Entries by BankSouth Mortgage

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“Paying Points” to Buy Down Interest Rates

In this interest rate climate, it’s nice to have options for reducing what may otherwise be considered a high-interest rate. This is where “paying points” to buy down interest rates could be beneficial! It’s a great alternative for today’s homebuyers. What does “paying points” mean? “Points” are additional fees a borrower or seller can pay […]

The Best Money Saving Tips to Help Grow Your Savings

Saving money can seem like a daunting task, especially if you’re living paycheck to paycheck. But don’t worry – with a little bit of effort and discipline, you can learn how to save money each month. Here are seven simple money-saving tips to help you get started on your journey to financial stability. Create a […]

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The Basics of Selling Your Home

Like buying a new home, selling your home can be an emotional and complex process. You can use a real estate agent to help or you can try to sell it yourself which is called an FSBO — For Sale By Owner — transaction. An FSBO transaction involves more of your personal time. You will have to […]

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Increasing Your Home’s Value

For many of us, our home is our largest asset. Maintaining and improving your home can increase its value and build your home equity. In addition to increasing your personal net worth and giving you the means to trade-up, you can borrow from your greater equity using a home equity loan or line of credit. In addition to the benefits you […]

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Know Your Mortgage Loan Options

Major types of mortgage loans include: Fixed-rate loans. Because they offer a monthly payment that is known and does not change, fixed-rate mortgage loans remain the most popular type. Most fixed-rate mortgages are for loan terms of 15 or 30 years. A 30-year loan has lower payments but a slightly higher interest rate.  To pay […]

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Understand the Variety of Mortgage Lenders & Brokers

There are hundreds of mortgage lenders on the Web that will prequalify and pre-approve you for a mortgage loan. Major categories of mortgage lenders include: Savings & loans. Also called thrift institutions, savings and loan associations (S&Ls) are the largest traditional lenders of residential home mortgages. A government cleanup of bad loans at S&Ls that ended in the 1990s left […]

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A Digital Mortgage Done Right: Balancing Fast, Easy and Smart

The best mortgage experience features equal amounts of digital convenience and personal service that ultimately put you – the homebuyer – at the center of everything. There are many trade-offs to make when buying a home. Settling for an inefficient, impersonal, and intimidating mortgage process shouldn’t be one of them. An onslaught of new digital […]

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Avoiding & Reporting Scams

Protect your finances and personal information by staying alert against fraud How to avoid scams Recognizing common signs of scams can help you avoid being the next victim of financial fraud. Here are some things to remember about scams and tips to help you avoid them. Don’t give your personal or financial information to people […]

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The Truth About Mortgages

We’ve been hearing from clients who are concerned about mortgage interest rates. We’d like to offer some reassurance from the front lines. After all, we’re still helping homeowners and homebuyers every day. While interest rates have risen recently, it’s important to remember they are coming up from historic lows. No one ever thought we’d see […]

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What is a 2-1 Buydown?

Reduce mortgage payments for the first two years of the loan with a 2-1 buydown from BankSouth Mortgage! Buying a home is an exciting milestone but can come with additional startup costs. Between things like new furniture, fresh paint, and appliances, BankSouth Mortgage is here to offer a great solution to help balance out-of-pocket expenses! […]

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Application Checklist

The following is a list of the documents that will be requested at the beginning of the loan process. Please be aware that additional documentation may be required dependent on your unique circumstances. For Credit Approval: Most recent two years tax returns, federal only, all pages as well as any W-2s, 1099s, or K-1s. If […]

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10 Things You Should Know

1. Length of Process The length of the process varies for each borrower, depending upon your circumstances. Constant communication with your mortgage banker will help keep you informed of anything that may delay the processing of your application. 2. Budget v. Affordability Just because you qualify for a certain amount of financing doesn’t mean you […]

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Borrower Tips and Advice

During the processing of your loan, there are certain things to keep in mind that may affect the outcome of your loan request. Credit, income, and assets are re-verified after you have signed your initial loan application documents, and it is extremely important to avoid activities that affect your credit, such as applying for new […]

Understanding Credit

No one can predict the future. Credit scores are the universally accepted way to best determine how someone will handle their financial commitments. Your personal credit score is a major component in the loan approval process but can sometimes seem like a mystery. Understanding what affects your credit score will enable you to maximize your […]

BankSouth Mortgage’s Kim Nelson Named as one of HousingWire Magazine’s 2022 Women of Influence

ATLANTA, GA – BankSouth Mortgage, which operates 13 offices across the Southeast, announces their CEO Kim Nelson has been named one of HousingWire Magazine’s 2022 Women of Influence. The Women of Influence list recognizes trailblazing women who have earned significant leadership positions and made notable contributions in the housing sector. Honorees have demonstrated market resilience […]

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Fixed-Rate vs. Adjustable-Rate

What is an ARM, and does it matter? When it is time to get a mortgage, it’s important to compare your options. There are two different types of mortgages, a fixed-rate mortgage and an adjustable-rate mortgage (ARM). A fixed-rate mortgage has the same interest rate for the loan’s entire life (or term). This means your […]

The Mortgage Process

Initial Mortgage Consultation When you begin thinking about buying a home, contact BankSouth Mortgage to get prequalified. A pre-qualification gives you an estimate of the size of mortgage loan you qualify for based on your credit history, income, and assets. At this time, your mortgage banker will discuss loan options, down payment requirements, and current […]

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Mortgage Credit Score

Credit scores are used to determine the risk in lending money to a borrower. In other words, how likely it is a borrower will pay bills on time. Credit scores range from 300 to 850 and reveal how well a borrower has paid bills and managed debt in the past. The higher the score, the […]

