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Barbra Anderson
Director of Marketing
CommunitySouth Bank & Trust
864-306-2540 x125
banderson@csbat.com
COMMUNITYSOUTH BANK & TRUST DEBUTS NEW MORTGAGE PRODUCTS:
EXPRESS MORTGAGE LOANS & NO FEE 270 DAY MORTGAGE RATE LOCKS
Upstate, SC -- August 10, 2006 -- The debut of two new exclusive mortgage products from CommunitySouth Bank & Trust (OTCBB: CBSO) has made the road to homeownership an easier one for many Upstate families.
The Bank is now offering express mortgage loans and a no fee extended rate lock program for qualified borrowers.
The mortgage express loan features 24 hour or less mortgage loan decisions, mortgage closings in 10 days or less, and reduced closing costs. The program offers home purchase financing up to 89% on first or second homes with a five-year adjustable rate mortgage.
“Industry-wide, the average mortgage closes in approximately 30 days,” said Pam Englert, Mortgage Loan Officer at CommunitySouth’s Mauldin office at 787 East Butler Road. “A closing in 10 days or less is extremely rare, and a great option for homebuyers looking to move faster than the normal process allows.”
CommunitySouth has also introduced another mortgage anomaly – no fee 270 day mortgage rate locks. A rate lock is a legal commitment between the lender and the borrower to extend a loan at a specified interest rate. The borrower usually promises to pay certain points and fees, especially if the lock is for more than 30 days. The new CommunitySouth product is newsworthy because it not only offers such a long rate lock – at 270 days – but because there are no fees or points required to obtain that rate lock.
“Rate locks typically last for 30 days. The longer you lock, the higher the fee most lenders will charge,” said Englert. “But with mortgage rates increasing, rate locks are insurance that you’ll get your loan at the agreed-upon rate, even if rates rise.”
The extended rate lock program is intended for 30-year fixed rate mortgages with up to a 95% loan-to-value ratio. CommunitySouth offers many other mortgage programs, including 100% financing, first-time homebuyer and interest-only mortgage programs.
Mortgage Loan Officer Pam Englert, based in CommunitySouth’s Mauldin office, can be reached at 864-272-0825 or penglert@csbat.com. Englert is responsible for mortgage and construction loans in the greater Greenville area, including Mauldin, Simpsonville, and Fountain Inn. Englert has more than five years of experience as a Mortgage Loan Officer, most recently with Carolina First. A resident of Greenville, Englert has lived in the Upstate for over 12 years and is active with Habitat for Humanity and Meals on Wheels.
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CommunitySouth Bancshares, Inc. (OTCBB: CBSO) commenced operations in the Upstate of South Carolina on January 18, 2005. Fueled by the largest initial public offering ever for a South Carolina-based bank, the company capitalized with $30 million and has since grown assets to over $200 million. In operation for less than two years, CommunitySouth is the fastest growing de novo bank in South Carolina.
CommunitySouth is headquartered in Easley, South Carolina and plans to cover the entire Upstate market. Currently the bank operates full-service offices in Easley, Mauldin, Spartanburg and Anderson, and plans to open a full-service office in Greer in late 2006.
CommunitySouth offers a complete line of banking products and services, including commercial, consumer and mortgage loans, personal and business checking and savings accounts, free online banking with bill pay, a nationwide free ATM network, free business courier service, automated telebanc, courtesy overdraft coverage, and more.
For additional information about CommunitySouth, call 864-306-2540 or visit www.communitysouthbankandtrust.com.
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