Information about Lenders
AllSouth
Federal Credit Union
6923 North Trenholm Road
Columbia, SC 29206
Tel. 803-736-3110
Fax. 803-699-5674
www.allsouth.org
License # Exempt
General Information
Home Loans
As the Credit Union for the
Internet Community, AllSouth has learned that it must be an expert
in a wide variety of Mortgages to assist our members with their
home financing needs. AllSouth Federal Credit Union offers fixed
rate, adjustable rate, and balloon conventional mortgages along
with fixed rate VA loans with terms up to 30 years. We also offer
home equity lines, fixed rate second mortgages and many other mortgage
products.
Visit our Mortgage Market
for complete comprehensive mortgage lending information.
Please note: AllSouth
Federal Credit Union only offers mortgages on real estate within
the State of South Carolina.
FIRST MORTGAGE LOAN
AllSouth offers fixed rate
First Mortgage Loans with terms up to 30 years to assist you with
your home purchase, refinancing or home improvement needs. Just
some of the benefits of these loans are:
* Choice of either low fixed
or adjustable interest rates.
* Finance up to 100% of the purchase price on your primary residence
with either a Conventional or VA loan.
* Cash-out refinances available up to 90% of the appraised value.
* AllSouth services almost all of our first mortgage products.
Products Offered:
3/1Adjustable Rate Mortgage - Our lowest rate mortgage gives
you the lowest payment! Extremely low initial interest rate is locked
in for the first 3 years of the loan. Subject to annual adjustments
after 3rd year - 2% annual and 6% lifetime rate caps.
5/1 Adjustable Rate Mortgage - Combines the advantages of
a low interest rate and payment with the stability of locking in
the initial rate for the first 5 years. Subject to annual adjustments
after 5th year - 2% annual and 6% lifetime rate caps.
SC State Housing
Authority Loan Programs - We are now partnered with the SC State
Housing Authority to offer our lowest fixed rate option. Single
parents can qualify for an even lower rate. Up to $3,000 in forgivable
down payment/closing costs assistance is also available to cover
most out of pocket expenses.
Traditional First Mortgage - Can be used to purchase or refinance
your primary or second home. Terms up to 95% of value and up to
30 years.
Community 97 - Allows you to purchase your primary residence
with only a 3% down payment at the same rate as our traditional
first mortgages. There are maximum income restrictions for this
loan. 25 and 30 year terms only.
Flexible 97 - Allows you to purchase your primary residence
with only a 3% down payment. The down payment can even be a gift
from a relative or other eligible funds.
Flexible 100 - Allows you to purchase your primary residence
with no down payment. All the borrower is required to pay at closing
is a minimum of $500 of their own funds or 3% which can be a gift
or come from other eligible sources.
These funds may come from
your personal savings or other "flexible" sources such as:
* Gifts, grants, or unsecured loans from relatives, employers, public
agencies, or nonprofit agencies
* Loans backed by investment or bank accounts, 401(k) accounts,
cash value of life insurance, or other real estate
Plus, contributions from
the seller of up to 3% are permitted to cover closing costs that
exceed your minimum contribution.
VA Guaranteed Mortgage
- Allows members with VA eligibility to purchase their home with
no money down, or refinance their existing VA home loan.
7 Year Balloon with Conversion Option - For members who might
plan on moving within the next 7 years, the Balloon Mortgage combines
a low fixed rate with a full seven years of interest rate protection.
If necessary, the conversion option allows you to convert to a traditional
mortgage at the end of 7 years.
Investment/Rental Property - Purchase or refinance a rental
home. Terms up to 12 years and 80% of the property value.
Construction Loans - Build your dream home. Maximum loan
is 80% of the combined value of the lot and proposed home. Two construction
loan options are available.
Jumbo Loans - For purchase or refinance of your primary residence
when the loan amount exceeds the current conforming limit of $333,700.
Terms up to 95% and 30 years.
Unimproved Property - Purchase or refinance a lot or piece
of land for future use. You can borrow up to 80% of the value for
12 years or less.
Mobile/Modular Home with Land - Finance your mobile or modular
home together with your land. Terms vary depending on home type.
FIXED RATE SECOND MORTGAGE
LOAN
AllSouth Federal Credit Union
also provides fixed rate Second Mortgage loans. Members may apply
for up to 100% of their home's value less any existing first mortgage
balance, and can repay up to 12 years. You can apply for this loan
using our Consumer Loan Application.
HOME EQUITY LINE
The Home Equity Line allows
members to borrow against their home's accumulated equity without
disturbing their savings or other investments, or without relying
on more costly types of loans. The Home Equity Line has a low interest
rate that is subject to change quarterly and there are no loan-advance
fees or annual fees. Members can make advances for as little as
$250 up to the available balance, as needed.
Members can establish a credit
line for a maximum of 100% of their home's value less any existing
first mortgage balance. You can apply for this loan using our Consumer
Loan Application.
For more information please
dial (803) 736-3110 or E-mail us at: mortgage@allsouth.org.
Local Branch / Office Locations
| ADDRESS |
TELEPHONE NO.
|
|
7227 Parklane Road
Columbia,
SC 29223
|
800-272-0695
803-736-3110
|
FEES RELATED TO EACH
LOAN
The
following are fees related to a typical $175,000 purchase loan transaction
in the South Carolina area, with this company. This does not include
points, if any, nor does it include title insurance, local taxes,
prepaid interest payments or prepaid escrow payments for home insurance
or real estate taxes. A more complete list, tailored to your specific
loan transaction, entitled "Good Faith Estimate of Settlement
Costs" should be provided to you when you actually apply for
a loan. All fees are believed to be accurate, but cannot be guaranteed
and are subject to change without notice.
| Appraisal |
275 |
| Credit Report |
|
| Application |
|
| Inspection |
|
| Document Prep/Review |
250 |
| Underwriting |
250 |
| Processing |
|
| Flood Certification |
12 |
| Tax Service |
|
| Notary |
|
| Settlement/Closing |
|
| Attorney |
550 |
| Recording |
22 |
| Survey |
300 |
| Messenger/Courier |
|
| Wire Transfer |
|
| Administrative |
|
| Mortgage Broker Fee |
|
| Funding and Review |
|
| Payment Processing |
|
| Title Ins. (lender's) |
406 |
| TOTAL |
$2,065 |
• Types
Of Mortgage Products Offered
• E-mail
questions | Apply on line |
| 
