Milestones


On the Move.



Thinking about that next house? Maybe some extra space for the kids, a vacation home, or a quiet spot in the country? Southern Bank can help with easy, flexible and fast mortgage options to meet your needs. These programs are designed for people “on the move.” If you plan to keep your house less than five years, one of these plans may be just what you are looking for. We have hundreds of mortgage options available to you. Here are just a few:

Adjustable Rate Programs
These programs, generally referred to as ARMs, can help you purchase more home with a smaller monthly payment. The initial rate is locked in for a specified term (1-3 years) and can fluctuate with the market after that.


Interest Only Loans
With Interest Only, you only pay interest during the initial period of the loan, keeping your monthly payment lower, or allowing you to qualify for a larger loan amount.

Balloon Mortgage Loans
A Balloon Mortgage is amortized on a 30 year schedule and has a guaranteed fixed interest rate for the initial term, either five or seven years. At the end of the term, the balance is due and the note is either paid in full or refinanced into a new mortgage. If you plan on staying in your home for seven years or less, you might consider a Balloon Mortgage.

Ready to Build?

Construction to Permanent Loan
The Construction to Permanent loan is designed for borrowers who choose to finance the construction of their home by a licensed builder, desire to build a major addition to their home, or want to make major renovations. The loan is made directly to the borrower and not to the builder. The Construction to Permanent loan consists of two phases, the construction phase and the permanent phase. During the 12 month construction phase, the borrower is charged interest at the permanent note rate only on advanced funds. When construction is complete, the loan is modified into a permanent mortgage.

Conventional Fixed Rate Mortgages
As the most popular mortgage program for home buyers, a fixed rate mortgage offers the stability and consistency of predictable monthly principal and interest payments for the life of the loan, from 10 to 40 years. It may be a good choice for people who expect to live in a home for an extended period of time, or who want to lock in current low interest rates. With a fixed rate mortgage, payments remain constant, allowing you to plan and budget without factoring potential interest rate fluctuations.