Every piece of property in Mississippi is taxed.  By formally declaring a piece of property you own to be your primary residence (homestead), you are given a reduction in the amount of taxes you will have to pay each year on the property.  You only have to apply one time, but you can only have [...]

Mortgage interest that is fixed throughout the entire term of your loan.

This is a monthly amount the lender collects from you in addition to your principal interest.  It is one-twelfth (1/12) of the annual property taxes and homeowners insurance premium, and sometimes, mortgage insurance (if applicable).  So, if your taxes and insurance are $2,400 per year, then the lender would collect $200 per month for escrow [...]

An amount of money from the Buyer deposited with the Seller, or someone on their behalf, that secures the sales contract.  At closing, the amount in the escrow account is credited back to the buyer toward the purchase price.

The amount of financial interest in a property. Equity is the difference between the fair market value of the property and the amount you still owe on the property.

Part of the purchase price of a property that is paid in cash and not financed with a mortgage.

The Deed of Trust is simply you putting your property up as collateral to secure the repayment of your loan.  If you honor your trust and make all payments, the deed of trust is canceled and your property is free and clear.  If you breach your trust and don’t repay the loan, then the trustee [...]

To calculate your debt-to-income ratio, divide all your monthly debt payments by your gross monthly income. This number is one of the ways lenders assess your ability to manage the monthly mortgage payments for the loan amount you are considering.

These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, appraisal, insurance, recording fees, escrows for taxes and house insurance, etc. Closing costs will vary based upon the value of the house and the [...]

Required by federal law, the Closing Disclosure (CD) is typically the first document you will review with your closing agent. This form will disclose all costs related to the home purchase, including loan fees, real estate taxes, and other miscellaneous expenses. There are many separate costs when buying a home, and this document helps you understand [...]