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The Best Rates Among Mississippi Mortgage Lenders
If you're a homebuyer beginning your search for a competitive mortgage loan, our mortgage lender reviews would be a good place to start. Choosing a mortgage with a low annual percentage rate (APR) can be beneficial because you'd pay less interest over the life of the loan. However, if the lender you choose doesn't provide good service, charges additional fees or offers a limited selection of loan products, the value of the low rates may not be worth it. To start the process of searching for a lender, you should first decide what you're looking for and begin evaluating lenders. This process of vetting mortgage lenders can take a while. To shorten that process, we found the best mortgage lenders in Mississippi based on common homebuyer needs.
Best Mortgage Lender for First-Time Homebuyers: Quicken Loans
If you're looking for a mortgage lender to finance your first home in Mississippi, Quicken Loans was our top pick, as it has one of the highest customer satisfaction ratings in the country. The company offers multiple loan products and various resources to help you find the best loan and rate for your circumstances.
First-Time Purchase Mortgages in Mississippi
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.63%||5.13%||$1,070||5.0%|
Estimates are on a $200,000 mortgage with a minimum down payment and 740 credit score.
Quicken Loans provides a simple yet extensive online platform that includes various resources to help homebuyers. The company provides guides and calculators to help you figure out the type of mortgage you need and an estimated cost of the loan. After applying on the website, you can track the progress online or through the app, which is not available from many brick-and-mortar lenders in the state.
According to J.D. Power, Quicken Loans has continuously ranked as one of the top lenders for customer satisfaction and mortgage servicing. An important thing to note is that many lenders provide funding for a mortgage but don't actually service the loan. Unlike those lenders, Quicken Loans services 99% of its loans to ensure quality assistance for its customers.
Best Online Mortgage Lender: Guaranteed Rate
In Mississippi, online lenders are not as popular as they tend to be in other states. Regional lenders originate the most mortgages in the state. But if you're looking for a lender with low rates and high customer satisfaction ratings, Guaranteed Rate is a great online option for financing your home.
Guaranteed Rate Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I||Lender Credits|
|30 Year Fixed||4.88%||4.98%||$847||$400|
|15 Year Fixed||4.38%||4.55%||$1,214||$600|
|30 Year VA Fixed||4.50%||4.90%||$811||$300|
|5 Year ARM||4.63%||5.12%||$823||$0|
Estimates are on a $200,000 mortgage with a 20% down payment and 740 credit score. The APR and monthly costs for adjustable-rate mortgages (ARMs) can increase based on changes in the index rate.
Guaranteed Rate offers a large variety of mortgage loans with competitive rates. Many of the loan options offer lender credits, which are used to reduce the upfront costs on your mortgage by accepting a higher interest rate. Even with the addition of the lender credits, the company's rates are still fairly low compared to most lenders.
If you need guidance on finding a home, choosing a loan or anything related to your mortgage, Guaranteed Rate provides a knowledge center with articles and calculators designed to answer any question you may have about your mortgage process. If these resources are not enough, Guaranteed Rate has knowledgeable loan officers you can contact over the phone to ask any additional questions you have.
Best Lender for In-Person Service in Mississippi: BankPlus
BankPlus serves more than 30 Mississippi communities with branches and loan officers throughout the state. It offers competitive rates for various types of loans, including VA and FHA loans, as well as helpful resources, such as email updates on loan rates and mortgage calculators.
Mortgage Products at BankPlus
|Loan Type||Rate||APR||Monthly P+I|
|30 Year Fixed Rate||4.00%||4.03%||$764|
|15 Year Fixed Rate||3.50%||3.55%||$1,144|
|VA 30 Year Fixed Rate||3.63%||3.75%||$731|
|FHA 30 Year Fixed Rate||3.63%||4.33%||$848|
Estimates are on a $200,000 home loan with a 20% down payment, 720 credit score and no points.
BankPlus stands out due to its competitive loan rates and its various locations in Mississippi. When you buy a home, it is helpful to have a lender that is accessible both online and in person in case you need guidance or have issues. Loan officers who are experienced in financing homes specifically for Mississippi homebuyers can offer greater guidance and advice for purchasing your home.
In terms of online resources, BankPlus doesn't provide the most comprehensive guides compared to some online lenders, but they include helpful tools for homebuyers. These include email updates for when specific loan types reach your desired interest rate and answers to frequently asked questions. And you can always get additional assistance by going to a local branch, calling customer service or using the "chat now" feature on its website.
Best Lender for a VA Home Loan: USAA
USAA ranked as our best lender for VA loans thanks to its expertise in financial products for active and former servicemembers. In addition to top-notch customer service, it offers relatively competitive rates and other helpful benefits for borrowers, such as a real estate network to help members find a home.
Best VA Lenders in Mississippi
|Lender||Rate||APR||Monthly P+I||Estimated Points and Fees|
|Navy Federal Credit Union||3.88%||4.18%||$1,058||$11,081|
|Wells Fargo||4.38%||4.64%||$1,147||$10,389 (includes closing costs)|
Estimates are on a 30-year fixed-rate $225,000 VA loan with a 0% down payment, 3.30% VA funding fee and credit score of 740.
Based on USAA's experience in helping military personnel, it is already a great option for homebuyers. But on top of its experience, the lender boasts above-average ratings in customer service from J.D. Power. If you qualify for membership from USAA, you'll have access to loan officers and real estate agents trained in helping service members find and finance homes. Unfortunately, USAA doesn't offer its cash-back reward for Mississippi homebuyers who use its real estate network, but it is possible to get a credit or commission reduction, depending on the cost of your home.