Help Center Topics
We certainly don't expect that you'll default under the terms of your loan and that a forced sale will be necessary, but as the lender, we'll need to make sure that if a sale is necessary, it won't be difficult to find another buyer.
We'll review the features of your home and compare them to the features of other homes in the neighborhood. For example, if your home is on a 20-acre lot, or has a large accessory building, we'll want to make sure that there are other homes in the area on similar size lots or with similar outbuildings. It is hard to place a value on such unique features if we can't see what other buyers are willing to pay for them. In some areas, additional acreage or outbuildings could actually be a detriment to a future sale. Finding comparable properties can be more challenging in rural areas where it is more difficult to find homes that have similar features.
We'll also make sure that the value of your home is in the same range as other homes in the area. If the value of your home is substantially more than other homes in the neighborhood, it could affect the market acceptance of the home if you decide to sell.
We'll also review the market statistics about your neighborhood. We'll look at the time on the market for homes that have sold recently and verify that values are steady or increasing.
One of the most important factors is determining if the project that the condominium is located in is complete. In many cases, it will be necessary for the project, or at least the phase that your unit is located in, to be complete before we can provide financing. The main reason for this is, until the project is complete, we can't be certain that the remaining units will be of the same quality as the existing units. This could affect the marketability of your home.
In addition, we'll consider the ratio of non-owner occupied units to owner-occupied units. This could also affect future marketability since many people would prefer to live in a project that is occupied by owners rather than renters.
We'll also carefully review the appraisal to insure that it includes comparable sales of properties within the project, as well as some from outside the project. Our experience has found that using comparable sales from both the same project as well as other projects gives us a better idea of the condominium project's marketability.
Depending on the percentage of the property's value you'd like to finance, other items may also need to be reviewed.
The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.
However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.
Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.
Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. The law can't stop floods. Floods happen anytime, anywhere. But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding.
We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding.
Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we'll issue an approval subject to you finding the perfect home. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make.
When you find the perfect home, you'll simply call your Loan Officer to complete your application. You'll have an opportunity to lock in our great rates and fees then and we'll complete the processing of your request.
Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.
Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.
Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.
Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.
But don't overreact! The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.
If you'll be purchasing but haven't found the perfect home yet, complete our application and we'll issue an approval for a mortgage loan now with no obligation!
Against the advantage of the lower payment at the beginning of the loan, you should weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. It's a trade-off. You get a lower rate with an ARM in exchange for assuming more risk.
For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for three to five years. Continue Reading
To determine whether it makes sense for you to pay origination points, you should compare the cost of the origination points to the monthly payments savings created by the lower interest rate. Divide the total cost of the origination points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you actually begin to save money by paying origination points. If the number of months it will take to recoup the origination points is longer than you plan on having this mortgage, you should consider the loan program option that doesn't require origination points to be paid.
The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.
Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.
For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.
You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.
Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.
Mortgage interest rate movements are as hard to predict as the stock market and no one can really know for certain whether they'll go up or down.
If you have a hunch that rates are on an upward trend then you'll want to consider locking the rate as soon as you are able. Before you decide to lock, make sure that your loan can close within the lock-in period. It won't do any good to lock your rate if you can't close during the rate lock period. If you're purchasing a home, review your contract for the estimated closing date to help you choose the right rate lock period. If you are refinancing, in most cases, your loan could close within 30 days. However, if you have any secondary financing on the home that won't be paid off, allow some extra time since we'll need to contact that lender to get their permission.
If you think rates might drop while your loan is being processed, take a risk and let your rate "float" instead of locking. After you apply, you can lock in by contacting your Loan Officer by telephone.
During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have or you can feel free to contact your Loan Officer if you prefer.
Just to make sure there are no surprises at closing, your Loan Officer will contact you a few days before closing to review your final fees, loan amount, first payment date, etc. Continue Reading
When creating a User Name, be sure it meets these requirements:
- Must be between six and 20 characters long
- May be alphabetic or alphanumeric
- Must not contain any spaces
- We recommend including one or more of the following special characters for maximum protection: $*_-=.!~@
When creating a Password, be sure it meets these requirements:
- Must be between six and 32 characters long
- May be alphanumeric or a combination of letters or numbers and one or more of the following special characters for maximum protection: $*_-=.!~@
- Must not contain any spaces
- Cannot match the Username
We use your phone number to send a one-time security code that you'll need in order to complete the registration process. You can choose to receive the code via text or voice message.
