Are you ready to buy a home but feel intimidated by the process? You don’t just have to apply for a mortgage and find the right home. With a house and a mortgage come a long-term financial commitment.

Don’t be overwhelmed – our comprehensive guide can help you buy a home and find the right one. best mortgage lenders in Mississippi.

Step 1: Consider Current Mississippi Mortgage Rates

Each mortgage payment has 2 parts: a principal payment and an interest payment. Let’s take a look at what exactly these payments are.

• Your main the payment goes towards the total amount of money you borrowed to buy your home. For example, if your monthly mortgage payment is $ 500 and $ 200 is spent on your principal, that means your outstanding balance will be $ 200 less after you pay.
• Your interest goes directly to your lender in exchange for servicing your loan. Most lenders calculate mortgage interest in terms of an annual percentage rate (APR).

Mortgage interest rates change over time – you may even notice that the rates change daily. Your local housing supply, mortgage demand, bond interest rates, and even the overall strength of the US economy can all play a role in changing average market rates in Mississippi.

Below, you can see a sample of the current average market interest rates in your state. We regularly update this information to give you access to the most recent data available.

Rates based on an average house price of $ 225,000 and a 20% down payment.

Step 2: Choose a Mississippi Mortgage Lender

The best mortgage lender for you will depend on a number of factors: what type of loan you need, if you are self employed, your favorite application process and more. If you don’t yet have an idea of ​​where you want to get a loan, consider some of our favorite Mississippi lenders below.

Best overall: Quicken Loans®

Quicken Loans is one of the largest mortgage lenders in the United States – and it offers a wide range of loan options. From government guaranteed mortgages to conventional lending solutions, Quicken Loans offers a unique type of mortgage for everyone. The company’s YOURgage® option is particularly impressive – choose a fully customizable term between 8 and 29 years.

Quicken Loans’ simple and streamlined application process has made it a favorite first-time homebuyers lender. Complete your application quickly and easily using its simple question and answer guide. Most people get a loan decision soon after they apply.

Avg. Loan closing days

30

Best for Veterans: Veterans United

VA loans are a special type of government guaranteed mortgage exclusively for military and veterans. To be eligible for a VA loan, you must meet service requirements, which may vary depending on the branch and when you served.

United Veterans is the nation’s # 1 ranked VA lender and provides personalized service to those who have served. The Veterans United team have personal experience with the VA loan process and can help you obtain your Certificate of Eligibility (COE) required to qualify for a VA loan. Not sure if you qualify for a VA loan right now? Veterans United can also help you get a conventional loan.

Avg. Loan closing days

21

Best for exceptionally low rates: Better.com

If your primary concern is getting the lowest possible interest rate, be sure to consider a loan from Better.com. Better.com is a streamlined mortgage lender dedicated to providing some of the most affordable interest rates available online. Better.com makes comparing rates exceptionally easy in your area. Simply enter some information about your credit and loan needs and view personalized, no-obligation rate estimates.

Think you’ve found a better loan elsewhere? If you find a lower interest rate from a qualified competing lender, Better.com will offer you $ 1,000 for your closing costs or down payment as part of its Best Price Guarantee.

Step 3: Find a home

Once you’re pre-approved, it’s time to shop for a home. Your pre-approval letter will tell you how much you can afford to borrow on a mortgage. Other desired characteristics that you may want to define when you start looking for a home include school districts, property tax rates, neighborhood, ideal size, travel and access to public transportation, to local amenities and more.

Most buyers choose to use a real estate agent at this point in the buying process. A real estate agent is a local real estate expert who can help you narrow down your home search and find the perfect property for you.

Not all agents are created equal – it is essential that you spend some time interviewing multiple agents before choosing. Here are some questions you might want to ask potential agents:

• How long have you worked in my area?
• How many clients do you currently work with?
• What is the home buying process like with you?
• What services do you offer to buyers?
• Why should I choose to work with you over other agents?

Remember, you don’t just need an agent with experience in your state market, you also want an agent that you feel comfortable with. Don’t be afraid to take a long time to find the right “match” before moving forward.

After selecting an agent, he or she will have a meeting to discuss your budget, wants and needs. It can be helpful to define your ideal property and distinguish between “must haves” and “must haves” before you begin the home review process.

Step 4: Make an offer

When you find a home you want to buy, you communicate with the seller through an “offer letter”. An offer letter is a written document that tells your seller a little bit about yourself, the house you want to buy, and the terms under which you agree to buy the property.

While there’s nothing to stop you from writing your own letter of offer, it’s usually best to leave this task to your agent. Allowing your agent to write your letter of offer has a number of benefits for you, including:

• A legally binding offer. Realtors are experienced and understand how to use language that is legally binding on the seller upon acceptance.
• Help in determining the amount to offer. Realtors are local experts in your real estate market – and they understand what’s (and isn’t) acceptable to ask for in your offer.
• Inclusion of unforeseen events. Many buyers who write their own letter of offer are unaware that they can specify that certain things need to be fixed or that certain conditions must be met before the sale can be closed. Real estate agents know how to use contingencies and concessions to protect your financial interests.

After submitting your letter of offer, wait for the seller to respond. If the seller accepts your offer, you can close your mortgage. If the seller declines it, you can create a new offer or move to another property. If your seller offers you a counter-offer, you can choose to accept it or continue with negotiations. Your real estate agent will help you determine how much to offer and when to explore other housing options.

Step 5: Closing time

If you and the seller are able to come to a mutually agreeable set of terms of sale, it’s finally time to close your loan. Most closing processes consist of 3 parts:

• Evaluation. An appraisal is a professional estimate of the value of your home. Lenders require you to get an appraisal before you can get a mortgage because they can’t lend you more money than your property is worth.
• Inspection. During an inspection, a home condition expert will visit your property and test the appliances in your home. He or she will also examine the home’s systems and structures to locate any damage to the home. At the end of the inspection, your inspector will present you with a detailed report that will tell you anything that needs to be repaired, replaced or renovated in the house.

Most lenders don’t require you to do an inspection before buying a property. However, an inspection ensures that you aren’t unknowingly buying a home in need of expensive repairs, so don’t skip this step.

• Subscription. During the inspection and appraisal, your mortgage lender will work on your loan underwriting. When taking out, your lender reviews your financial documents to make sure you are eligible for the loan you have applied for.

After you have completed the 3 closing steps, your lender will send you a document called a Closing Disclosure. Your closing statement will contain the final terms of your loan, including your interest rate and what you owe in closing costs. Acknowledge that you have received and reviewed your closing statement with your lender.

Your lender will then set up a closing meeting to finalize your loan and transfer ownership of your new property. Be sure to bring the following items to closing:

• Government-issued photo ID (such as a passport or driver’s license)
• Your closing disclosure
• Cashier’s check or proof of electronic funds transfer for your closing costs and down payment
• A list of key contacts (such as your lender or lawyer) in case of questions

Mississippi move-in day

When you finally move into your home, you may feel like the battle is finally over. However, owning a home isn’t just about choosing the right furniture and paying your mortgage payments on time.

You also have a responsibility to maintain your property, keep it safe, make sure your homeowner’s insurance coverage does not end, and set aside enough money for property taxes. Plan ahead and take advantage of the financial commitment of owning your own home.