Buying a home may look different for Gen Z and Millennials than it did for earlier generations, but homeownership is still an important goal for many younger buyers. Higher home prices, changing mortgage rates, student loans, rent costs, and limited inventory can make the process feel challenging. The good news is that preparation, education, and […]
For many people, buying a home is more than a place to live. It can also be one way to build long-term financial stability. While homeownership is not the right financial move for everyone at every stage of life, it may offer benefits that renting does not, including the opportunity to build equity over time. […]
If you’re in the market for a home, you may have come across FHA loans as an option for financing. Historically, an FHA loan, or Federal Housing Administration loan has been a popular choice for many first-time homebuyers and those with lower credit scores or limited savings. However, an increasing number of buyers have realized […]
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 […]
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 […]
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 […]
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 […]
There are two main ways to search for your new home. First, you can calculate how much you can afford, then shop for homes in that price range. Your income, size of down payment, and any equity you have in your current home are the major determinants of how much home you can afford. You may want […]
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 […]
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 […]
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 […]
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 […]
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 […]
Updated on 5/17/2023 Apply for up to $15,000 of Homeownership Set-Aside funds to help purchase a home. The recent announcement of an additional $7.2 Million of Homeownership Set-aside funds offered by the FHLB Atlanta will allow more individuals and families the ability to achieve their homeownership goals. You may be one step closer to achieving […]
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! […]
The U.S. Federal Reserve has hiked rates a few times this year. You may be wondering, why is the Fed hiking rates, and does it affect mortgage rates? Most likely, we have all recently said or heard, “Can you believe the price of gas and groceries?” and “The dollar just doesn’t go as far as […]
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 […]
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 […]
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 […]
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 […]
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 […]
Initial Mortgage Consultation When you begin thinking about buying a home, contact BankSouth Mortgage to get pre-qualified. 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 […]
At their most recent meeting, the Federal Reserve moved policy rates up by 0.5%. The Fed’s announcement is the biggest increase to policy rates since 2000 and is an attempt to tame inflation. Because this increase was expected, interest rates had moved in advance, including those for home mortgage loans. Initial market reactions to the […]
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 […]
Home inspections, appraisals, and closings, oh my! Aspects of the homebuying process can seem frightening, so knowing what to expect can prepare you for what’s ahead. Here’s a breakdown of three vital parts of the process. Home Inspection This is the last opportunity to check for defects within the house prior to committing to the […]
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 […]
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? […]
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 […]
Across the mortgage industry, customers are complaining about receiving unsolicited mortgage offers and wondering why they’re being bombarded with these calls. Their first question is often, “Did you sell my information?”. Rest assured, BankSouth Mortgage is not in the business of selling your information. What’s happening is an industry-wide issue caused by “trigger lead” sales. […]
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 […]
Thinking about waiting to buy a home? It’s a common question, and a smart one to ask. But waiting doesn’t just delay your purchase. In many cases, it can increase your long-term costs in ways that aren’t always obvious. This guide breaks down what waiting could mean for your finances based on how the housing […]
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 […]
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. […]
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 […]
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 […]
Sometimes you need something when you don’t, and other times you think you don’t need something when you do. That’s why we made this list of documents that you may need in order to refinance your mortgage. Every refinance deal is different, so you may be asked to provide more or less than what is […]
Get a Lower Rate, Take Cash Out of Equity, or Get Rid of PMI When you refinance a loan, you essentially replace the current loan with a new loan. There are a variety of reasons to go through this process, from lowering your interest rate, to planning for life’s important milestones. Let’s look at the […]
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 […]
A renovation loan is a type of loan that borrowers can use to make renovations to their current or future home. It could mean turning a fixer-upper into the home of your dreams. Renovation loans can be taken out at the time of purchase or as part of a refinance of your current home to […]
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 […]
Are you active or retired military, or even a surviving military spouse? Good news! You may qualify for a VA loan! A VA loan is a type of loan that is guaranteed by the U.S. government to help active or retired military and their spouses obtain the dream of homeownership. There are several advantages to […]
VA loans can be one of the most powerful home financing options available, but many buyers aren’t sure how they work or whether they qualify. This guide breaks it down clearly so you can understand your options and move forward with confidence. What to Know About VA Loans VA loans are mortgage options backed by […]
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 […]
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 […]
