Best HELOC Rates and Best HELOC Lenders in Mississippi (2024)

fact checked icon

Updated: July 8, 2024

Advertising & Editorial Disclosure

The best home equity lineof credit (HELOC) lender in Mississippi is Lower. It serves customers across the state through a convenient online platform, offering no annual fees and a competitive APR range of 8.75% to 13.5%. With loans from $15,000 to $500,000 and a minimum credit score of 580, Lower makes financing accessible for many homeowners.

MoneyGeek's research included eleven HELOC lenders available to Mississippi residents. Beyond these options, Mississippi Federal Credit Union, Keesler Federal Credit Union and Members Exchange Credit Union also serve local clients with distinctive benefits and services.

Best HELOC Lenders in Mississippi

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: U.S. Bank

MoneyGeek evaluated Mississippi HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

recency icon

Our analysis was completed in July 2024 and includes lenders that do business in Mississippi.

11Lenders Analyzed

    Overall Best HELOC Lender in Mississippi

  • Lower

    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the best HELOC lender in Mississippi. Its offers include an APR range of 8.75% to 13.5%, loan amounts from $15,000 to $500,000, and acceptance of credit scores starting at 580. Homeowners in Mississippi can benefit from no annual fees and personalized support post-application. Additionally, an A+ rating from the BBB signals reliable service. With Lower, accessing your home's equity can be straightforward and tailored to your financial needs.

    Pros

    • Accepts credit scores as low as 580
    • Provides personalized post-application support
    • A+ rating from BBB

    Cons

    • No rate discounts offered
    • No option for fixed-rate HELOC
    • Financial hardship assistance not available
    Lower

HELOC Rates in Mississippi by Credit Score

For Mississippi homeowners, your home equity line of credit (HELOC) APR can vary. Good credit and a low loan-to-value (LTV) ratio under 80% can attract favorable rates. Lenders, however, may adjust rates based on your chosen repayment terms. Review the table to gauge rate fluctuations linked to different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.14%
HELOC (15 year)APR7.14%
HELOC (20 year)APR7.14%

Where does this data come from?

When you shop around for a HELOC in Mississippi, comparing annual percentage rates (APRs) is a smart move. Lower APRs mean you pay less over time. Taking the time to compare ensures you get a deal that suits your budget and avoids unnecessary expenses during your borrowing experience.

HELOC Calculator: Do You Qualify in Mississippi?

In Mississippi, your home equity can heavily influence how much you can borrow through a HELOC, a detail underscored by TransUnion's report. With a solid equity position, you might access a greater loan amount. Meanwhile, the average credit score in the state, according to Experian, sits at 680. Aligning with or exceeding this figure bodes well for your HELOC prospects.

Determining eligibility for a HELOC ties into several factors, including equity and credit score, among others. The HELOC calculator provided below simplifies exploring these various elements, giving you a clearer picture of potential loan accessibility.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Mississippi for Affordability

  • Aven

    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    For homeowners in Mississippi focusing on cost-savings when looking for a HELOC, Aven stands out. This lender offers competitive APRs ranging from 7.99% to 15.49%. You'll find no annual fees and an autopay discount of 0.25% with Aven, which can reduce your borrowing costs. Aven’s product operates like a credit card tied to your home equity, reported as a HELOC on credit reports. With no origination fees, prepayment penalties or early closure fees, homeowners can enjoy more savings and financial flexibility.

    Pros

    • Credit card backed by home equity
    • Unlimited 2% cashback on purchases
    • No annual or origination fees

    Cons

    • Line limit up to $250,000
    • One-time 2.5% cashout fee
    • Card delivery takes 10 days
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender in Mississippi for Bad Credit

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    In Mississippi, bad credit isn't a deal-breaker for securing a HELOC. U.S. Bank ranks as the top pick for homeowners facing credit challenges. With a minimum credit score of 660, U.S. Bank's HELOC allows access to needed funds without sky-high interest rates, featuring an APR range from 8.95% to 13.1%. Homeowners benefit from manageable costs, such as a mere $75 annual fee and a 0.5% discount for autopay enrollment. Plus, flexible repayment terms support payment strategies during the draw period. U.S. Bank is accredited by the BBB, though currently does not have a rating.

