Current Mortgage Rates in Mississippi | MS Mortgage Rates for Good-Excellent Credit Borrowers


Home Prices in Mississippi Will Increase by 3.6% in 2018 | Finding the Best Mortgage Rates in Mississippi

Mississippi home values are on the rise, a trend which is predicted to continue throughout the next year. According to Zillow, the median home value in the state is currently $114,300, marking a slight increase of 3.1 percent within the past year.

If you’re considering purchasing a home or refinancing an existing mortgage in MS, the best time to do it may be as soon as possible. Experts predict that home values in Mississippi will increase by as much as 3.6 percent within the next year.

As home values and listing prices continue to increase, the best way to ensure that homeownership remains affordable over the long-term comes from finding manageable, affordable Mississippi mortgage rates.

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Which Mississippi City Are You Located in?

When it comes to finding the best MS mortgage rates, there are plenty of factors to consider, especially for a first-time home buyer.

For many Mississippi mortgage lenders in Memphis, Jackson, Gulfport, Hattiesburg, Southaven, Biloxi, and other cities in Mississippi, the location of the home will play a large role in what type of Mississippi mortgage rates are available.

This means that homes across the state could have varying Mississippi mortgage rates based on the individual city, neighborhood, and the condition of the home itself.

While you are searching for the best mortgage rates in Mississippi, it may be worthwhile to check the rates for neighboring cities to explore other Mississippi mortgage rates that could potentially be more affordable over the long run.

See the table below for a list of some of the largest cities in the state offering a wide range of mortgage and refinance options. 

Top Mississippi Cities Population (2016)
Memphis 652,717
Jackson 169,148
Gulfport 72,076
Southaven 53,214
Hattiesburg 46,926
Biloxi 45,975
Meridian 39,113
Tupelo 38,842
Olive Branch 36,699
Greenville 31,517
Horn Lake 27,042
Pearl 26,485

Source: Google


Key Requirements for Buying a House in Mississippi

Before you apply for Mississippi home loans, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to consider a few different types of Mississippi home loans before choosing the best MS mortgage rate for you.

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Types of Mississippi Mortgage Lenders

Today, borrowers have plenty of options when choosing between Mississippi mortgage lenders for Mississippi refinance rates and mortgage terms.

Rates, terms, and overall affordability can vary greatly from one lender to the next, which makes exploring multiple options key when finding the best Mississippi mortgage rate for you.

Banks

If you have an existing relationship with a local bank, you may want to check their Mississippi mortgage rates.

Having a positive lending relationship with a brick-and-mortar bank is great for those who prefer to discuss Mississippi mortgage rates and Mississippi refinance rates in person.

With stricter requirements, however, new borrowers may have difficulty taking out Mississippi home loans from large banks, especially those with less than ideal credit.

Current Mortgage Loan for a Home in Mississippi

Riverboat in Natchez, Mississippi

Online Lenders

Online lenders are becoming increasingly popular, and many borrowers find that online banks have the best terms and mortgage rates in Mississippi.

Competitive mortgage rates in Mississippi can be found through online-only banks, lending companies, or even peer-to-peer lending platforms.

Not only are applications easier to fill out, but online lenders also tend to have the quickest response rates, meaning that you could potentially get an answer on mortgage rates in Mississippi within hours.

Credit Unions

If you are a member of a credit union—or are eligible to become one—this can be a great resource for an affordable MS mortgage rate.

Because they tend to have lower operating costs, mortgage rates in Mississippi from credit unions often have competitive rates and flexible terms, making a credit union a great option for an affordable Mississippi mortgage rate.

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Conclusion – Finding a Top Mortgage Loan for a Home in Mississippi

Finding great mortgage rates in Mississippi may take time, but the payoff is certainly worth the effort.

As you search for the best Mississippi mortgage rates, you may want to ask yourself the following questions:

  • Can I get a better Mississippi mortgage rate from a bank or a credit union?
  • What are the Mississippi refinance rates and Mississippi mortgage rates like from online-only lenders?
  • Does the MS mortgage rate come with flexible, sustainable terms over the life of the loan?

Ultimately, the best Mississippi refinance mortgage rate or the  new home rate that you get will be a combination of long-term affordability and partnership.

No matter what Mississippi mortgage lender you choose, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.

There are plenty of ways to identify the best provider of Mississippi mortgage rates, including fees, quality of customer service, and how competitive their MS mortgage rates are.

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