Mississippi Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Deep in the south of the US, the southern border of Mississippi sits on the Gulf of Mexico. Its other borders are Alabama, Tennessee, Arkansas and Louisiana. The beautiful Magnolia tree is the state flower, and at one time cotton was the predominant crop but now, corn, peanuts, sugar cane, rice and other agricultural products make up the farming mix as well. The Mississippi Delta is credited with being the origin of "The Blues", a type of music, and the Mississippi River, affectionately called "Old Man River", although it crosses through ten different states, movies always depict the portion in the state of Mississippi. The state's largest cities are Jackson, Gulfport, Biloxi, Hattiesburg, Greenville, Meridian, Tupelo, Southaven, Vicksburg and Pascagoula.

Mississippi home owners have found their situations more precarious in the last few years, due to a general national downturn in the economy, severe storms and natural devastation, as well as man-made disasters. As a result, things have become so tight and so dire, that as of August 2010, the state has been added to the Hardest Hit Fund (HHF) Program, sponsored by the US Department of Treasury. What is particularly unique to Mississippi is the fact that a large percentage of the population lives well below the Median Family Income. Coupled with high rates of unemployment and excessive devaluation of homes, Mississippi mortgage refinance is tricky at best. As houses depreciate, and greater numbers of people are unemployed, the rate of foreclosures is increasing.

Another problem for residents that own homes in Mississippi is the speed at which foreclosures happen. The lead time can be as short as sixty days, which does not give home owners much time to react. Again, this is well below the national average time frame. Since home owners receive notices of default, it is really important to seek loan modifications or Mississippi mortgage refinance immediately. Probably, looking sooner than the mail arrives is prudent. Once home owners know that they are going to miss a payment or have missed more than one payment, they should start to contact relevant parties for assistance. The first call should be to the lender through its "loss mitigation department" not their collections department, as the two areas have completely divergent goals.

Furthermore, according to the state housing agency, The Mississippi Home Corporation (MHC), Mississippi home owners have another disadvantage in that the state has historically over the last ten years had the highest rate of sub-prime mortgages in the country. Trends suggest that Mississippi has always had a high loan delinquency rate and that foreclosures followed. Finally, in June 2010, Mississippi met the federal government's guidelines on unemployment which meant certain areas were eligible for funding. Hopefully, for many home owners this is the help they need to obtain Mississippi mortgage refinance and other loan modifications.

Mississippi is a state that continues to rebuild. Its history dictates that it will survive and move on.

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