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Mississippi Mortgage Rates

Mississippi Mortgages and Mortgage Rates

If you understand the mortgage process, your chances of obtaining a mortgage with a great rate are so much better. Once you narrow down where in the Magnolia State you want to settle, you’ll be ready to begin your search.

Mississippi second mortgages

When you need cash, you may be able to get it from your home. A second mortgage helps you turn home equity into cash. Here’s what you should know about second mortgages:

  • Two types of second mortgages exist. One is a fully amortizing home equity loan with a fixed rate. The other is a variable rate HELOC or Home Equity Line of Credit which requires payments equal to interest only.
  • Since the lien on your first mortgage has priority over the lien on the second mortgage, lenders usually charge higher rates of interest on second mortgages.
  • Home equity (property value minus balance due on first mortgage) is used as collateral for a second mortgage.

Information about Mississippi conforming mortgages

In order to be considered a conforming loan, which costs less than a non-conforming loan, a loan sought by low- and middle income borrowers must meet specific criteria. Among the criteria are requirements for documentation, debt-to-income ratio limits, and limits on the amount of the loan. Freddie Mac and Fannie Mae are the federal agencies that provide support for these loans by providing liquidity to the secondary mortgage market. Loan amount limits are reviewed each year by the appropriate federal agency and very often change as a result of this review. If you’re interested, your Mississippi lender can explain the difference between non-conforming and conforming loans, qualification requirements, and current limits.

How to compare Mississippi mortgages

MortgageSearchLive.com makes it easy to request a free quote and compare Mississippi mortgage prices. Simply access the Mississippi broker directory where you’ll find phone numbers, web addresses and other contact details.

Reputable lenders will assist with your questions regarding mortgage options and may even suggest one they feel is appropriate. However as with any purchase, the more YOU know about your options, the better able you’ll be to know what’s best for you. You can use the rate tables, mortgage calculators, and information-packed articles at MortgageSearchLive.com to help boost your knowledge.

Popular Areas in Mississippi

Biloxi
Brookhaven
Clarksdale
Cleveland
Columbus
Corinth
Greenville
Greenwood
Grenada
Gulfport
Hattiesburg
Indianola
Jackson
Laurel
Mccomb
Meridian
Natchez
Oxford
Pascagoula
Picayune
Southaven
Starkville
Tupelo
Vicksburg
Yazoo City