1 To be eligible for the No-Refi Rate Reduction option and receive a reduction to the interest rate on your mortgage loan, you must meet all the following criteria:
1. Your loan is one of the following mortgage loan products: 10 Year Fixed Rate Mortgage, 15 Year Fixed Rate Mortgage, 5/5 Adjustable Rate Mortgage (ARM), or 10/1 ARM (including Jumbo Loans under these product types) with AllSouth Federal Credit Union (AllSouth). Cash-out refinance transactions, however, are not eligible for the No-Refi Rate Reduction option.
2. To apply: You must contact us and request the No-Refi Rate Reduction option.
3. To be eligible for the rate reduction option: (a) the new, reduced interest rate for your loan must be at least 0.25% lower than your existing rate when you request the No-Refi Rate Reduction option; (b) your loan must be current when you apply for the rate reduction; (c) your mortgage must be at least 12 months old, and you cannot have had any late or missed payments during those first 12 months; (d) if your loan is greater than 12 months old, your loan must be current when you apply for the rate reduction with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30 days late or more within the last 6 months of your request; (e) any escrow deficiencies or shortages must be brought current before proceeding; (f) you do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request; (g) your loan is not in an active loss mitigation option, process, or consideration; and (h) you continue to own the property, and it is your primary residence.
4. A fee of $750.00 must be paid in full prior to execution of the No-Refi Rate Reduction option. There is a limit of one time over the life of the loan that the No-Refi Rate Reduction option can be exercised if all applicable criteria are met.
Rates and terms are subject to change without notice. Interest rates will be based on our current mortgage rates at the time of your request and the original product type of which the loan was originated under. To exercise the No-Refi Rate Reduction option, you must contact AllSouth.
You are solely responsible for monitoring AllSouth’s available rates and determining when to exercise the No-Refi Rate Reduction option, subject to the eligibility criteria identified above. To view AllSouth's current rates please visit our Rates page, call us at 803-828-5876, or visit your closest AllSouth branch.
AllSouth will only reduce the interest rate of a covered loan product under the No-Refi Rate Reduction option if all applicable criteria are satisfied at the time of your request to exercise the option and the fee is paid in full.
Exercising the No-Refi Rate Reduction option will reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and any additional amounts due for escrows.
These terms and conditions do not constitute a commitment to lend, nor a guarantee that you will be approved, for a mortgage loan from AllSouth.
2 Available on primary residences located in the state of South Carolina. Qualification is subject to creditworthiness. Interest rates vary by product and are subject to change. Offer is available for a limited time and is subject to end without notice. Closing costs may vary. Closing costs could include but are not limited to: discount points, loan origination fees, appraisal fees, title search and other title related fees, recording fees, flood certification, underwriting fees, document preparation fees, and attorney closing fee, and may vary depending on the loan amount, mortgage type, creditworthiness, loan to value ratio, and other qualifying or determining factors.
3 Available on primary residences located in the state of South Carolina. Qualification is subject to creditworthiness. Interest rates vary by product and are subject to change.
4 Home Equity Loan: Loan rates based on creditworthiness and may be subject to loan-to-value (LTV). Minimum loan amount is $10,000. Terms available are 6 year and 12 year. Rate, terms, and conditions are subject to change without notice. Other restrictions may apply.
Home Equity Line of Credit (HELOC): The Annual Percentage Rate (APR) is a variable rate. Your qualifying rate may adjust monthly and is based on the Prime Rate as reported in The Wall Street Journal plus a margin of -1.00% to 2.50% based on creditworthiness and lien position. APR quoted is based on a variable rate made up of a discounted margin plus the variable Prime Rate, assumes excellent borrower credit history, and is only applicable if the Home Equity Line of Credit is in the first lien position on your primary residence. Not all applicants will qualify for the lowest rate. The APR range is from 4.00% to a maximum of 18.00%. Minimum loan amount is $10,000. Rate, terms, and conditions are subject to change without notice. Our HELOC is an interest only HELOC. During the draw period, payments are calculated based on interest of amount borrowed only. After the draw period ends, payments are calculated based on total amount borrowed.
Both Home Equity Loan and Home Equity Line of Credit products are available in the state of South Carolina. Property insurance is required. Flood insurance may be required. Other restrictions may apply.
5 A loan is considered jumbo if the amount of the mortgage exceeds the conforming loan limits set annually by the Federal Housing Finance Agency. Jumbo loan limits are valid through December 31, 2026. Jumbo loans may have stricter underwriting rules and require a larger down payment than standard mortgages. Qualification is subject to creditworthiness and other eligibility requirements. Available on properties located in the state of South Carolina.
6 APR = Annual Percentage Rate. Rate determined by creditworthiness, term of loan and loan to value (LTV), so your rate may differ.
7 Calculations assume a loan amount of $180,000 at an 80% loan to value (LTV) with a representative credit score of 730. Equity lines assume a loan amount of $50,000 at an 80% combined loan to value (CLTV).
8 Other fees and requirements may apply. Available on primary residences located in the state of South Carolina. Qualification is subject to creditworthiness. Offer is available for a limited time and is subject to end without notice.
9 Only pre-approval requests for 5/5 ARM, 10/1 ARM, 15 Year Fixed Mortgage, 10 Year Fixed Mortgage, Rental/Investment and Land qualify for the Rate Protection Plan.
10 Closing costs may vary. Closing costs could include but are not limited to: discount points, loan origination fees, appraisal fees, title search and other title related fees, recording fees, flood certification, underwriting fees, document preparation fees, and attorney closing fee, and may vary depending on the loan amount, mortgage type, creditworthiness, loan to value ratio, and other qualifying or determining factors.
