Mississippi Loan Guide

Most states have put lending assistance programs into effect, and Mississippi is no different. Not only are you able to get assistance in converting bad mortgages, you can also qualify for down payment assistance, or even convert Adjustable rate Mortgages into more affordable Fixed Rate Mortgages. The first thing you need to do is examine your situation and then follow through on your findings and seek the specific assistance your family requires.

Mississippi Home Loans

Before you take out a home loan, consider the options carefully. Adjustable Rate Mortgages often look perfect at first glance, but they can become very expensive after a few years, as the interest rates go up. On the other hand, a Fixed Rate Mortgage may be too expensive to maintain upfront, even though it will end up being less expensive when compared to an ARM. In addition to this issue, consider the length of the loan and look at how each type will affect your family budget over the course of years.

Mississippi Refinancing and Modification

Loan modification programs are available, expressly to help those who own loans made by major lenders such as Fannie Mae and Freddie Mac. There are some qualifications that will have to be met, but the conditions are often less difficult to meet than ordinary refinancing loans which convert your existing mortgage into a brand loan.

Mississippi Home Equity Loans

As the years roll by, your home will need to have major repairs done for any of hundreds of reasons, ranging from adding on a spare room to replacing a roof that is getting old and leaky. For this type of project, a home equity loan may be a good choice. You may need to have as much as 5% equity accrued in the home, but that money can be turned around and used to increase the value of the home, providing you an excellent return on the investment.

Mississippi FHA Loans

Do not overlook the option of getting a loan or loan assistance through the FHA. Many recent programs are allowing as much as $6,000 to $10,000 in down payment and closing cost assistance. If you qualify, this type of assistance can be the boost you need to make the American dream come true for your family.

Mississippi Mortgage Tips

Applying for a mortgage at several different places at once is a bad idea. Not only can it create certain logistical problems if more than one should be accepted, your credit rating can suffer from too many companies checking it in a short period of time.

Mississippi Helpful Links

HUD Mississippi
Mississippi Home Corporation
Mississippi Down Payment Assistance

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