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South State Bank

Mortgage FAQs

Frequently Asked Mortgage Questions

Here are some of our top questions about applying for a mortgage and the home loan process.

Here are a few questions we’ve been asked more than once over the years. If you don’t see an answer to one of your questions, reach out to a SouthState loan officer and we’ll be sure to get it answered 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.

Should I consider pre-qualification for a mortgage before I shop for a home?

Getting prequalified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.

What types of mortgages are available?

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

How can I lock my interest rate?

Generally, you must complete a full mortgage application in order to lock a rate. You can work with your loan originator to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.

Where do I mail notices of error or requests for information regarding the servicing of my mortgage?

If you have an in-house mortgage that is serviced by South State Bank mail notices of error or request to: 
Attn: Inquiries, South State Bank
PO Box 118068
Charleston, SC 29423

If you have a mortgage that is serviced by DMI mail notices of error or request to: 
Attn: Mail Stop NOE 1290
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945

What is an escrow account?

In addition to the principal and interest payment on your mortgage loan, you may elect to add additional funds each month in an escrow account to pay for property taxes and insurance (or private mortgage insurance). With some mortgage products, setting up an escrow account may be required.

Having an escrow account allows you to put aside a small portion each month toward the annual costs of insurance and property taxes. You send the additional funds each month when you make your mortgage payment. We hold the money in an escrow account and make the payments from the account when they are due.


What should I expect at closing?

While every closing is a little different, here’s what you can expect. Basically you’ll sit at a table with your realtor, the realtor for the seller, possibly the seller, and an attorney. The attorney will have papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you are signing.

Before you go to closing, we will give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you will have to supply at closing, and a list of documents you will need at closing. If you are required to bring funds to closing, make sure you contact the attorney’s office for the exact amount and bring a certified check.


How much cash will I need for closing costs?

Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:

Lender fees. Fees can include origination and points.

Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.

Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.

You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.


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

Where can I find more resources?

We have useful information and resources in our Advice Center and our First Time Home Buyer section.  You can find out more about the Loan Process and download Mortgage Loan Checklist to help you along the way.
We encourage you to review the many helpful resources and the “Shopping for Your Home” video on if you are thinking about buying a home. The information provided will help you in assessing how much of a home you can afford, and will provide information on housing counselors in your area. We encourage the use of a housing counselor prior to buying a home. In addition to mortgage personnel, counselors can assist you by providing information regarding questions or concerns surrounding your purchase, fair housing laws, credit issues and foreclosure prevention.

Mortgage Checklist

Helping You Get Organized

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The Loan Process

A Breakdown of the Mortgage Process

Learn More
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Experienced Mortgage Professionals

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