First South Financial was the first to introduce a 10-Year Fixed-Rate First Mortgage into the market and since its inception it’s been a solid financing choice for many home owners, especially since it’s always been offered with no points, fees or closing costs*. These costs are not financed into the loan nor are they calculated into the interest rate.
First South Financial actually pays these costs on the borrower’s behalf. We are able to do this thanks to our strong capital position – and another way we can provide real value and benefit to our members ‒saving them thousands of dollars. We also offer a 15-Year Fixed-Rate First Mortgage as well and for a limited time there is also a no points, fees or closing costs option.There are several situations in which choosing a First South Financial 10- or 15-Year Fixed-Rate first mortgage may be a sound financial decision for you:
- You’d like to pay off your home by the time you retire. If you still have about 15 to 20 years left on your current mortgage but you’re planning to retire before your mortgage pays off, then a 10-year or 15-year fixed might be a good option for you. Rates are still low and you may find that reducing your term doesn’t have a dramatic impact on your monthly payment.
- You’re purchasing a second home or downsizing from your current home. Maybe the kids are all moved out and on their own and you’re looking for something with less square footage and a smaller yard. Using a 10-year or 15-year fixed-rate first mortgage that has no points, fees, or closing costs could help you get more home for your money.
- You’ve paid off your first mortgage but you’re considering a major purchase or renovations. When tax reforms went into effect in 2018, the go-to product for this scenario would be a home equity line of credit or a home equity fixed-rate loan. Now that the deductibility of the interest paid on these loans has been severely restricted, taking out a 10-year or 15-year fixed first mortgage may make more sense. This may also be a good idea if you have a variable-rate home equity line of credit as your only mortgage debt since interest rates can fluctuate. A conversation with your tax adviser is a good place to start when considering this option.
Not sure if a 10-Year or 15-Year fixed-rate loan is the right choice for you? We can help. Our talented and dedicated mortgage loan officers will answer your questions and provide you with financing scenarios to help you make the decision that makes the most sense for you.
To find out more, give us a call at 901-380-7530 or email us at mortgages@firstsouth.com today.
