General Mortgage FAQs
Frequently Asked Mortgage Questions
Here are some of our top questions about applying for a mortgage.
What kind of credit score do I have to have to qualify?We offer many different mortgage programs that have varying qualifications. If you have questions about qualifications, you should reach out to a mortgage banker.
What if my credit isn’t perfect?While we offer programs with lower credit score requirements, it is always important to discuss this with your mortgage banker so they can help determine your eligibility as well as which programs may be best for you.
How much home can I afford to purchase?The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe.
Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.
Calculate a mortgage payment here and see how much you can potentially afford.
How can I lock in my interest rate?Generally, you must complete a full mortgage application in order to lock a rate. You can work with your mortgage banker to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.
In which states do I need to reside to get a mortgage with you?We lend in 48 states with some restrictions for residents of NY and NJ. Reach out to one of our mortgage bankers to assist with any specific questions related to your needs.
Coverage details will vary by policy. Typically, homeowner’s insurance covers your house and belongings in case of events such as fires, hail, tornadoes and burst pipes. If one of these scenarios damages your home, your insurance policy can pay for home repairs. Depending on the policy, homeowner’s insurance can also reimburse you for theft or vandalism of your personal belongings.
What does homeowner’s insurance cover?
Your lender will require you to have in place or purchase a homeowner’s insurance policy before closing. While many lenders provide insurance referrals, choosing a home insurance company is your decision.
Will homeowner’s insurance be required at closing?
Owner’s title insurance protects the homeowner(s) from potential disputes, claims, or defects in their property’s title. If someone were to sue and state they have a claim against the home from before you purchased it, owner’s title insurance protects your property ownership rights.
What is owner title insurance?
There are two title insurance policies you can purchase: owner’s title insurance and lender’s title insurance. Although lender’s title insurance is almost always required, an owner’s policy is optional. These policies can protect you from financial loss due to unforeseen issues with the property’s title, such as ownership disputes, liens, and more.
Do I need to buy title insurance?
We offer several mortgage options and will help you find the one that best fits your needs. Learn about all the mortgage programs offered at SouthState here.
What types of mortgages are available?
Do you offer mobile home loans?We do. Please click here to visit our website.
How much of a down payment do I need?This will depend on what programs you eligible for. Some programs offer as little as 0% down for qualified borrowers, while others require as little as 3.5% down. For many mortgage programs, the down payment will range from 3% to 20% of the home purchase price. Be sure to discuss this with your mortgage banker so they can find the program that is right for you.
What is an escrow account?An account held by the lender which helps guarantee that the expenses of owning property (such as taxes and insurance) are taken care of on your behalf. You will normally pay a lump sum at closing (prepaid) in addition to a monthly amount which is included in your total monthly payment (if escrowed).
Am I allowed to have two mortgage loan simultaneously?If you’re looking to purchase a second home and can afford two mortgages while meeting all credit requirements, yes, you may hold two mortgage loans simultaneously. It is important to remember that if you are not planning to sell the currently owned property, you’ll need to provide documentation showing access to 3 - 6 months’ worth of Principal & Interest (P&I) payments for that property.
What are gift funds?Gift funds are funds that come from a source other than your own personal accounts. (Inheritances, trust funds, money gifted from family, etc.)
What should I avoid while applying for a mortgage?
- Changing your name and/or differing addresses on documentation
- Quitting jobs, changing professions, or gaps in employment
- Not filing your tax return
- Deposits greater than $500 that are not payroll related
- Requests for POA (power of attorney)
- Making large purchases and/or opening new credit accounts (purchasing a new car, financing new furniture, etc.)
Why should I avoid large purchases? What if they are for my new home?While you may have already been pre-qualified, the underwriting team may still be working through their detailed review of your income, assets, liabilities, and other documentation. During this process, it’s important that you do not incur additional debt (purchasing furniture, appliances, vehicles, etc.) Part of the underwriter’s job is to determine and agree that you are able to repay the loan based on the guidelines written by loan providers. Incurring additional debt while purchasing or refinancing your home could prevent us from being able to close your loan as the loan risk increases.
Will my monthly mortgage payments change over time?Yes, most likely. Even if you choose a fixed-rate mortgage loan, your payments are likely to change due to fluctuating property taxes and insurance costs (escrows). Keep in mind, these are usually covered via your escrow account, but it is important to note that these fluctuating costs could change what your lender is required to collect from you monthly.
What does NMLS stand for?The Nationwide Mortgage Licensing System and Registry (NMLS) is the legal system of record for licensing in all participating states, the District of Columbia and U.S. Territories. In these jurisdictions, NMLS is the official and sole system for companies and individuals seeking to apply for, amend, renew and surrender licenses managed in the NMLS on behalf of the jurisdiction’s governmental agencies. NMLS itself does not grant or deny license authority.
SouthState Bank NMLS# 403455
Do you have mortgage resources in other languages?Yes, you may download the Mortgage Application in other languages as provided by FNMA here. You can also click here find the Mortgage Disclosures in other languages as provided by the CFPB
You can also call Customer Care at (800) 277-2175 and ask to speak one of our Spanish-speaking mortgage bankers.