Requiring something you know (User Name and Password) and something you have (your telephone) is called multi-factor authentication. This security strategy helps mitigate the risk of fraud, and is in accordance with guidance published by the Federal Financial Institutions Examination Council (FFIEC).
Online Banking technology uses multi-factor authentication to protect your account information. It's a two step sign-on process that makes hacking more difficult, because the hacker would need access to multiple items in order to breach your account.Continue Reading
You may be required to receive a one-time security code using the telephone number you provided at registration under certain circumstances, including:
When you log in to the system from a new device. For example, if you registered for Online Banking on your home computer and want to log in and check your balance on your computer at work, you'll be prompted to enter a security code which will be sent to your phone.
When you log in using a new browser. For example, if you normally check your account using Internet Explorer, but today you're logging in on Chrome, you'll be prompted to enter a security code which will be sent to your phone.
When you log in for the first time after clearing data from your browser. For example, if you normally check your account using Internet Explorer, but you've recently cleared cache and cookies in your Internet Explorer settings, you'll be prompted to enter a security code which will be sent to your phone.
When the system doesn't recognize the device you're using for another reason. If the system has any doubt about your security, it will err on the side of caution. We know it can be a hassle, but your account security is our priority.
Regulation D limits the number of certain types of transactions on all savings and money market accounts. In other words, all financial institutions are required by regulation to treat all types of transactions differently than a checking account. Savings accounts (non-transaction accounts) are intended to be established for long-term savings with few withdrawals while checking accounts (transaction accounts) are intended to be established for day-to-day use. Checking accounts do not fall under Reg D and there is no monthly limit to automated transfers or withdrawals on them, so this notice does not apply to checking accounts.Each Southeast Financial savings or money market account is allowed no more than six (6) “Reg D” withdrawals per calendar month from a savings/money market account.
- Primary Membership Savings Accounts
- Secondary Savings Accounts
- Money Market Accounts
- Christmas Club Accounts
- Point of Sale (POS) debit card transactions: Transactions made from a savings account using a debit card at a retail merchant.
- Audio Response (PAL) Transfers or Online Banking Transfers: Transfers from a savings account to another savings or checking account using PAL or Online Banking.
- Overdraft Protection: Transfers made from a savings account to a checking account to cover an item, such as a check, pre-authorized debit, or a transaction initiated at an ATM or POS.
- ACH Debits: A pre-authorized payment from a savings account to pay a third-party item (i.e. auto insurance, electric bill).
- Employee Assisted Transfers: A phone request by a member to any of our employees to perform a transfer transaction from a savings account.
- ATM cash withdrawals & transfers
- In-person withdrawals & transfers
- Any transaction from a checking account which does not necessitate an overdraft transfer from a savings account
- Transfers to make Southeast Financial loan payments
- Overdraft protection for a checking account made from a line of credit
- Withdrawal or transfer requests made by mail if made payable to and mailed to the member
- Point of Sale (POS) debit card transactions: Additional authorization requests will be rejected.
- Audio Response (PAL) Transfers or Online Banking Transfers: Your request will be rejected.
- Overdraft Protection: Funds will not be automatically transferred from your savings account to pay an item if there are insufficient funds in your checking account to cover the amount of the item. Your item will be returned unpaid and an NSF fee will be charged to your account.
- ACH Debits: Your ACH debit will be returned unpaid and an NSF fee will be charged to your account.
- Employee Assisted Transfers: You will be informed that your limit has been reached and your request cannot be processed at that time.
You are already signed up! Just download the app for your devise and use your Online Banking username and password to sign in.
If you don't have an Online Banking username and password, you will need to complete registration on your computer. For more information on how to register, click here.
In addition to the security measure put in place by Southeast Financial, you can implement your own techniques like:
- Never revealing your password to anyone or leaving your password anywhere that someone else can find it.
- Changing your password regularly.
- Using the Sign Out button to send each Mobile Banking session.
- Checking your account on a regular basis to catch any suspicious transaction.
The Electronic Federal Tax Payment System (EFTPS) is a free service from the U.S. Department of the Treasury. EFTPS is a convenient way to make federal tax payments online or by phone, 24/7.
EFTPS is secure and easy to use - enabling you to schedule your payments in minutes.
Businesses can schedule payments once the liability is determined up to 120 days in advance.
Individuals can schedule estimated payments up to 365 days in advance.
