Mortgage rates in Mississippi are so low that demand for refinancing and home mortgages are soaring. We are a Mississippi lender that provides elite home loan products for refinancing, buying and house remodeling for local consumers with a range of needs. Shop & Compare Mississippi loans and rates online. Get quotes and read Gulf real estate articles and for helpful insight for consumers in Mississippi.
Get Approved with Mississippi Mortgage Rates at 3%
Did you know that the Federal Government has passed a mandate for Fannie Mae and Freddie Mac to approve refinancing even if the borrower has an underwater mortgage? The HARP 2.0 has omitted all LTV restrictions so that struggling homeowners can lower their loan payment at the market rate.
Consolidate 1st & 2nd mortgages together
Refinance unsecured credit card debts
Eliminate PMI and Reduce Housing Expenses
Upside Down Mortgage Refinance Plans
Install Solar Energy Appliances with Rebates
Interest Only Mortgage Options
Convert your adjustable rates to a Fixed Rate Loan
The time to stop renting is now, because money is cheap with interest rates between 3 and 4% on Mississippi mortgages.
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Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.
Mortgage Terms to Know for the Loan Process
A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.
An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3rd party.
HUD I Settlement Statement
A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development.
Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.
Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
Equity in Home
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans.
The difference between the fair market value (appraised value) of your home and your outstanding mortgage balance.
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.
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