Understanding Mortgage Loans

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.

Due to the fact that we cannot accept partial payments on a mortgage with an escrow account, we cannot directly make bi-weekly payments to the loan. Instead, what we can do is open a secondary savings account that automatically transfers your monthly payment. Then we can set up a bi-weekly transfer to the mortgage savings account.

Unfortunately, no. If you have an escrow account, we are unable to collect partial payments because we cannot correctly apply the funds to principal, interest, and your escrow account.

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. 

An escrow account is a special account that is set up by SouthPoint Home Mortgage, generally at closing, that is used to pay your property tax and insurance bills as they become due.

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.

Don’t get caught up in just the rate, often times the rate can be good, but the cost upfront can negate the difference of the rate. Be aware of Points and Closing costs when deciding what is the best option for you.

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.

To offset any possible shortages, it is in your favor to bring the refund check in to be deposited into your escrow account.
Yes you can. Any excess will be applied to the principal balance of your loan.
If there are funds left in your escrow account after paying off your mortgage, the credit union has 30 days to close the escrow account and once closed; any remaining funds will be deposited in your -00 savings account.

The tax or insurance payments you made at closing were for bills that were due immediately or for the initial deposit to your escrow account.
We continue to collect funds in your escrow account to cover future real estate taxes and insurance premiums when they are due.

If you have questions about changes to your taxes or insurance premiums, contact your local taxing authority or your insurance company.

Your monthly escrow amount may change. We review your account at least once a year to make sure we are collecting the right amount to cover your projected taxes and insurance premiums. If these payments increase or decrease, we will recalculate your escrow payment amount during your escrow analysis. This is separate from the calculation to determine whether you have a shortage or overage, so your payment amount could increase even if you pay your shortage in full.

Any changes to your escrow payment amount will appear on the escrow account disclosure statement you receive each time we review your account.

You don’t have to. We‘ll pay your required tax and insurance bills when they are due, regardless of your escrow account balance, so additional funds are not required.
To change your escrow payment amount, we need to conduct an escrow analysis, which typically happens on a yearly schedule.

To determine your escrow payments, we:

  • Estimate the amount we’ll have to pay over the next 12 months for your real estate tax and homeowners insurance bills. We base this estimate on information from your loan closing documents, your taxing authority and insurance company, or your previous tax and insurance bills.
  • Divide the estimated amount by 12 and add the result to your monthly payment.
  • Determine whether any adjustments, such as shortage payments, are necessary to keep your escrow account in balance.

Yes, the credit union division SouthPoint Home Mortgage offers FHA and VA and USDA Loans through our partnership with The Servion Group.

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.

No, SouthPoint does not currently offer an option for homeowners insurance.

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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