1. Gather the following information:
- Taxpayer Identification Number (Employer Identification Number or Social Security Number)
- Bank account number and routing number
- Address and name as they appear on your IRS tax documents
2. Visit www.eftps.gov
- Select the Enrollment tab
- Select Business or Individual
- Enter the requested information and Submit
3. Get your temporary Internet password
After you receive your PIN, call 1-800-982-3526 to get a temporary Internet password.
Payments must be scheduled at least one calendar day prior to the tax due date (before 8:00 p.m. ET). Remember, you can use EFTPS to make all federal tax payments and to review up to sixteen months of your tax payment history.
- Visit www.eftps.gov.
- Select "Make a Payment."
- Log in with your EIN/SSN/PIN and Internet password.*
- Enter the payment information in the step-by-step screens.
- When you're finished, save a copy of the payment Confirmation page.**
- Call 1-800-555-3453.
- Enter your EIN/SSN and PIN.
- Press 1 to make a payment.
- Follow the prompts to complete your payment.
- Record your EFT Acknowledgment Number.
*For your added security, the first time you visit www.eftps.gov, you will be prompted to change this password.
**This contains your EFT Acknowledgment Number that acts as a receipt for your payment instruction.
You can sign up for eStatements through Online Banking. If you have questions or need assistance, contact our Member Services Call Center between 7am and 6pm CST, Monday through Friday.
- Log in to Online Banking and click Additional Services, then eStatements, and Register.
- Enter the code shown on the PDF Test Drive screen and click Next.
- Complete all the fields on the Contact Information screen and click Next.
- When you receive your confirmation email, click the link, and then click Next.
- Read and accept the User Agreement and click Finish to complete registration.
After signing up for eStatements, you will receive your first email notification to the email address you specified at the beginning of the following month. You will continue to receive a monthly email notification that your eStatement is available. You will be provided a link to access your eStatement or you can log into Online Banking and click on the eStatements link anytime.
If you have a savings account only, you will only receive statements quarterly (January, April, July, and October), unless you have direct deposit or any other ACH transaction.
No. Falcon monitors all Southeast Financial credit and debit cards for fraudulent activity. No enrollment is required.
No. All Southeast Financial credit and debit cards are covered by this service at no cost to the cardholder.
A wire transfer is a type of electronic payment service for transferring funds between financial institutions by wire through the Federal Reserve, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, or the Clearing House Interbanks Payment System (CHIPS).
While we only handle wire transfers through the Federal Reserve System, we're able to process international wire transfers through our dedicated correspondent bank.
- Account Number
- Phone Number
- Purpose of Wire
Financial Institution Information
- ABA/Routing Number
- SWIFT or Sort Code*
- City and State
- Intermediary Bank (if applicable)
- Account Number
- Any Additional Instructions
Money Transfer Information
- Transfer Amount
*Needed for International Wires only
Call 615-743-3700 or 800-521-9665 to initiate a transfer by phone.
Visit your nearest branch to initiate a transfer in person.
There is a $20 fee for any wire transfers within U.S. states and territories.
There is a $55 fee for any funds wired overseas.
You don't need to do anything to upgrade to an EMV credit or debit card.
All non-chip debit cards were reissued with new debit cards containing the EMV chip in early 2016.
All non-chip credit cards will be replaced with credit cards containing the EMV chip as they expire.
If you have a Visa Credit Card, you may request a new card before your current card expires, but you'll need to pay a $10 reissue fee. Otherwise, you'll receive your new card shortly before your existing card expires.
Because your new card will have a new card number, you'll need to call the PIN change line, 1-866-985-2273, to set up your PIN. You may use the same PIN as you used previously with your old card or pick a new one. The choice is yours, but it's important that you call to set it up in order to use your card when a PIN is required.
Using your EMV Chip card takes 3 simple steps:
- Insert your card into the bottom of the card reader.
- Follow the on-screen instructions to complete your transaction.
- Remove your card from the card reader when prompted.
EMV cards store payment information in a secure chip rather than on a magnetic stripe, and the personalization of EMV cards is done using issuer-specific keys. Unlike a magnetic stripe card, it is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully.
The advantages of Purchase Alerts are that they:
- Let you monitor your card's signature-based purchase transactions in near-real-time
- Offer you peace of mind by providing timely information that helps you monitor your Visa card for suspicious activity.
- Give you a tool to help you manage your money.
As of Aug. 1, 2011, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires all mortgage loan originators of federally regulated lending institutions to register with the Nationwide Mortgage License System and Registry (NMLS Registry). All Southeast Financial mortgage loan officers are registered and have been assigned a unique identification number. This number will stay with them throughout their career.Continue Reading