Senior Mortgage Banker, Shannon Bradshaw, receives seventh Five Star award

BankSouth Mortgage Senior Mortgage Banker, Shannon Bradshaw, has been named a 2022 Five Star Mortgage Professional award winner, marking her seventh such recognition in 10 years. Bradshaw is the only Georgia-based loan originator to have won this award seven times since its inception in 2003. Five Star Professional bestows the award on outstanding real estate […]

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Fighting Inflation, Rate Impact

Looking to purchase or refinance a home? It may pay to act before rates rise further! Here’s why: On November 22, President Joe Biden announced the re-nomination of Federal Reserve Board Chairman Jerome Powell. Both said they are focused on fighting inflation. Inflation is a key forecast concern for the economy. What does a good […]

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What Can Cause Inflation?

CAUSE: More money floating around the economy EFFECT: Rising prices on goods and services (recent example: lumber) Inflation impacts the housing market because rising prices on good and services often results in a higher base house price. Inflation may also impact interest rates for borrowers, which can impact some buyer’s purchasing power. Ready to buy? […]

Assessed Value Vs. Appraised Value Vs. Market Value: What’s the Difference?

If you’re in the market to purchase a home, you’ve probably seen an assessed value, appraised value and a market value in addition to the home’s sales price. What’s the difference? Simply put, an assessed value is the value determined by a municipality or county assessor for the purpose of determining a property’s value for […]

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Telemarketing Calls for Mortgages: Why They Occur and How to Prevent Them

Why am I getting calls for mortgage offers? Occasionally, we hear from customers that they receive unsolicited offers from other lenders after they apply with us. Their first question is always, “Did you sell my information?” The answer is emphatically, “No, BankSouth Mortgage did not sell your information.” Unfortunately, this means a credit bureau, such […]

Protect Against Wire Fraud

Mortgage wire fraud occurs when a criminal impersonates a real estate closing firm, a lender, or a real estate agent and provides false wiring instructions to a borrower. The goal of this fraud is to have the funds wired directly to the criminal instead of to the closing firm. Borrowers are often contacted close to […]

The Cost of Waiting to Buy a Home

Waiting to Buy Can Decrease Your Purchase Power In this uncertain real estate market, many buyers may be playing the waiting game when it comes to purchasing a home. There are advantages and disadvantages to this strategy. Waiting could mean you have more time to save for a larger down payment. Waiting could also mean […]

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Home Buying Mistakes to Avoid

If you’re thinking about buying a new home soon, you’ve taken the first step to homeownership! Are you excited? You should be! Homeownership is an exciting journey. After all, the home you’ll be in will be YOUR home, not your landlord’s. Before we get carried away in what colors you’re going to paint the walls […]

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COVID Forbearance: Separating Fact from Fiction

What You Need to Know FACTS As part of the CARES Act, the federal government states that borrowers with loans owned, guaranteed, or insured by Fannie Mae, Freddie Mac, FHA, VA, and USDA can apply for forbearance for up to 6 months initially and up to 12 months in total. Forbearance is not payment forgiveness. […]

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What is Homestead Exemption?

How to Lower Property Taxes with Homestead Exemption If you have recently closed on a home in the past calendar year, you are able to take advantage of a homestead exemption. A homestead exemption exempts a portion or a flat dollar amount of your home’s value from your annual property tax bill. To qualify, the […]

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Tips for Quick and Easy Home Improvements

We have all seen the home improvement TV shows where the bathroom or kitchen gets an easy update in an hour or less, but when we try to do that in our own home, somehow a whole weekend goes by and we aren’t even halfway done. Well, here are few things that can change the […]

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Secrets to Budgeting for Your First or Next Home Purchase

Gain a better plan rather than living paycheck-to-paycheck with your next mortgage Homeownership is a goal that most of us have. In order to make this dream come true, future homebuyers need to do some financial planning and budget their money in order to save for a home. Let’s take a look at a possible […]

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Do’s and Don’ts During the Mortgage Loan Process at Christmas

Don’t Make These Mistakes During the Holidays or You’ll Jeopardize Your Mortgage Loan! Your holiday to-do list is long enough without adding buying a house on top of everything else. There is decorating, shopping, wrapping, and multiple gatherings to attend. To knock one small thing off your list that makes a BIG impact, it’s keeping […]

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5 VA Loan Questions Answered

November is National Military Family month, and it also includes Veterans Day on Friday, November 10, 2023. One of the many benefits the US Government provides to past and present members of our armed forces, and qualifying surviving spouses, is backing their home loans. A VA loan is a mortgage product offered by many private […]

BankSouth Mortgage Announces D.C. Aiken as VP, Producing Production Manager

BankSouth Mortgage is pleased to announce that D.C. Aiken has recently joined BankSouth Mortgage as Vice President, Producing Production Manager. D.C. Aiken, a 44-year resident of the Metro Atlanta Area, graduated from the College of William and Mary with a BA in Economics. With more than 30 years of experience in the mortgage business, he […]

How Buying a Home in Winter Can Save You Money

Waiting to buy a home until spring or summer seems like the obvious choice for most families. The weather is warmer, kids get to finish out the school year, and there’s (usually) an abundance of homes on the market to choose from. But what about that other crucial factor — affordability? If saving money falls […]

Thinking about buying a home in the new year?

If buying a home is on your list of New Year’s resolutions, now is the perfect time to start planning. The more you can prepare for a home purchase, the better off you will be. Here are some top tips to start the process. 1) Evaluate your current living situation. What do you like, what […]