Mississippi Mortgage Rates

February 14, 2016 12:53 AM Eastern

Refinance rates now in JACKSON, MS [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.470%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.470%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,368
Lender Credit $0
Total Closing Fees* $2,368
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Great First Home Buying Experience!

Yes, I recommend this lender

They were extremely quick to respond after initial inquiry online. I received a phone call and email within an hour after submitting a request for information. They were very knowledgeable every step of the way and helped us meet our early deadline for closing! The website was easy to use to upload all our documents, and the closing company was impressed with the ease of communication and coordination. Great experience for first time home buying!

By: Melissa (Beaver, PA)

Great Experience

Yes, I recommend this lender

I have refinanced many times over the years and Consumer Direct Mortgage stands out above all of the mortgage companies that I have worked with. Everyone that I dealt with was friendly, efficient, and knowledgeable.

By: Dan (Harvard, MA)

Great Company to Use

Yes, I recommend this lender

I just completed two Cash out refinances with ConsumerDirect. I have to say, using ConsumerDirect was a great experience. I've done over a dozen Refinances and home purchases mortgages over the years, using Mortgage Brokers, Big Banks, Small Local Banks and Mortgage companies. ConsumerDirect was the easiest Refi I've done. Their rates beat all my prior connections and their fee's were the lowest. I don't see me using anyone else again. The process was easy, I scanned my documents, loaded them up to a secure website then we communicated via email and phone for the follow-ups. Their response time was usually within the hour, in fact I felt guilty if I didn't get back to them within a few hours. From start to finish it took 4 weeks (and that was doing 2 cash out refi's at the same time). I would highly recommend them to anyone looking for a loan. This online process is so much better than the way getting mortgages used to be. Use them, you won't be disappointed!

By: Scott (Portland, OR)
See All Reviews

15 Year Fixed

Interest Rate
2.625%
APR
2.789%
Monthly Payment
$1,346
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.625%
APR
2.789%
Monthly Payment
$1,346
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,296
Lender Credit $0
Total Closing Fees* $2,296
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Great First Home Buying Experience!

Yes, I recommend this lender

They were extremely quick to respond after initial inquiry online. I received a phone call and email within an hour after submitting a request for information. They were very knowledgeable every step of the way and helped us meet our early deadline for closing! The website was easy to use to upload all our documents, and the closing company was impressed with the ease of communication and coordination. Great experience for first time home buying!

By: Melissa (Beaver, PA)

Great Experience

Yes, I recommend this lender

I have refinanced many times over the years and Consumer Direct Mortgage stands out above all of the mortgage companies that I have worked with. Everyone that I dealt with was friendly, efficient, and knowledgeable.

By: Dan (Harvard, MA)

Great Company to Use

Yes, I recommend this lender

I just completed two Cash out refinances with ConsumerDirect. I have to say, using ConsumerDirect was a great experience. I've done over a dozen Refinances and home purchases mortgages over the years, using Mortgage Brokers, Big Banks, Small Local Banks and Mortgage companies. ConsumerDirect was the easiest Refi I've done. Their rates beat all my prior connections and their fee's were the lowest. I don't see me using anyone else again. The process was easy, I scanned my documents, loaded them up to a secure website then we communicated via email and phone for the follow-ups. Their response time was usually within the hour, in fact I felt guilty if I didn't get back to them within a few hours. From start to finish it took 4 weeks (and that was doing 2 cash out refi's at the same time). I would highly recommend them to anyone looking for a loan. This online process is so much better than the way getting mortgages used to be. Use them, you won't be disappointed!

By: Scott (Portland, OR)
See All Reviews

5/1 ARM

Interest Rate
2.625%
APR
3.281%
Monthly Payment
$804
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.281%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,744
Lender Credit $0
Total Closing Fees* $2,744
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Great First Home Buying Experience!

Yes, I recommend this lender

They were extremely quick to respond after initial inquiry online. I received a phone call and email within an hour after submitting a request for information. They were very knowledgeable every step of the way and helped us meet our early deadline for closing! The website was easy to use to upload all our documents, and the closing company was impressed with the ease of communication and coordination. Great experience for first time home buying!

By: Melissa (Beaver, PA)

Great Experience

Yes, I recommend this lender

I have refinanced many times over the years and Consumer Direct Mortgage stands out above all of the mortgage companies that I have worked with. Everyone that I dealt with was friendly, efficient, and knowledgeable.

By: Dan (Harvard, MA)

Great Company to Use

Yes, I recommend this lender

I just completed two Cash out refinances with ConsumerDirect. I have to say, using ConsumerDirect was a great experience. I've done over a dozen Refinances and home purchases mortgages over the years, using Mortgage Brokers, Big Banks, Small Local Banks and Mortgage companies. ConsumerDirect was the easiest Refi I've done. Their rates beat all my prior connections and their fee's were the lowest. I don't see me using anyone else again. The process was easy, I scanned my documents, loaded them up to a secure website then we communicated via email and phone for the follow-ups. Their response time was usually within the hour, in fact I felt guilty if I didn't get back to them within a few hours. From start to finish it took 4 weeks (and that was doing 2 cash out refi's at the same time). I would highly recommend them to anyone looking for a loan. This online process is so much better than the way getting mortgages used to be. Use them, you won't be disappointed!

By: Scott (Portland, OR)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Getting a Great Deal on Mississippi Mortgage Rates
If you've fallen in love with the warm summers and mild winters of the beautiful state of Mississippi, you're in luck. The state offers many homebuyer programs that can help you find a permanent living situation there, and current Mississippi mortgage rates are at an all-time low. Almost three million people already call the Magnolia State home, and you can too.

Each year, the federal government makes money available to Mississippi residents for down payment assistance grants which are offered through non-profit state partners and participating lenders. Grants can be used to buy abandoned and foreclosed properties, which helps to stabilize neighborhoods, particularly those in the process of re-growth after being devastated by Hurricane Katrina. Coupled with low MS mortgage interest rates, these grants can be a great help to homebuyers in the state.  

Current MS Mortgage Rates and Home Buying Assistance Grants
Current MS mortgage rates are low, and a lot of assistance is available for people who want to purchase houses. Whether you want to live in the capital city of Jackson or you're looking for something down on the Gulf Coast, Mississippi has something for everyone. 

Qualifying borrowers can secure a great Mississippi mortgage interest rate, and up to a maximum amount in home buying assistance from the Mississippi Home Corporation. The loan does not have to be repaid if you live in your home for a specified amount of time. For information on current limits and MS interest rates, please visit: http://www.mshc.com/hba/. 

Learning about MS Mortgage Rates and Terms: Homebuyer Education Classes
Mississippi offers four-session home buyer education classes for all residents—regardless of credit history, income level or occupation—who are interested in investing in a home.

The purpose of this program is to help homebuyers in the state learn about the best current MS mortgage rates, how to shop for a lender, and how to apply for a loan. The courses focus on budgeting, preparing for homeownership and the home shopping process. Run by MHC-funded counseling agencies, courses are available statewide and can give buyers a great advantage, particularly when shopping for low MS mortgage interest rates. 

The HAT Program and Mississippi Mortgage Rates for Educators
Mississippi's HAT (Housing Assistance for Teachers) program has been designed to attract qualified educators to rural areas of the state by offering them financial incentives to purchase a home. 

Qualified participants can receive a limited amount of funds to assist with closing costs and mortgage insurance, which can be converted into an interest free grant if the participant agrees to employment term of at least three years. Other incentives include low down payment rates and assistance with finding low MI mortgage interest rates.