-line and your Loan Officer can send disclosures through a safe and secure portal, giving you the ability to sign your application disclosures electronically. This secure portal also allows you to upload your supporting documentation, which alleviates the need to see their loan officer face to face.


  • At closing, will I have to be face to face with a closing agent? Some title companies are offering curbside closings, while others have protocols in place with your safety in mind. They are only allowing the closing parties into the closing room, they’re practicing social distancing and sanitizing the area after each closing.


  • I want to purchase a home – what should my first step be? If you are in the market to purchase a home, you should apply online at to get pre-qualified for a loan so that you will know that you can be approved to purchase a home and the maximum sales price you can afford. Not comfortable applying online? No problem, you can speak with one of our Loan Officers by calling 901-380-7530. And if you don’t already have a relationship with a Realtor, we can help with that too!


Our best advice is to call us at 901-380-7530 or visit to apply and let us take the worry out of the buying or refinancing process. We offer a free consultation to help you decide which loan and terms best suit your needs.

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