    Pros

    • Allows you to prequalify online
    • No closing costs
    • Offers a fixed-rate option

    Cons

    • Must close in person at a bank center
    • Early closure fee up to $500
    • Charges $75 annual fee
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Mississippi for Large Loans

  • Bank of America

    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the lender you need when you're looking at a big investment like a home renovation or funding higher education. With HELOCs, you get a credit line to draw from, like having a credit card with your house as the safety net. In Mississippi, this lender lets you borrow up to $1 million, giving you the space to handle larger expenses. It offers a 10-year draw period with a 20-year repayment timeframe, meaning you have several years to repay what you use. Plus, it won't charge you yearly to have the loan. No annual fees, application fees or closing costs take some of the worry off your shoulders. During tough times, this lender provides help, which is reassuring when you're dealing with big numbers.

    Pros

    • Offers competitive introductory rate
    • No fees for application or closing
    • High max loan amount ($1 million)

    Cons

    • Closing must be done in person
    • $450 early closure fee applies
    • Online applications require $25,000 minimum
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Mississippi for Debt Consolidation

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the best HELOC lender for debt consolidation in Mississippi. This is smart if you combine high-interest credit cards or medical bills into one lower-interest loan. U.S. Bank offers competitive rates ranging from 8.95% to 13.1%, meaning you can swap out higher-rate debts for a more manageable monthly payment. You can get funds in as little as three business days, which can be critical in controlling debt quickly. Plus, with a maximum loan amount of $750,000, there's significant room to cover larger balances. The BBB accredits U.S. Bank, though it currently has no rating.

    Pros

    • Offers a fixed-rate option
    • No closing costs
    • Allows you to prequalify online

    Cons

    • Closing must be done in person
    • Charges an annual fee of $75
    • Does not disclose customer service hours
    U.S. Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Mississippi

With MoneyGeek's top picks for Mississippi HELOC lenders outlined, here's how to navigate your choices and find the lender that fits your unique needs.

    girlThinking icon

    Define Your HELOC Goals

    Know why you're getting a HELOC in Mississippi. Whether it's for home repairs, consolidating debt, or covering college costs, different lenders cater to specific needs. Get familiar with terms for the use you have in mind. This insight directs you to the lender best aligned with your objectives.

    trustSeal icon

    Vet Lender Reputation

    Examine a lender’s credibility in Mississippi. Check them out at the Better Business Bureau and the state's Mississippi Department of Banking and Consumer Finance's (DBCF). Positive ratings and clean records with these institutions suggest trustworthiness and dependability.

    loanVsLoan icon

    Compare Rates and Fees

    Don't just look at one lender in Mississippi. Shop around. Compare interest rates, fee structures and especially HELOC closing costs. Lower rates are attractive but consider cost transparency and value.

    smallBusiness icon

    Check Community Standing

    A lender's local reputation in Mississippi matters. Look for ones with community awards for service excellence. This suggests a commitment to customer satisfaction that could mean a better HELOC experience for you.

    loanReview icon

    Assess Lender Flexibility

    Flexibility can be crucial. Seek Mississippi lenders that offer features like interest-only payments, or the option to convert from variable rates to a fixed-rate HELOC. Check for perks like online prequalification, which signals ease and convenience.

FAQ: HELOC Lenders and Rates in Mississipppi

Navigating the world of HELOC lenders in Mississippi can feel complex. These frequently asked questions distill the essentials, helping you understand the nuances of home equity lines of credit and make informed decisions about which lender fits your unique financial scenario.

What's a good HELOC rate in Mississippi? What are the best HELOC rates in Mississippi?
Which HELOC lender is best overall in Mississippi?
Can I still qualify for a HELOC in Mississippi if I have bad credit?
Which HELOC lender in Mississippi is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Mississippi for me?
sources