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

View Rates

---

Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• 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	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

Aven

Best Customer Reviews

4.8 _/5

View Rates

---

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

FourLeaf

Best credit union

4.7 _/5

View Rates

---

Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all 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 starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

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