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1 min read Nov 25, 2022

3 Best Mortgage Lenders in Mississippi

3 Best Mortgage Lenders in Mississippi

Mortgage lenders finance buyers so that they can buy their dream homes. Let’s look at the best mortgage lenders in Mississippi and assess which is ideal for home buyers amidst sporadically rising interest rates.

Reviews: 3 Best Mortgage Lenders in Mississippi

1. Chase Bank, Mississippi

Best for Existing Customers

Chase Bank

  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4.5 Stars 4.5/5 (2,121 reviews)

Chase Bank is a division of JPMorgan Chase, a financial services conglomerate. The mortgage application process at Chase can be started in person or online, and there’s a powerful mobile app for monitoring and managing customer accounts.

Existing Chase customers have a good chance of qualifying for a lower interest rate on their mortgage.

  • Pre-Approval Speed: Undisclosed
  • Credit Score:620
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 35-45 days
  • Types of Loans:
      • Conventional mortgages
      • Jumbo
      • FHA mortgages
      • VA mortgages

What You Need to Know about Applying for a Mortgage from Chase.com

  • How to apply: To apply for a Chase mortgage, you can fill out an application in person at a local branch or you can complete a digital application. According to Chase, nearly 75% of its mortgage applications in 2021 were submitted online.

Chase Bank has 4.5 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Chase mortgages are available in all 50 states.

2. Ally Bank, Mississippi

Best for First-time Buyers

Ally Mortgage

  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  •   3.75/5 (1,030 reviews)

Ally Bank is an online bank founded in 2009 in Detroit. Formally known as GMAC. Ally provides conventional banking products and services and charges no lender fees.

  • Pre-Approval Speed: 3 minutes
  • Credit Score: 620 for all typical loans and 700 for Jumbo loans
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 35-45 days
  • Types of Loans:
    • Conforming
    • Jumbo
    • Refinance

What You Need to Know about Applying for a Mortgage from Ally,com

  • How to apply: After completing the online application, upload, sign, and submit the required documents. Application to closing can take weeks to months. Only in-person closings are allowed.

Ally Bank has 3.75 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Ally.com is available in 45 states and Washington, D.C. Home loans from Ally are not available in the states of Hawaii, Massachusetts, New Hampshire, Nevada, and Virginia.

3. Wells Fargo, Mississippi

Best for Variety of Products

Wells Fargo

  • Min. Credit Score: 600
  • 📍 Coverage: 45 markets
  • 4 Stars  4/5 (2,775 reviews)

Wells Fargo is one of the four largest banks in the United States, and it provides services such as home equity loans and home equity lines of credit

  • Pre-Approval Speed: Undisclosed
  • Credit Score:600
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 30-90 days
  • Types of Loans:
      • Conventional loans
      • Federal Housing Administration (FHA) loans
      • Department of Veterans Affairs (VA) loans
      • U.S. Department of Agriculture (USDA) loans
      • Jumbo loans
      • Refinance loans
      • Cash-out refinance (certain loan products)
      • Fixed-rate loans
      • Adjustable-rate loans
      • Construction loans
      • Union Plus mortgage

What You Need to Know about Applying for a Mortgage from WellsFargo.com –

  • How to apply: You can apply for a mortgage from Wells Fargo online, by calling, or by visiting a local consultant.

Wells Fargo has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: Wells Fargo are available in all 50 states.

What is a Mortgage?

A loan taken to buy a house is a mortgage. The borrower will make payments to the mortgage lender periodically, and the property serves as the collateral. The common types of mortgages are:

  • Fixed-rate mortages: Interest rate remains constant throughout the term of the loan
    • 5-year fixed-rate mortgages
    • 15-year fixed-rate mortgages
  • Adjustable-rate mortgages: Interest rate is fixed for a period of time, and then changes based on the prevailing interest rates once a year.

Related: best mortgage lenders in Mississippi, best mortgage lenders Mississippi, mortgage lenders in Mississippi, mortgage lenders mississippi

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