Mortgage Mississippi has changed its character because of certain reasons. Right now mortgage Mississippi has shifted the gears from the conventional types to the unconventional types. The mortgage rates are also a bit different in Mississippi. So, the prospective home purchaser may be a local or an outsider in the state, knowledge about the present condition of the state and about the present situation of the mortgage sector in Mississippi, is very necessary.
In the summer of 2005, the devastating Hurricane Katrina hit the state and caused heavy damage to the infrastructures of the state. Many parts of the country was badly damaged and federal emergency relief assistance was offered to the state. The real estate and the mortgage sector, was also affected and the consequences are still causing some kind of problem for these sectors.
The current interest structure on the mortgage loans are on a high in the state and these rates are more than the average national rate. Because of the high interest rates in the state, the consumers are shifting to adjustable rate mortgages to cope up with the situation. Other unconventional loans are also gaining grounds in the state because of the same reason.
Some of the loan plans and the interest rate structure is given below:
Fixed Rate Mortgages
10 Year Fixed 5.50-5.75%
15 Year Fixed 5.75-6.00%
20 Year Fixed 5.75-6.00%
30 Year Fixed 6.00-6.5%
Adjustable Rate Mortgages
1/1 Adjustable 5.75-6.00%
3/1 Adjustable 5.75-5.90%
5/1 Adjustable 5.75-6.00%
7/1 Adjustable 6.00-6.15%
10/1 Adjustable 6.00-6.25%
A prospective borrower can find a number of mortgage loan providers in the state of Mississippi. Some of these mortgage loan lenders are:
- National Mortgage Group
- Allegiance Mortgage Group
- Countrywide Full Spectrum Lending
- American Mortgage Alliance Company
- Home Bound Mortgage, Inc
- US Mortgage Group, Inc
- Sun Trust Mortgage
- Coastal Mortgage Corporation
- Southern Eagle Mortgage
- Freedom Mortgage Corporation
Mississippi Association of Mortgage Brokers
PO Box 2225,
Clinton, MS 39060
Phone: 866-844-6262
Fax - 601-926-1060
