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!
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.
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 ...
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, ...
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 or stain the floors, let’s not put the cart before the horse. There are lots of common home buying mistakes to avoid. Do not be one of those homebuyers! Here are the most frequent home buying mistakes that our team encounters and want you to avoid. 1. Looking for a house before getting pre-approved for a mortgage This is the number one home buying mistake, no doubt. We know this isn’t the most exciting part of buying a new home, but it’s one of the most essential. In this phase of the home buying process, you will work with a mortgage banker to see what your financial state is and if you qualify for a mortgage . You and your mortgage banker will look at your credit report, your debt, how much money you’re able to put down on a mortgage, the different types of loans you qualify for, payment options, and more. Once you take the time to make sure you are in good financial shape to buy a house, then you can be off to the races to house hunt with your realtor! 2. Not considering a local lender If you bank with a large bank, it may be an easy decision to go with that financial institution for your home loan. Before you apply with a big bank, consider the local lender around the corner from your house. Working with a local lender gives you the features of a big bank with the personal service of ...