What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you’re ready to buy a home in Mississippi, you’ll want to make sure that you qualify for the best mortgage rate possible. Your final rate is dependent on a rage of factors, including your credit score, your ability to make a down payment, your current income level, and you debt-to-income ratio.
To assure that you are getting the best mortgage rate available to you in Mississippi, you’ll want to check your credit report for errors and make sure that all of your documentation is ready to send to a professional mortgage level so that you can get preapproved for a home loan.
Here’s a quick look at current Mississippi mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.952%||6.041%||-0.25%|
|Conventional 15 year fixed||5.076%||5.261%||-0.13%|
|Conventional 5 year ARM||5.732%||6.609%||-0.04%|
|VA 30 year fixed||5.591%||5.817%||+0.12%|
|VA 15 year fixed||5.107%||5.562%||-0.1%|
|VA 5 year ARM||5.179%||6.331%||+0.01%|
Ready to find a home in Mississippi? This could be the perfect time to find your perfect property in the Magnolia State. Here’s what you need to know before you move:
Where do you want to live the most? People in Mississippi are spread out across the state. Mississippi has a total population of almost 3 million people, but only around one in eight live in the state’s five biggest cities:
How much home can you afford? Mississippi ranks 46th in US homes for sale at average price, and 43rd for homes over $1,000,000. Gaining preapproval from a lender can help you decide on a budget.
If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Mississippi Home Corporation (MHC).
Mississippi Home Corporation (MHC) Smart Solution program offers 30-year mortgages at competitive rates and with lower mortgage insurance premiums, which can be combined with down payment assistance funds.
MHC’s Mortgage Revenue Bond 7 (MRB7) program also comes with a competitive interest rate and down payment assistance, but is geared toward first-time homebuyers, veterans or those who are planning on purchasing a home in a specially-designated target area.
To qualify for these first-time home buyer programs in Mississippi, you’ll need:
Take advantage of favorable mortgage rates in Mississippi by refinancing your home in Mississippi. You can do any of the following:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.