Mortgage Lending
Buying a home is easier when you have the right guide from the beginning. Connect with a local mortgage lender early, explore your options with confidence, and work with the same trusted expert from your first conversation through closing.
Get pre-qualified
Learn how much home you may qualify for and gain confidence before you begin your home search.
Find your home
Search for a home that fits your needs, knowing your budget and financing options are already in place.
Complete the application
Complete your application online and provide the information needed to move your mortgage forward.
Mortgage solutions for every stage of your journey.
Whether you’re buying your first home, building your dream home, refinancing, or investing in property, South Atlantic Bank (NMLS# 403425) offers mortgage options designed to help you move forward with confidence.
Enjoy the stability of a fixed interest rate and predictable monthly principal and interest payments that remain the same for the life of the loan.
Enjoy a lower initial fixed interest rate that adjusts periodically over time, allowing your monthly payment to increase or decrease based on market conditions.
Government-backed loan programs can make homeownership more accessible with flexible qualification requirements, lower down payment options, and financing designed to fit a variety of needs.
Finance higher-value properties with jumbo loan options that exceed conventional loan limits, available with both fixed and adjustable rate terms.
Make homeownership more accessible with a First-Time Homebuyer Program featuring 100% financing, no private mortgage insurance (PMI), and a fixed interest rate for predictable monthly payments.
Your homebuying journey starts with the right team.
Our experienced mortgage lenders are here to answer your questions, guide you through the process, and help you find the right financing solution for your goals.
Estimate your monthly mortgage with our calculator payment.
Use our mortgage calculator to explore payment scenarios, compare loan options, and get a better understanding of what homeownership may look like for your budget.
Mortgage Questions? We’re Here to Help.
At South Atlantic Bank, we understand that purchasing a home is the largest purchase most people will ever have. We have compiled several questions and answers to help you in the decision-making process.
The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
- Earnest Money: The deposit that is supplied when you make an offer on the house
- Down Payment: A percentage of the cost of the home that is due at settlement
- Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
For most homeowners, the monthly mortgage payments include three separate parts:
- Principal: Repayment on the amount borrowed
- Interest: Payment to the lender for the amount borrowed
- Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional. If you do not escrow these fees, you would pay them directly to the County Tax Assessor and property insurance company.
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. South Atlantic Bank can help you evaluate your choices and help you make the most appropriate decision.
An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.