How To Find The Right HELOC in Mississippi

So today we are covering how to find a home equity line of credit in the state of Mississippi. Now, friends, clients, followers, loyal followers, and new people. Unfortunately, in the state of Mississippi, I did my research in advance, they did not come to compete. Unfortunately, I only found three decent banks with good terms, decent incentives that we can use to implement debt acceleration on your credit cards, personal loans, car loans, student loans, maybe even your primary mortgage. I only found three banks and I will show you all of the other banks I was looking at specifically in the state of Mississippi. Whenever you have difficulty finding a good home equity line of credit in your state, as I have with Mississippi, then what you want to do is expand your research where you can cover nationwide banks. Start comparing the differences. Even when you do that, sometimes the bank that was mediocre or semi decent in your state often still beats the bigger banks. Quite often, more often than than not, I will show you one or two banks that are bigger. We'll verify if they cover Mississippi and see if we can put on the whiteboard. Right. With that being said, we're going to evaluate the three banks that I found. First South Financial, Kessler or Keesler Federal bank, and then Spring River Federal Credit Union. These are three banks that I found in this series that we're doing. The only thing that will remain constant is the left hand side of the board, which are the action steps. You must do these action steps in advance before applying for a home equity line of credit and before choosing the bank that you want to work with, want to run it through this entire framework. Have an understanding of the interest rate environment that we are in. Are we in a declining interest rate environment or are we in an increasing interest rate environment? We can honestly say that Today, as of 2025, we are in a decreasing interest rate environment that started towards the end of 2024. For the first time this year, we saw a rate deduction of 0.25% in September. So those of you who already have a home equity line of credit in place, whether it's a first or second position, as long as it's in its variable, as long as it's a variable rate home equity line of credit and it's out of the intro period of that line of credit, then you will most likely see a rate change going down at the beginning of October. If you didn't, that means that you're on a fixed rate heloc. Maybe you're still in the intro rate period or your HELOC adjusts quarterly or semi annually. So you have to Wait maybe a couple more months depending on when you first started that heloc. Okay, so memorize this framework, write it down for yourself, have it in front of you so that when you're calling the banks or even when you're in person that you run through these questions, just ask. Because even if the bank doesn't display these details, which is what we've seen time and time again in this series, is we're not going to get every single piece of information that we want off of their website. They're going to give us highlights. And sometimes banks won't share anything at all. Specifically in the state of Mississippi, I've seen a very, a tremendous lack of detail on their websites regarding their home equity line of credit. So it's going to require a phone call or a visit to the branch to get more in depth information. Also, you don't want to rely on what the website says because that information can change from month to month, season to season. Sometimes banks get bought out, different things happen. So you want to make sure you have the most up to date, relevant information. You're only going to get that when you call these banks. Okay. With that being said, let me, let's, let me share my screen and then let's dive into our research, research that I've done for you in advance. So we have first South Financial, which does offer a home equity line of credit. Second position, they do credit limits up to 500,000. That's pretty cool. It says no points or origination costs. If and when you see the language says hey, no points or origination cost, that doesn't mean no closing costs. There could still be some closing costs with this product. All right, here is the breakdown. They have two different kinds of HELOCs. You can do the 80% LTV HELOC or the 81 to 90%. Most likely the rate will be higher the higher you go on the LTV. So out of the two products, the better product is the 80% LTV product. They have a 12 year draw, so that's pretty decent. And the interest rate is just prime. So no plus, no minus, just prime. Now I saw an interesting piece of detail right here. It says after the six month introductory period, the APR will revert to prime as listed in the Wall Street Journal, plus a margin of up to 2%. Maximum LTV is 90%. Rates may change quarterly, so not monthly, but quarterly based on the rates published in the Wall Street Journal. Then we have after your loan is established and if you pay off and close Your line within 36 months of opening, you'll be responsible for a recapture fee generally totaling between 300 and $3,000. The fee includes costs associated with your originating loan, may include but not limited to appraisal, credit, flood title service, all that. So it's not clear if they have closing costs. But we know they are covering