Types of Mortgages

BancorpSouth offers you many different types of mortgage products to help you qualify for the best possible loan.

Fixed Rate Mortgage - have interest rates that remain fixed for the life of the loan. Generally, you can have a fixed rate of 10, 15, 20, 25, or 30 years.

ARMs (Adjustable Rate Mortgages) - allow the advantage of being able to get a loan with a lower initial rate that will stay fixed for either 1, 3, or 5 years with a 30 year amortization. Some ARMs will even allow you to lock-in to a fixed rate during the life of the loan.

Balloon Mortgages - are fixed-rate mortgages that are for a set number of years, and then must be paid off in full in a single "balloon" payment. Balloons are popular with borrowers expecting to sell or refinance their property within a definite period of time.

Buy Downs - allow you to prepay the interest on your loan to lower the rate temporarily or permanently.

FHA Loans - are insured by the Federal Housing Authority under their guidelines.

VA Loans - are insured by the Veteran's Administration and are offered to our patriotic service men and women who have been honorably discharged and meet the minimum requirements.

Rural Housing Loans - are offered by the Rural Housing Service of the U.S.D.A. for low-and moderate-income rural residents.

Single Close Construction - allow you the ease of having only one closing for two loans when you build a new home, or remodel or expand your existing home.

Construction Permanent - allows you to turn your existing bank construction loan into a mortgage upon completion.

First Time Homebuyer's Loans - allows for special financing for first time buyers (meeting certain limitations). Some programs allow down payment and closing cost assistance.

Loans for Less-Than-Perfect Credit - Who says we are all perfect? BancorpSouth will try to help those who may have a blemish on their credit or less established credit secure a loan.

Jumbo Loans - are large non-conforming loans that exceed the limitations set by Fannie Mae.

Refinancing - whether conventional, streamline, or government, we can possibly refinance (replace) your existing loan with a new loan at a lower rate or shorter term.

Ask any one of our knowledgeable loan officers about these, and all of our other mortgage products to find out which loans you qualify for and which loan is right for you.

Regulation E Disclosure