Guide to Refinance, Mortgage,
& Home Equity Loans in
Southaven, Mississippi (MS)

Are you in need of a mortgage, refinance loan, or home equity loan in Southaven, Mississippi? Using the helpful guidance of a knowledgeable loan officer will speed up the process. When you call to set up the initial meeting with your loan officer they will inform you of what documents you will need to bring to the meeting.

● You will need to verify your income with your W-2 forms, pay stubs, and tax returns from the past 2 years. You will also need to provide information regarding any additional income you may receive such as social security, veteran’s benefits, or commissions.

● You will need to verify your assets with your bank account numbers, bank address, bank statements from the last 2-3 months, savings bonds and stocks with their approximate values, and titles of vehicles you own.

● You will need to provide information regarding the house you are purchasing in the form of the purchase contract and a copy of the check you used as a deposit.

● You will need to disclose your credit card bills for the last few months, car loans, and student loans with the creditor’s addresses and phone numbers, current housing expense receipts, and copies of alimony or child support.

● You may also need to show how you plan to make your down payment, whether it is from the sale of a home or possibly from a gift from a relative.

Being prepared with these documents will help your loan officer proceed with the loan process in a timely manner.

At the initial meeting with your loan officer, you will be asked to fill out a loan application. The information you disclose on this form will help your loan officer determine how much money you will be able to borrow. Filling it out completely and accurately will help to speed up your loan process. If there is any other information required, you will be notified by your loan officer.

Mortgage Options

Your loan officer can explain the many mortgage types on the market in Southaven, Mississippi to you. Common loan types include fixed rate, adjustable rate, balloon, and interest-only.

Fixed rate loans will have the same interest rate for the duration of the loan, which means that your mortgage payments will never change.

Adjustable rate loans start out with a low interest rate but this may change when the loan reaches an adjustment period. Your mortgage payment can go up or down depending on the interest rate at that time.

Balloon loans work well for those who plan on living in their homes for a short period of time as the loan is expected to be paid in full in 5 years. You can use the sale of the home to make the lump sum payment.

Interest-only loans allow you to pay only interest for the first 10 years. At that time the principal is added in and your mortgage payment will increase. This loan works well for those who expect their incomes to increase in the future.

Refinance and Home Equity Loans

Refinance loans and home equity loans are great options for existing homeowners in Southaven, Mississippi. Both loans will give you extra cash to help pay off your credit card bills, medical bills, education costs, remodeling, or even a family vacation.

Obtaining a refinance loan means that you will replace your existing loan with a brand new loan. You can change your mortgage type, interest rate, and term if you want to. Since you are applying for a new loan, you will go through the same process of filling out a loan application, providing the necessary documentation, and attending closing. Even if you have refinanced in the past, it may be beneficial to do so again.

Home equity loans allow you to borrow on the equity you have earned in your home. The longer you live in your home, the more equity you have. The equity is the difference between your home’s value and what you still owe on the loan. This loan can be either in the form of a line of credit or a lump sum payment. Home equity loans usually are for 10 to 15 years.

Contact our office today to discuss your mortgage, refinance, or home equity loan needs in Southaven, Mississippi.

Other Mississippi (MS) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

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