Mississippi Mortgage Rates
Compare Mississippi mortgage rates and choose the best option for your needs.
Purchase
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- 0% Down VA Loans for Veterans & Military
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- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- Attention Wells Fargo customers: Special benefits and discounts available
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- As low as 3% down on a fixed-rate mortgage
Mortgage in Mississippi: Top Lenders in 2024
Are you considering purchasing a home in the state of Mississippi? Utilizing a mortgage loan can be the most convenient method regardless of the type of property you're interested in, be it a residential estate or an apartment. However, it's important to note that the terms of home loans can differ significantly among various mortgage lenders (use our mortgage calculator to estimate your future expenses). In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.
MS Mortgage Lenders Comparison
All the lenders under review are reputable companies with competitive rates and proven track records. To provide you with comprehensive information, we'll compare them based on several key criteria, including APR, minimum down payment, eligibility requirements, and more.
NBKC Bank
NBKC Bank , founded in 1999 and headquartered in Kansas City, extends its mortgage services across all 50 states and the District of Columbia. For a 30- or 25-year conventional mortgage, the APR stands at 7.125%, reducing to 7% for 20 years and 6.145% for 15 years. Additionally, there's a flat $250 fee covering all stages of the loan process. Beyond conventional mortgages, NBKC Bank provides jumbo loans, refinancing, construction loans (available only in Kansas City), FHA and VA loans, along with an exclusive program tailored for pilots. Clients have the flexibility to choose between fixed and adjustable rates for conventional mortgages. Eligible applicants must demonstrate a minimum credit score of 620.
| Pros: | Cons: |
|---|---|
| Covers all 50 states and Washington D.C. | Construction loans restricted to Kansas City. |
| Free rate lock-in for 75 days. | USDA loans are not available. |
| Closing cost guarantee. |
Paddio®
Paddio® Paddio® is a mortgage lender based in Springfield, Missouri, specializing in purchase, refinance, FHA, VA, and USDA loans. With Paddio®, you can secure financing with a down payment as low as 3.5% for Home Ready, Home Possible, or FHA loans. Conventional loans, another popular choice, typically require a down payment ranging from 3% to 20%. It's important to note that Paddio's mortgage services are unavailable in New York, Nevada, New Jersey, and Utah.
| Pros: | Cons: |
|---|---|
| Low down payment options. | Not available nationwide. |
| Variety of loan types offered. |
Advanced Mortgage and Investment Co
Advanced Mortgage & Investment Company (AMIC) is a prominent mortgage lender based in Alabama. Since 2003, it has maintained a robust online presence. Presently, AMIC extends its services to Alabama, California, Colorado, Florida, Louisiana, Mississippi, and Tennessee. Their website proudly showcases a total of $8 billion in closed loans as of 2022.
AMIC offers a diverse range of options for both purchase and refinancing. These include conventional fixed-rate mortgages for terms spanning 10, 15, 20, 25, or 30 years, as well as adjustable-rate mortgages. Additionally, they provide government-insured FHA, VA, and USDA programs. To qualify for a conventional loan, applicants must have a minimum credit score of 620.
| Pros: | Cons: |
|---|---|
| A wide range of loan options available. | No rate information on their website. |
| The trustworthiness of the company is confirmed by its membership in the National Association of Mortgage Brokers. | Only works in 7 states. |
Average Mortgage Rate in Mississippi from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Mississippi.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Mississippi
| Criteria | Amount, $ |
|---|---|
| The median home value in Mississippi | $150,790 |
| The income required to buy the median priced home in Mississippi | $24,706 |
| The monthly mortgage payment required to buy the median priced home in Mississippi | $572 |
| The median household income for Mississippi | $49,731 |
Things to Consider When Choosing a Mortgage Lender
Securing a mortgage loan entails a substantial commitment spanning from 15 to 30 years, requiring careful consideration before signing an agreement with any lender. There are essential aspects to assess when choosing a lending entity.
Type of Lender
Essentially, there are two main options: traditional banks and online mortgage lenders. Banks often provide competitive rates, but they typically enforce rigorous credit checks. Approval processes are lengthier, and meeting eligibility criteria can be challenging. On the other hand, online lenders operate more swiftly, with less stringent requirements for homebuyers.
APR and Fees
Every loan incurs costs, and a mortgage is no exception. These costs extend beyond the interest rate and encompass additional fees such as the origination fee, mortgage insurance fee, closing costs, and more. As of the latest data, in Mississippi, the average mortgage rate for a fixed-rate 30-year loan stands at 6.58%.
Terms and Conditions
Here, it's crucial to take into account the minimum down payment requirement, which can range from 0% to 20% depending on factors such as the type of loan and your current status (military, employed, self-employed, etc.). Another significant factor to consider is the loan term, which represents its total length. Common options include 15 and 30 years.
What Mortgage Lender is the Number One in Mississippi?
The array of dependable mortgage lenders in MS is vast, making it challenging to offer a definitive answer to this question. It all depends on various factors. For example, one of the industry leaders is Rocket Mortgage, which reported a loan volume of $11.5 billion for the year 2021. To choose wisely, refer to our list of recommended lenders.
First-Time Homebuyer Programs in Mississippi
Buying a home for the first time can be quite daunting. Fortunately, residents of Mississippi can benefit from various governmental programs aimed at enhancing mortgage affordability.
- The Federal Housing Administration (FHA) loan program provides insurance from the federal government for buyers. The insurance fee is included in the total loan cost. In return, homebuyers receive significant benefits, including a low interest rate and minimal credit requirements. For instance, a FICO score as low as 500 and a debt-to-income ratio of just 50% are accepted.
- The USDA loan program is designed for those residing in rural areas. Participants in this program can secure a mortgage loan with a zero down payment requirement. However, their annual income must not exceed 115% of the average income in their region.
- The VA loan programs, insured by the Department of Veteran Affairs, are available to former military personnel or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a confirmation of a prospective homebuyer's credibility, signaling to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain pre-approval, individuals must provide documentary evidence of their ability to pay. A standard document set typically includes earning statements, account statements, a W2 form, or alternative proof of income covering at least two years. Additionally, completing the Uniform Residential Loan Application form is necessary.