First Southern Mortgage: Loan Programs

Mortgage Programs

Whether you are looking to buy a house, refinance your existing home mortgage loan, get a home improvement loan, or consolidate your debts, FIRST SOUTHERN MORTGAGE has a loan program to fit your needs. Below are some of the programs we feature:

Buying a House?

You need a Mortgage Company that can answer your questions, provide accurate estimates, and close your transaction on time. Put our knowledge and experience to work for you. We have the programs to suit almost every customers needs. We feature Conventional, FHA/VA, Jumbo and Non-Conforming loan programs.

First time buyers programs
EZ Qualifier programs if you cannot document your income (NIV)
100% financing - 80/20 & 75/25 combo loans
10, 15, 20 & 30 year fixed loans, 3-1, 5-1 & 7-1 ARM loans
Buydowns available to reduce your initial interest rate

Refinancing?

We offer competitive rates for refinancing, let the equity in your home work for you! Bankruptcy or Foreclosure in your past? In most cases we can still help.

No out-of-pocket expense, roll your closing costs in to the loan
Reduce the rate and term of your present loan and save thousands of dollars
Consolidate your bills
Do Home Improvements
Take a vacation
Make Investments

Home Equity Loans

We offer Home Equity Lines of Credit as well as 2nd Mortgages. We can even loan you up to 125% of the value of your home. No out-of-pocket expense, roll the closing costs in to the loan. Use the equity in your home to:

Pay for college tuition
Consolidate your bills in to one convenient payment
Do Home Improvements
Purchase a Car, Boat or RV
Make Investments
Remember......Home Mortgage interest is 100% tax deductible!!!

So what are you waiting for? Call us and start your loan application today!

Which loan is right for me?

Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages 30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up

Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.

Stated Income Programs	Don’t need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs

Purchase a house with 0 down

Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.

Debt consolidation programs

Home Improvement loans

Qualify even if you may have been turned down before!

First Southern Mortgage

6352 Piccadilly Square Drive

Mobile, Alabama 36609

Toll Free:

(877) 207-7105

Phone:

(251) 470-1881

Fax:

(251) 470-1891

info@1stsouthern.com

P o w e r e d b y

6352 Piccadilly Square Drive
Mobile, Alabama 36609
Toll Free:	(877) 207-7105
Phone:	(251) 470-1881
Fax:	(251) 470-1891
info@1stsouthern.com