Buying a home in MississippiIf you’re looking to buy a property in The Magnolia State, make sure you understand the specifics of real estate law in Mississippi. Most importantly, your seller must provide you with a property condition disclosure statement form. This should list all the defects to the home the owner knows about. If you agree to a deal before you’ve received this disclosure, you’re entitled to withdraw your offer without penalty when you get it. However, you only have three days from receiving the disclosure before your option to withdraw expires. Don’t let your disclosure lull you into a false sense of security. To start with, owners can be expected to tell you only the things they know about. So there could be hidden problems of which they’re unaware. And, of course, it can be very hard to prove in court your seller "knew" about anything. If you’ve any reason at all to worry about the home’s condition, or it’s just an older building, or you want peace of mind, commission a home inspection. The Mississippi Home Inspector Board licenses and regulates home inspectors in the state and maintains a register.
Refinancing in MississippiMississippians aren’t hemmed in by state laws when it comes to refinancing. Of course, the same federal regulations will govern your transaction as elsewhere. And your lender will have some rules that it strictly applies. But Mississippi’s own laws concern lenders rather than borrowers. And they’re unlikely ever to bother you. So you can go ahead and refinance, subject to the same requirements those in other states face. You will:
- Need some equity (the amount by which the market value of your home exceeds your mortgage balance) unless you’re eligible for a streamline refinance.
- Want the best credit score you can manage. The better your score, the better the deal you’re likely to get. But it’s possible to refinance while your score is as low as 580 — lower if you’ve plenty of equity.
- Have to be able to afford monthly payments comfortably. Lenders crawl over your household accounts and will be especially sensitive to your other existing debts.