Mortgage Speak

5 VA Loan Questions Answered

Nov 4
Category | Mortgage Speak
November is National Military Family month, and it also includes Veterans Day on Monday, November 11. 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 mortgage lenders that gives borrowers a zero-down payment mortgage option. The Department of Veterans Affairs (VA) guarantees part of the loan which allows the private mortgage lender to provide the veteran with more welcoming mortgage terms which make homeownership for veterans more attainable. The process of applying for and closing on a VA loan closely resembles that of other mortgage types. There are five main steps in the process of how a VA loan works: 1. Get prequalified 2. Provide loan documentation to your Mortgage Banker 3. Appraisal is ordered 4. Processing and Underwriting 5. Close on your loan Frequently Asked VA Loan Questions and their Answers Why should veterans choose a VA loan instead of a conventional loan? To start, VA mortgage loans give veterans the option of 100% financing, low loan fees, and typically lower than market interest rates. If the price for the home is equal to or lower than the appraised value, there is no money down required. A traditional conventional mortgage requires private mortgage insurance to be paid monthly and/or annually, whereas the VA loan fee, called the Funding Fee, is a one-time fee between 1.25% and 3.3% (as of October 2019) potentially saving the borrower thousands of dollars. What makes this Funding Fee different than conventional mortgage ...


The 2018 HDMA Book of Origination published by the Mortgage Bankers Association ranks BankSouth Mortgage number 8 in the state of Georgia. Atlanta, Georgia, October 30, 2019 – According to the 2018 HDMA book of origination that was published by the Mortgage Bankers Association, BankSouth Mortgage is ranked number 8 in the state of Georgia based on lending volume. BankSouth Mortgage successfully produced 4,197 loans totaling 1,037,045,000. This total makes up 2.21% of the loans in Georgia for the year in 2018. “It is exciting to know that we were in the top 10 for select markets,” said Kim Nelson, CEO of BankSouth Mortgage. BankSouth Mortgage is pleased to meet the needs of so many customers within the communities we serve. The record-low interest rates continue to motivate borrowers in the current market to purchase and refinance their existing loans. There are numerous options offered by BankSouth Mortgage for today’s borrowers. BankSouth Mortgage specializes in the following loans: Conventional FHA USDA Rural VA Construction/Renovation Refinance Adjustable Rate Jumbo Down payment assistance options “Developing mortgage programs and being flexible to meet our clients’ needs first fosters the success that BSM continues to see in Georgia’s mortgage landscape,” said Greg Hart. Backed by BSM’s core values of community, commitment, cohesion, and commendation, it is BankSouth Mortgage’s goal for every customer to experience mortgage excellence. BankSouth Mortgage makes the process incredibly easy and it starts with the application through ...


We are so grateful to have earned the trust and confidence of our customers and referral partners and are honored to again be named “Lender of the Year” by Atlanta Agent Magazine. The relationships that we build and support in the real estate community are the cornerstone of our success. We strive to provide consistent, professional and stellar service to our referral partners. Kim Nelson, Chief Executive Officer of BankSouth Mortgage observes, “We work every single day to apply our core values, Be Ready, Be Responsive and Be Respectful to every interaction we have.” BankSouth Mortgage looks forward to offering unparalleled service to our treasured referral partners and looks forward to meeting more during 2019.


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 has a solid understanding of the local real estate market and knows how to find the best mortgage financing solution to fit your specific needs. “D.C.’s commitment to quality and superior customer service has been widely known throughout the Atlanta area for decades” says Kim Nelson, Chief Executive Officer, BankSouth Mortgage.  “We are delighted that he is joining our team and look forward to seeing him continue to set the standard for mortgage origination in our industry”. D.C. has earned a position of high esteem for his outstanding sales performance. He has been the recipient of the Mortgage Bankers Association of Georgia’s Diamond and Platinum Awards and named in the Nation’s Top 50 Mortgage Originators by Mortgage Originator magazine. Having personally closed more than $1 billion in loan transactions for customers throughout the southeastern United States, his knowledge and expertise makes the mortgage process smooth and hassle-free. DC is active in his community, former Vice Mayor for the City of Alpharetta, and is Director of Baseball for Holy Innocents’ High School.   D.C. Aiken Vice President, Producing Production Manager Email: p: (770) 596-6746 f: (678) 840-2132 NMLS: 658790


If you purchased a home in 2017, you may be eligible for a Homestead Exemption. This valuable exemption reduces the taxable value of your home, provided the following: - The home is occupied by the homeowner on January 1, and - The homeowner applies for the homestead exemption in the county in which the property is located. The home must be your legal residence for all purposes including the registration of your vehicles and the filing of your Federal and Georgia income tax return. For most counties in Georgia, the deadline to file for a homestead exemption is April 1 . Failure to file on time for the Homestead Exemption will disqualify you for the exemption for this tax year. Application is not automatic, nor does a mortgage company or closing attorney complete the application for you when the home is purchased. Once granted, the exemption is automatically renewed each year you continually occupy the home under the same ownership. In many counties, the tax assessor’s office is the designated office to receive homestead exemption applications. Please note that in order to file, you may need to provide the following: warranty deed book and page, proof of residence, social security number, driver's license with correct home address and/or car tag information. We’ve put together a list of the top counties in which our customers purchased homes in 2017 and included links to each counties’ homestead exemption application page and the address to each Tax Commissioner or Tax Assessors office. Simply click your county below for more information or to complete your application, where applicable. Editor's Note: ...

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