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Mississippi Mortgage - What You Need to Know Before Buying a Home in Mississippi
Maybe you are buying your first home in Mississippi, or perhaps you are relocating to Mississippi from another state. Either way, it is important that you educate yourself on Mississippi home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Mississippi:
After Hurricane Katrina hit Mississippi in the summer of 2005, the entire state of Mississippi was made eligible for public assistance. However, the southern half of Mississippi incurred the majority of damage. 90% of structures in the Gulf Coast area were seriously damaged or destroyed.
The median value of a home in Mississippi is currently $71,400. Mississippi has a high rate of adjustable-rate mortgages and interest-only mortgages. Trends have turned to unconventional loan options as housing costs in Mississippi have been rising faster than incomes. Additionally, current interest rates in Mississippi are above the national average.
Mississippi does not have a mortgage tax. Additionally, Mississippis Fair Housing Act prohibits mortgage lending discrimination against individuals based on their race, color, religion, gender, familial status, or national origin. Currently, Mississippi does not have any anti-predatory lending laws in effect.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Mississippi Mortgage Rates and Loans .
More Useful Resource and Updates on home mortgage loan rates in the us
- Fannie, Freddie Mortgage-Bond Spreads Hit Widest in Two Months (Bloomberg)
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds rose to the highest in two months relative to government notes, boosting home-loan rates.
- Fannie, Freddie Mortgage-Bond Spreads Hit Widest Since March (Bloomberg)
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds soared to the highest in more than seven months relative to government notes, potentially boosting home-loan rates.
- Mortgage rates up, loan-to-value falls (Zawya)
29 October 2008 Mortgage rates in the UAE are likely to rise further due to the liquidity strain, while the loan-to-value (LTVs) ratio is expected to further decline, a report said.
- Good credit? Home loans no longer a sure thing (USA Today)
The new, dynamic landscape of mortgage lending today is a world in which even those with good credit are having trouble getting mortgages or the loan terms they want. Buyers and properties are being forced to go through extra scrutiny.
- Mortgage applications jump 17% on lower rates (CNN Money)
Borrowers streamed back into the mortgage market last week as loan applications jumped nearly 17%, according to a regular survey from the Mortgage Bankers Association.
- Wood County veterans have new tool to refinance home mortgage (Wisconsin Rapids Daily Tribune)
The Department of Veterans Affairs is offering veterans caught up in the current mortgage crisis a helping hand.
- Exeter Commercial Is Announcing The Formation Of Our Mortgage Modification and FHA Lending Groups (PRWeb via Yahoo! News)
The Mortgage Modification Group will work with borrowers of both residential and commercial mortgage loans who have fallen behind, or who are about to fall behind on their payments due to an unforeseen hardship. This can include an ARM rate adjustment, illness, loss of job, failure of a business etc. The FHA Group will work with borrowers that are seeking to purchase a home and who may not ...
- Fannie, Freddie Mortgage-Bond Spreads Hit Widest in Two Months (Bloomberg)
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds rose to the highest in more than two months relative to government notes, potentially boosting home- loan rates.
- Fitch: Loan Modifications Will Cushion Rate Shock on $347B of U.S. Subprime ARMs (Business Wire via Yahoo! Finance)
NEW YORK----The dramatic increase of London Interbank Offering Rates from mid-September to mid-October has reignited concerns regarding payment shock for borrowers of U.S. hybrid adjustable-rate mortgage collateral and particularly subprime RMBS, according to Fitch Ratings.
- What an interest rate cut means to you (CNN Money)
The Federal Reserve is expected to cut interest rates today. That would be the ninth consecutive rate cut this year. Here's what this means to your wallet.
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