Expert Tips
What determines your credit score?
Your credit score stays with you forever and helps lending institutions determine how much money they should borrow you, but how is it determined? There are several areas credit bureaus look at when determining your score. They don’t randomly assign a three digit number between 350-850, so it’s a good idea to know what goes…
Read MoreWhat is Mortgage Servicing?
Have you ever wonder what happens after you take out a mortgage? For instance, who manages the loan? Either the mortgage lender will retain your loan servicing or a specialized mortgage servicer will. A sure-fire way to tell is by reviewing your loan statement or payment coupon book. As servicers, they are responsible for the…
Read MoreUnderstanding cash on hand
Recently, I was reading an article outlining the amount of cash needed to buy a house. To be honest, as a mortgage loan processor, the word “cash” makes me nervous! Using cash on hand for your down payment and closing costs, may cause a closing delay and/or additional documentation needed. That’s because for final loan…
Read MoreMake an Obsession of Making it Easy
One of SouthPoint Home Mortgage’s pillars is to “Make an Obsession of Making it Easy.” We take great pride when we hear borrowers tell us that their lending experience was much easier than they were expecting it to be. By utilizing the following tools, we can make the home buying process just as easy for…
Read MoreThe 20% Down Myth
If you’re desperate to own a home of your own, you are likely saving up until you have 20% of your dream home’s total value. All that’s great, but the fact is you don’t need to put down 20%. The 20% myth is leftover from the era after the housing crisis, when many lenders tightened…
Read MoreNew Year’s Resolution – Home Buyers & Owners
We are all familiar with the typical New Year’s resolutions – eat healthy, exercise, save more money, etc… but when it comes to home ownership, having goals in place are just as important. Home Buyers If you are thinking of purchasing a home in the upcoming year, check out this list of home buyer resolutions…
Read MoreQuestions to Ask Your Mortgage Lender
Committing to a mortgage, no matter what option you choose, is a big decision and not one that should be taken lightly. As you’re going through the lending process, it’s important to ask your Mortgage Loan Officers questions about what to expect. After all, they are the experts! If you’re unsure what questions to ask,…
Read MoreAre you ready to own a home?
Are you ready to buy a house? It’s a question nearly everyone encounters at some point in their life. Whether you’re purchasing a home for the first time or have owned one or many houses in the past, there is always one question that lingers: “am I ready to do this?” At SouthPoint Home Mortgage,…
Read MoreShould I escrow my taxes and insurance?
One of the big terms in the mortgage world is escrow. An escrow account is set up to collect funds to pay your property taxes, homeowner’s insurance and, if applicable, mortgage insurance. The lender collects one twelfth of each of those yearly premiums each month to ensure there is enough money in the escrow account…
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