Mississippi HELOC Rates and Lenders

A home equity line of credit (HELOC) is a revolving form of credit you can use to pay for large expenses or consolidate debt. Getting the best rate on a HELOC is important because it could save you thousands on interest charges. If you want to reduce your total debt, a HELOC can help you get there faster.

If you live in Mississippi, you have several HELOC options to consider. We’ll cover the best national lenders available to Mississippi residents and several local lenders to compare. In addition, we’ll answer some of the most common questions about Mississippi HELOC rates.

Best online HELOCs in Mississippi 

Online lenders offer several advantages over local options, particularly in terms of convenience and speed. Online HELOC providers may use newer technology, such as blockchain and AI, streamlining the application and approval process. 

This can mean getting funds faster—often within a few days. Online lenders can offer a wide range of loan amounts and terms, providing flexibility to meet various financial needs and enable easy rate comparison across multiple lenders. You can apply from home, which benefits those with busy schedules or limited access to local bank branches.

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure offers competitive fixed rates, fast approval, and several repayment term choices. It employs blockchain and artificial intelligence (AI) for rapid approvals and disbursement of funds, making it an excellent option for borrowers with a strong credit profile seeking quick access to home equity without the traditional banking hassle.

Figure scored high across our metrics, including customer reviews, interest rates, and repayment options. Figure’s HELOC deserves serious consideration if you’re after reliability, speed, and competitive rates.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Rates (APR)	6.55% – 15.54%
Loan amounts	$15,000 – $400,000
Draw period	5 years
Repayment term	5, 10, 15, or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Credit score	640

Aven

Best Customer Reviews

4.8 _/5

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Why we picked it

For Mississippi homeowners, Aven provides an efficient HELOC option to access home equity with ease. Aven’s fixed interest rates allow for stable monthly payments, and their Lowest Rate Guarantee ensures you’re getting a competitive price. You can also check your rate without any impact on your credit score, simplifying the initial steps.

Aven’s fully digital application process is designed for speed, offering approval in just 15 minutes and funding within three days. Mississippi borrowers can also opt for an additional debt protection plan through Securian, which covers payments for up to six months in case of job loss. With over 3,450 five-star reviews, Aven is recognized for its quick and customer-friendly service.

• Fixed interest rates
• Lowest Rate Guarantee
• Optional debt protection through Securian
• Fully digital application process
• 3,600 5-star reviews on Trustpilot (as of September 2024)
• 3-day funding after signing

Loan details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	3 days from signing
Properties	All types
Min. credit score	640

Bethpage

Best Credit Union 

4.7 _/5

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Why we picked it

Bethpage Federal Credit Union stands out as the best credit union option due to its member-focused services and attractive loan terms. Its HELOCs feature no application, origination, or appraisal fees, and the credit union covers closing costs for loan amounts under $500,000. This makes Bethpage appealing for homeowners seeking to leverage their home equity without incurring significant upfront costs.

Bethpage’s HELOC is its sole home equity product, but it allows converting part or all of your HELOC to a fixed-rate option, ensuring consistent payments. This flexibility, combined with the ability to borrow between $10,000 and $1 million, caters to a wide range of financial needs, whether home renovations, debt consolidation, or college tuition. 

• No application, origination, or appraisal fees
• Convert part of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowers
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable
Loan amounts	$10,000 – $1 million
Draw period	10 years
Repayment term	5, 10, or 20 years
Funding time	36 – 70 days, on average
Properties	Primary homes, second homes, or condos
Credit score	670

LendingTree

Best Marketplace

4.5 _/5

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Why we picked it

LendingTree is a top-rated marketplace for those looking to compare multiple offers from different lenders. The range of loan amounts from $10,000 to $2 million provides flexibility for small and large financing needs. 

Funding times and property eligibility vary by lender, making it crucial to compare offers carefully.

• Access to multiple lenders
• Comprehensive comparison tools
• Competitive rates
• Customizable loan options

Loan details

Rates (APR)	Starting at 6.24%
Loan amounts	$10,000 – $2 million
Draw period	2 – 20 years
Repayment term	5 – 30 years
Funding time	Varies
Properties	Varies
Credit score	Varies, 620 advisable

Local HELOCs in Mississippi 

While national lenders often offer some of the best HELOC offers, working with local lenders can have advantages. For instance, local lenders are often smaller or community banks with local market knowledge. They might offer more personalized service with offers customized to meet your needs.

Company	Rates (APR)*	Locations
Keesler Federal Credit Union	8.50%	41 branches in MS
First Bank MS	2.49% for 6 months, then 8.50% to 9.50%	13 branches in MS
Regions Bank	6.99% for 6 months, then 9.00% to 15.875%	25 branches in MS

When choosing between local lenders, look for one that offers competitive rates. However, local lenders should also meet your other requirements, such as having locations nearby. Also, check whether the monthly payments will be manageable.

