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Rates	Points	APR
First South offers a full selection of mortgage products with absolutely no points, fees or closing costs. These costs are not reflected in the interest rate nor are they added to the loan. First South actually pays for all costs associated with processing and closing the loan. Our in-house loans are excellent for anyone! Whether it’s your first home or your latest investment property, we can provide a mortgage product to suit your needs. Our in-house loans have a permanent home with us—they are not sold on the secondary market, so your first as well as your last payment is made here at First South Credit Union. We offer the following in-house products with NO POINTS, FEES OR CLOSING COSTS: 10-YEAR FIXED 3/1 ARM2 5-YEAR BALLOON1 5/1 ARM2 7-YEAR BALLOON1 7/1 ARM2 10/15 BALLOON1 10/15 ARM2 When we say these are in-house loans, we really mean it!* We keep the loans listed above on our books — they are not sold on the secondary market. You make your payments to us at any one of our 13 locations, or by calling 901.380.7530 or by going online to firstsouth.com. If one of our in-house mortgage loan products does not meet your needs, we do offer FHA, THDA, Rural Development and conventional financing with terms from 10 to 40 years with fixed rates. These loans are sold on the secondary market and are not serviced by First South. Points, fees and closing cost do apply to these loans. 15 yr fixed and 30 yr fixed loans do have points, fees and closing cost. Please see First South for details. Rates may be quoted without origination points. Loans are subject to approval criteria.

10 YEAR FIXED
15 YEAR FIXED
30 YEAR FIXED
5/1 ARM
3/1 ARM
7/1 ARM
10 YEAR FIXED WITH ARM OPTION
5 YR BALLOON
7 YR BALLOON
10 YEAR FIXED WITH BALLOON OPTION
Rates last updated on Monday, February 08, 2010
10 YEAR FIXED Fixed rate Amortized for 10 years or less Term: 10 years Maximum Amount: $500,000
4.99%	0%	5.43%

15 YEAR FIXED Fixed rate Amortized for 15 years Term: 15 years Maximum Amount: $417,000
Rates	Points	APR
4.25%	1%	4.706%
4.375%	0%	4.678%

30 YEAR FIXED Fixed rate Amortized for 30 years Term: 30 years Maximum Amount: $417,000
Rates	Points	APR
4.875%	1%	5.143%
5.125%	0%	5.305%

5/1 ARM 5 year fixed, amortized up to 30 years remaining 25 years adjustable rate Term: 30 years Maximum Amount: $500,000
Rates	Points	APR
4.5%	0%	4.5%

3/1 ARM 3 year fixed, amortized up to 30 years remaining 27 years adjustable rate Term: 30 years Maximum Amount: $500,000
Rates	Points	APR
4.25%	0%	4.25%

7/1 ARM 7 year fixed, amortized up to 30 years remaining 23 years adjustable rate Term: 30 years Maximum Amount: $500,000
Rates	Points	APR
4.75%	0%	4.75%

10 YEAR FIXED WITH ARM OPTION 10 year fixed, amortized up to 15 years remaining 5 years adjustable rate Term: 15 years Maximum Amount: $500,000
Rates	Points	APR
5.5%	0%	5.5%

5 YR BALLOON Fixed Rate with 5 year maturity Amortized up to 30 years Term: 5 years Maximum Amount: $500,000
Rates	Points	APR
4.5%	0%	4.5%

7 YR BALLOON Fixed Rate with 7 year maturity Amortized up to 30 years Term: 7 years Maximum Amount: $500,000
Rates	Points	APR
4.75%	0%	4.75%

10 YEAR FIXED WITH BALLOON OPTION Fixed rate with 10 year maturity Amortized up to 15 years Term: 10 years Maximum Amount: $500,000
Rates	Points	APR
5.5%	0%	5.5%

*Rates are subject to change or withdrawal without notice. Offer of no points, fees or closing costs applies to First South's in-house mortgage loans only. Loans are subject to approval criteria. 1. 5 and 7 year balloon mortgages will have to be paid off or refinanced at the end of their maturity period. First South will pay for the closing costs again at that time if you select another in-house first mortgage loan. 2. ARMs (Adjustable Rate Mortgages) have rate caps during the adjustable rate period. Interest rate cannot increase more than 2% in any one year and no more than a total of 6% over the life of the loan.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.