Best HELOC Lenders in Mississippi (November 2024)

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Key Takeaways

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Chevron Federal Credit Union is the best home equity line of credit (HELOC) lender in Mississippi with a MoneyGeek score of 95 out of 100. Regions Bank follows closely with a score of 94 out of 100.

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The average HELOC limit in Mississippi is $77,124. How much you can borrow depends on your home's equity, outstanding mortgage balance, and credit score.

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Comparing rates can help you find suitable lenders. MoneyGeek compiled the best HELOC rates in Mississippi, updated weekly to assist you in your journey.

Overall Best HELOC Lender in Mississippi

Company logo for Chevron Federal Credit Union
Chevron Federal Credit Union
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.00%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the National Credit Union Administration
  • No annual servicing fee
  • No fees for opening a HELOC
CONS
  • Charges early closure fees from $500 to $700
  • No rate discounts offered on website
  • No fixed-rate HELOC option

Runner-Up for Best HELOC Lender in Mississippi

Company logo for Regions Bank
Regions Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Offers a 6.99% introductory APR for six billing cycles
  • Converts variable rate balance to fixed rate
  • Provides a rate discount for automatic payments
CONS
  • Charges an overlimit fee of $29
  • Charges a late fee from $29 to $100
  • Loan-in-a-Line conversion costs $100

Calculate Your Monthly Payment

The average HELOC balance in Mississippi for the third quarter of 2023 is $34,565, according to Experian.

Calculating your HELOC payments is key to managing this debt effectively. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided will show how much of your payments go toward interest and principal over time.

Mississippi HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Mississippi for Affordability

Company logo for Community Bank of Mississippi
Community Bank of Mississippi
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUp to 10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Interest-only payments available
  • No annual fee
CONS
  • Requires a balloon payment at maturity
  • May charge a documentation fee between $150 and $425
  • No online application

Best HELOC Lender in Mississippi for Service Quality

Company logo for Baxter Credit Union
Baxter Credit Union
MoneyGeek Score:
99/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the National Credit Union Administration
  • Offers rate discounts up to 0.50%
  • Has an online quote tool for exploring rates
CONS
  • No fixed-rate HELOC option
  • Very little information about HELOC on website
  • Requires you to open an account before applying

What You Can Use a HELOC for in Mississippi

HELOCs are popular in Mississippi due to their flexibility and the control they offer over borrowing amounts and repayment schedules. This financial tool allows homeowners to access funds as needed, making it a versatile option for managing expenses.

Here are some common ways you can use a HELOC.

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    Home Improvements or Renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. It allows you to fund projects without finalizing costs upfront, ensuring you can adapt to changes and enhance your home's value effectively.

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    Consolidating High-Interest Debt

    With average 2023 consumer debt in Mississippi at $65,547, using a HELOC for debt consolidation can lower interest rates and simplify payments, making financial management more efficient.

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    Funding education expenses

    A HELOC offers a better alternative for funding education expenses than other debts. It can cover tuition, books, and housing, providing a flexible and lower-interest option for managing educational costs.

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    Investment Properties

    Using a HELOC for investment properties can enhance your portfolio. Shop around for the best HELOC lenders for investment property to secure the best rate and favorable terms, maximizing your investment potential.

How to Apply for a HELOC in Mississippi

Understanding the steps to apply for a HELOC in Mississippi is important for those looking to leverage their home equity. We've broken down this journey into six steps below, providing a clear path forward.

  1. 1
    Review your financial health

    Before applying for a HELOC, it's essential to review your financial health, including your credit score, debt-to-income ratio, and home equity. In Mississippi, the average credit score is 680 in the third quarter of 2023, based on Experian data. This score can influence your chances of HELOC approval.

  2. 2
    Compare rates in Mississippi

    Exploring HELOC rates in Mississippi can help you secure the best deal. It's also wise to evaluate a lender's features, such as repayment terms, fees, and the option for a fixed-rate HELOC. These factors can significantly impact the overall cost and flexibility of your loan.

  3. 3
    Prepare required documentation

    Gathering the necessary documents is a key step in the HELOC application process. Commonly required documents include proof of income, recent tax returns, and information about your mortgage and home value. Having these ready can streamline your application and prevent delays.

  4. 4
    Submit an application

    You can submit your HELOC application online or in-person if your lender has a branch. Ensure all information is accurate to avoid delays. Double-check for any errors or omissions before submission to ensure a smooth process.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your property's current market value. This process involves a professional assessment of your home's worth, which can affect the amount you can borrow through a HELOC.

  6. 6
    Wait for approval and closing

    After submitting your application, the approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring.

Know How Much You Can Borrow in Mississippi

The average HELOC limit in Mississippi for the third quarter of 2023 is $77,124, according to Experian. The maximum amount you can borrow is usually tied to the equity you have in your home. The more equity you have, the higher your potential credit limit could be.

Check out the table below to see the range of credit lines offered by Mississippi lenders in our database.

Chevron Federal Credit UnionUp to $350,000
Community Bank of Mississippi$25,000 to $1,000,000
Regions Bank$10,000 to $500,000
Trustmark National BankUp to $250,000
Ask the experts:

How do lenders handle changes in home value, and can that impact HELOC terms down the road?

Credit & Mortgage Expert

As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.

FAQ: Best HELOC Lenders in Mississippi

Who is the best HELOC lender in Mississippi?

How to find the best HELOC lenders for bad credit in Mississippi?

What factors should I consider when choosing a HELOC lender in Mississippi?

What are common fees associated with HELOCs that I should compare in Mississippi?

What is the typical draw period for HELOCs, and does it vary between lenders in Mississippi?

How can I find a lender with flexible repayment options in Mississippi?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in November 2024 and considered different banks and credit unions in California from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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