Understanding Home Equity

A first mortgage is a lien on your property that is in the first position in title. Commonly a first mortgage is secured when you are purchasing property or refinancing an existing mortgage.

A second mortgage, commonly referred to as a home equity loan, home equity line of credit, or HELOC is a mortgage on any equity in your property, and takes second position in title.

The credit union offers both products to its members.

Yes, members can select a new insurance company. They will need to notify SouthPoint FCU of the change in advance of the premium becoming due. SouthPoint FCU will let them know what documentation is needed from the new insurance company. 

The easiest way is to apply online. Our SouthPoint Home Mortgage site allows you to apply and get approved for a loan from the comfort of your own home or office. Additionally, you can research rates there and even get an accurate estimate of closing costs no matter where you live.

If you prefer to call us, you can reach a Mortgage Loan Officer at 877-636-5346. They are available Monday through Friday from 8am to 5pm CST.

Yes! SouthPoint Financial Credit Union has a division known as SouthPoint Home Mortgage which offers a variety of home loan products.

The credit union prices its loans at least once per day usually around 10:00am CST. It is possible for rates to change throughout the day.

Yes you can. Any excess will be applied to the principal balance of your loan.

SouthPoint does offer consolidation loans for our members to consolidate bills and pay off other debts. There are several options available to most members. This may include personal loans, home equity loans/lines, or even a first mortgage.

The easiest way to find out what is best for your situation is to apply. A loan officer will contact you to discuss your options upon receipt of your application.

The credit union offers convenient options for you to apply.

  • Loan ApplicationUsing our mobile and online loan application, you can apply 24/7 from wherever you are. We'll even preapprove you for the loan in minutes if you qualify.
  • Through VideoConnectMonday - Friday from 8:30am-6:30pm and Saturday from 8:00am-Noon.
  • Over the Phone: Our Member Advisors are trained to take your application Monday - Friday from 8:00am-6:00pm and Saturday from 8:00am-Noon. Just call them at 877-794-6712.
  • In Person: You can always stop by one of our branch offices and meet with us personally.

If you would like to discuss options before applying, simply call our Member Solutions team at 877-794-6712. They are trained to assess your personal situation and decide what loan type fits best.

Yes, the Credit Union offers a line of credit that is not dependent upon having equity in the value of your home. This is called a Ready Reserve. It is a flexible, personal line of credit that is used as an overdraft protection but can also be used for other purposes and may be accessed at any time by using your debit card or checks. 

Learn more or apply for a Ready Reserve on our Personal Loans page.

The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online Mortgage application.

Typically, at the credit union, the maximum percentage you can borrow for a Primary Residence mortgage loan is 95% to 97%. Because each situation is different, we recommend that you contact us directly at at SouthPoint Home Mortgage  877-636-5346. 

There are lots of interpretations of "good credit". If you have had credit difficulties in the past, the best way to find out if we can assist you is to apply for a loan.

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