Mortgage Brokers Mississippi

By: EconomyWatch   Date: 27 October 2010

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Mortgage Brokers Mississippi, are now providing mortgage broking services to the residents of the state and the demands of the residents are completely changed by the natural disaster. In 2005, the Hurricane Katrina hit the state and caused heavy damage and the state is reshaping itself after that. After that disaster, the mortgage market has changed and the trends have shifted towards the unconventional type of mortgages. The mortgage interest rates are also high in the state of Mississippi.

Because of the high interest rates which are above the national average, the mortgage brokers are playing a huge role in the mortgage loan process. In such situations the prime thing is to select a proper mortgage plan and this is a professional's job. The mortgage brokers of the state of Mississippi are putting their best efforts to provide the best services to the clients.

The mortgage broking industry of the state is not only assisting the potential home-buyers, but indirectly providing great help to the housing industry of the state which has just recovered from the hurricane shocks. These brokers or the broking firms are suggesting such policies to the clients which can get them the property and also not disturb the financial balance of the borrower.

There are several home mortgage loans in the market and the mortgage brokers, after considering the financial condition of the client, suggests the best prevailing loan plans to the clients. Some of the existing mortgage loans are:

  • 15 Year Fixed Rate Mortgage
  • 30 Year Fixed Rate Mortgage
  • 10/1 Adjustable Rate Mortgages
  • 7/1 Adjustable Rate Mortgages
  • 5/1 Adjustable Rate Mortgages
  • 3/1 Adjustable Rate Mortgages
  • 1/1 Adjustable Rate Mortgages
  • Balloon Mortgages
  • First Time Buyer Program
  • VA Loans
  • FHA Loans
  • Stated Income Program
  • Home equity Fixed Loan
  • Home Equity Line of Credit
  • Imperfect Credit programsThe mortgage brokers of the state needs a specific license to enter the industry. There are certain things which are needed for the license. These are:
  • $750 filing fee
  • Fingerprint Cards
  • $25,000 Surety Bond
  • Loan Officer Fee This license is mandatory and in Mississippi, it is issued by the Office of Banking and Consumer Finance. The mailing address of the Office of Banking and Consumer Finance is:

    501 N. West Street
    901 Woolfolk Building Suite A
    Jackson, MS 39225-3729
    Phone (601) 359-1031
    Fax (601) 359-3557

    The mortgage brokers who are providing services in Mississippi belongs to the Mississippi Association of Mortgage Brokers. This association tries hard to make the business much professional and client-friendly. It has also invented some ethics which are related to the sector and which are followed by the members. Anyone can contact the association on the following address:

    Mississippi Association of Mortgage Brokers
    PO Box 2225,
    Clinton, MS 39060
    Phone: 866-844-6262
    Fax - 601-926-1060


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