Mississippi is one of the most beautiful states in all of the country. To the north, the tip of the Appalachian Mountain Range touches the state, and to the south the Gulf of Mexico boasts some of the most amazing beaches in the world. Mississippi is also home to some of the richest southern history in the country. Authors such as William Faulkner have made entire careers from discussing the culture and history of Mississippi. Many individuals in Mississippi, however, are struggling to repair the damage done by the devastating hurricane. Many of these families were struggling to make ends meet even before the hurricane struck the Gulf area, and today it is more difficult to rebuild than ever. For some, their situations can be helped through obtaining a refinancing package. Refinancing offers current homeowners the opportunity to tap into their home equity and to potentially decrease their monthly payments significantly. This gives many of these people room to breathe or to invest in long-term endeavors.
Quick Mississippi Housing Facts:
- Percent of homeowners in Mississippi: 72.3%
- Percent of renters in Mississippi: 27.7%
- Median annual income in Mississippi: $32,159
- Average credit score in Mississippi: 668
- Best Mississippi city to live in: Olive Branch, MS
- Median Mississippi home value: $71,400
When to Refinance in Mississippi
It is really important to refinance at the right time. In the event that you do not take the proper steps before refinancing, you may end up losing money rather than saving money. First, review the terms explained in your current loan to ensure that there are not any large penalties or fees for paying your loan early. Sometimes, these penalties are so high that people lose money in the long run. In addition, be sure to check to see what the trends are in today’s real estate market. Rates should be dramatically lower than what you are paying today, which means that they should be at least 1.5% lower than your current rates. Finally, be sure to review the terms and conditions associated with your new refinancing package to ensure that there are no closing costs that may offset the savings that refinancing has to offer. You may also want to take some time to do a long-term estimate of what you will be paying with your current loan and compare it to what a refinancing package has to offer.
How much house can I afford in Mississippi
One of the biggest problems facing Mississippi’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Mississippi’s residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.