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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 as Equifax, Experian, Innovis, or Transunion, has sold their information as a lead to another lender. This is called a trigger lead. What is a trigger lead? After you apply for a loan, we order a copy of your credit report, which creates an inquiry that is reported to the credit bureaus. This tells the credit bureaus that you are in the market for a loan. The credit bureaus can sell this information to other companies that want to offer you their services. This practice is not against the law. Companies set criteria for the leads they want to buy. This can include where you live and aspects of your credit profile, such as your credit score, the number of open accounts, and the type of credit accounts you have. Buying this information allows creditors to offer you pre-screened offers for credit. Insurance companies can also buy these leads to make offers to you. How to prevent these calls? If you prefer not to receive calls for pre-screened credit and insurance offers, you can opt out by visiting  www.optoutprescreen.com or calling 1-888-5-OPTOUT. You can also add your phone number to the National Do Not Call Registry by visiting www.donotcall.gov or calling 1-888-382-1222. Neither of these actions will take immediate effect, and they will not prevent ...

Mortgage Speak

Seller Contributions

Sep 14
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Category | Mortgage Speak
How Much Can an Interested Party Contribute? Percentages listed are the maximum allowable contributions from interested parties as a percent of the lesser of sales price or appraised value.  Terms subject to change without notice. Subject to credit and property approval. Property insurance, and if applicable, flood insurance required. *Up to 4% concessions may be allowed. This does not include normal discount points and payment of the buyer’s closing costs. **Closing cost can be financed up to 100% of appraised value.   Contact one of our mortgage bankers  today to make your dream of purchasing aa home a reality! 

Mortgage Speak

HomeStyle Renovation

Aug 7
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Category | Mortgage Speak
Looking for a cost-effective way to renovate or improve a home with down payments as low as 3%? BankSouth Mortgage’s HomeStyle Renovation loan may be your answer. Any type of renovation or repair is eligible, as long as it is permanently affixed to the property. Purchase and refinance loans are available with fixed and adjustable rates. Need an update to your current home or an update on one you are purchasing? Ideas to Inspire: - Updated kitchen that actually serves your needs - Space for your new home office - A kitchen/laundry combo that can keep up with your busy life - An upgraded bathroom to give you that resort spa feeling every day! Contact one of our mortgage bankers  today to get started on your dream home!    Terms subject to change without notice. Subject to credit and property approval. Property insurance, and if applicable, flood insurance required. Fannie Mae Conventional loans only.

General

Protect Against Wire Fraud

Jul 13
9:00
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Category | General
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 their closing date with updated or corrected wiring instructions. These can be provided via email or verbally. This is a sophisticated type of fraud, and some wire fraud criminals are very good at impersonating others. Borrowers should take the following precautions to prevent wire fraud. Identify Two Trusted Contacts at Closing Firm Early in the home buying or refinancing process, identify two contacts at the closing firm that can securely confirm wiring instructions in case of a scam attempt. Write down or save contact information for these individuals, including their names, phone numbers, and email addresses. Only use this contact information to confirm wiring instructions. Review Closing Procedures with the Closing Firm In advance of closing, discuss by phone the closing process with one of your trusted contacts from the closing firm. This conversation should include how you will obtain wiring instructions. Be cautious about discussing the closing process and wiring instructions via email. Save Contact Information for Other Involved Parties Make sure you also have contact information for everyone else involved in your closing transaction, including your real estate agent and your lender. As with the closing contacts, make sure you have names, phone numbers, and email addresses. If you receive suspicious emails ...

Mortgage Speak

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 you end up paying more interest, and your rent payment is not building you any equity. Let’s break down the cost of waiting to buy a home. Interest Rates Interest rates are at historic lows! Lower interest rates mean lower payments. This has prompted a surge in mortgage refinances. In addition, serious buyers are moving forward with their home search amid these uncertain economic times. Home Prices In the past few years, home prices have been on a steady incline as inventory has been dwindling. Utilizing the “wait and see” approach to house hunting may not work in your favor. Waiting even a few months to purchase could decrease your purchasing power. If you are looking to sell your home and purchase another, you also may be inclined to wait to see how much your home will appreciate. Something to consider is a higher selling price, the number of buyers that can afford your house potentially decreases. Also, as your current home's value increases, so does the price of the houses you are looking to buy. “As your current home’s value increases, so does the price of the houses you’re looking to buy.” Inventory Along with interest rates, inventory was at a two-year low in January 2020, according to Housing Wire . Atlanta Realtors Association president, Jennifer Pino, ...

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