You should also check the maximum loan amount, maximum loan-to-value ratio (LTV), and maximum debt-to-income ratio (DTI). These factors vary by lender and affect how much you can borrow and your approval odds. Check with your lender to ensure the HELOC you are considering will work for you.

What’s the difference between online and local HELOCs in Mississippi? 

Perhaps the biggest difference between online and local HELOCs is whether in-person service is available. A local lender is often the best choice if in-person service is necessary.

Another important consideration is the available rates. Online marketplaces such as LendingTree work with many lenders to find the best rates for you. However, local lenders may be able to create customized offers that beat online lenders’ rates. Some have low introductory rates.

You won’t know the best available rates until you obtain several quotes from a few online lenders and compare them to quotes from local lenders.

Consider whether rates are fixed or variable. HELOC rates are typically variable based on the prime rate, then lenders add a margin. However, some lenders, including Figure, provide fixed-rate HELOCs. Others may allow you to convert some or all of your interest to a fixed rate.

How do Mississippi HELOC rates compare to other states? 

In July 2024, the average HELOC nationwide is just above 9%. Based on the local lenders we checked, Mississippi is in line with the national average. Some offers might be lower or higher than average, depending on your creditworthiness and other factors.

The HELOC rates in Mississippi are comparable to those in other states. In this case, your income, debt, and creditworthiness may be more important than where you live.

It’s important to compare multiple offers to find the best rates and terms. If you aren’t satisfied with a quote, compare it with other lenders and see whether you get a better offer elsewhere.

How to get the best HELOC rates in Mississippi 

When qualifying for a HELOC with most lenders, you should have at least 15% equity in your home. This would make you eligible for Mississippi’s typical 85% LTV HELOC. However, some lenders in the state also offer HELOCs with a 90% LTV, so 10% equity may be sufficient.

Your credit score is also an important qualification factor. Generally, you need a credit score of around 620 to qualify for a HELOC. Some lenders may have higher requirements. Aim for a credit score of 700 or higher to improve your approval chances.

Another way to improve your approval chances is to reduce your DTI before you apply. DTI is the ratio of your monthly debt payments divided by your monthly income. Your DTI should be around 40% or lower if you want the lowest rates.

You can find the lowest rates by shopping around and obtaining multiple quotes. Many lenders will let you prequalify by completing a form on their websites. You can also fill out a form with an online lender marketplace such as LendingTree, which will present you with multiple quotes.

Are there any Mississippi-specific requirements or regulations? 

Mississippi doesn’t have laws or requirements specifically affecting HELOCs, but it has laws and provisions lenders must follow. This includes the SAFE Mortgage Act, which says lenders must abide by certain procedures and consumer protections.

When applying for a HELOC in Mississippi, lenders may have typical requirements, such as 640 credit scores and an LTV of 80% to 85%. They will likely also conduct a home appraisal to verify the home’s value.

The Truth in Lending Act (TILA), a federal law that guarantees your right to clear and accurate information about your HELOC, also protects borrowers. The lender should clearly indicate interest rates, fees, and terms.

Check with the lender to see whether you must maintain specific insurance, such as home or flood insurance policies.

FAQ 

What credit score do you need for a Mississippi HELOC?

A minimum credit score of 620 is advisable to qualify for a HELOC in Mississippi. However, some lenders may have higher requirements, with better rates available to those with credit scores of 700 or above. Your credit score, combined with your LTV and DTI, will influence your eligibility and rates.

What are the typical fees for a Mississippi HELOC?

The fees associated with a HELOC in Mississippi can vary, but common charges include:

• Origination fees: Ranging from 0% to 4.99% of the loan amount.
• Annual fees: Some lenders might charge annual maintenance fees, though many do not.
• Closing costs: These can range from 2% to 5% of the loan amount but are sometimes waived for loans under certain amounts.

Are there any special programs or incentives for Mississippi HELOCs?

Special programs and incentives may be available for HELOCs in Mississippi, such as rate discounts for automatic payments or loyalty discounts for current customers. These are lender-specific. Some lenders also offer introductory rates lower than the prime rate for a limited period.

What happens if I move to another state with a HELOC in Mississippi?

If you move to another state with a HELOC originated in Mississippi, your loan terms typically remain unchanged. However, it’s crucial to notify your lender of your address change. Moving does not affect the interest rate or repayment terms, but you must continue making payments as agreed. Always check with your lender for any specific clauses that might apply to your situation.

How we selected the best Mississippi HELOCs

LendEDU evaluates HELOC lenders to help readers find the best home equity lines of credit. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve undergone an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Mississippi.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of Mississippi HELOC rates and lenders