Mississippi Mortgage Rates
Check Current Mortgage Rates
MISSISSIPPI CONFORMING 30 YEAR FIXED RATESToday's Average: 3.75% What does this mean?
About Mortgage Rates in Mississippi
Mississippi home buyers are searching for the best mortgage deal from Biloxi to Jackson. The area boasts 1.2 million housing units with over 73% owner occupied. Banks are offering the lowest interest rates, low monthly payments, low down payments and other features to compete for your business. It can be tough trying to obtain quotes for home loans from so many places.
Let Mortgage 101 help you by selecting the best loans for you based on your information. You will have access to the area’s best mortgage packages that include the money saving options you are looking for. You are also given free online tools to use for calculating your mortgage payment and many other helpful tasks.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Mortgage Refinancing in Mississippi
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.