something, right? Because no origination fees, so they're going to cover that. And as long as we keep the line open, then we should be fine. For the most part, in this specific community, we're not planning on closing our HELOCs within two or three years. For the most part, most of you are going to stay locked in to a home equity line of credit for at least two, three, four years or longer. And if we wanted to switch from one bank to another, that's fine as long as we're out of that waiting period so there's no fees. Sometimes banks won't even do business with you. If you've opened up a HELOC within one or two years, the other bank's not going to transfer that HELOC to their heloc. Oftentimes you'll see that. Right? So we don't know everything, but this is a pretty decent offer. The only thing I don't love is there's, we don't know if there's closing costs. There most likely is. We don't know if there's an annual fee and we don't know what that six month intro rate means. Is that referring to the 90% LTV product, the 80% or both. So we have to call and find out if there is in fact an intro rate and it's prime. That's pretty decent, you know, not bad. And the fact that it goes up to 500,000, that's a really nice size line of credit. Okay. Nice size line of credit. The next bank that I found during my research was a bank called Members Exchange Federal Credit Union. They did not make it to the whiteboard. Why is that? Literally no information is being provided like APR based on credit score minimum draw. So you have to do an initial draw of 10,000 to receive a discount rate. We don't know what that is, there's just no information. We do know they offer a home equity line of credit. Since our home equity plan offers a discounted rate for six months, convenient check writing, interest only payment options for qualified lines. So this would require a phone call to find out like what's that rate? Is it prime? Is it prime minus? If this happens to be a prime minus bank, then that's going to beat all my banks on the board. So for those of you that live in Mississippi, it's worth calling this bank to get that information. Hey, do you guys have an intro rate period? Is there closing costs there, an annual fee? What's the draw period? Get those details. The left hand side of the board will guide you. Next bank was Southern Energy Credit Union. This was a bank we were looking at yesterday in the series. Didn't really have much going on as well. We don't, we don't really know all the details. But they do offer a home equity line of credit. 85% LTV, 10 year draw, no annual fee. Closing costs are waived with an initial draw of 10,000. That's usually not a problem for most of us. So I just didn't put it on the board because where did I see it? I think the prime rate. Yeah, plus a margin. So it's prime plus. So it already disqualifies compared to the other banks I have on the board. Next bank is Farmers Insurance Federal Credit Union. They're disqualified. Why? Rates as low as 7.49. So that's prime plus 0.25. Call it. Every bank on the board I have is prime. It's going to be a little bit easier. You know the thing that they do have going for them is credit line up to 75000080 LTV. So not, you know, terrible but not worthy of the whiteboard in my opinion. We have Mississippi Federal. Same thing. Not a whole lot of detail. Like literally don't know anything about this product based on their website. So we have to call and ask them. But you can write that down. Mississippi Federal. Next bank is Kessler, I think that's how you pronounce it. Or Keesler. They do offer home equity line of credit. No closing costs, no origination fee, no application fee. Most likely no money whatsoever to get this product. Max credit line is only 250,000. We have a 10 year draw and it's prime. 7.25%. Not bad at all. They cover Mississippi, Louisiana, Alabama, Florida. I forget la, What's LA stand for? Remind me, is that Louisiana? I think so. They cover a few states. They cover all the closing costs. I'm a fan of that. That's why that did make it to the whiteboard. And then what was the LTV? Okay, 85% LTV. So not bad. Then we have this bank called Spring River Federal Credit Union. The most attractive intra rate offer I've seen so far. They do a 2.99% for the first six months, then it just goes to prime. Says the index is prime rate. So not bad, 2.99 for six months. Then I go to Prime 7.25. But that is literally the only information I was able to pull off this. I know it's mobile banking friendly, I know it's revolving, but I don't know what the draw period is. I don't know what the annual fee is if there is one. I don't know if there's closing costs. So there's a lot of unanswered questions. But based on the two details, the prime rate calculation and the intra rate alone makes this worthy of the whiteboard. The final bank I found in Mississippi is called Sun Belt Federal Credit Union and mediocre. Honestly it only goes up to 120,000 80% LTV 7 year draw, low closing costs. So it just wasn't worth putting on the board. Here is a bigger bank that is competitive with the banks that I have put on the board. So Navy Federal covers most states if I'm not mistaken. They have no closing costs. 95% LTV max credit line, 500,000 rates as low as 7.5%. So that's prime plus 0.25 20 year draw period. So there's a lot of other convenient benefits with this product, specifically with Navy Fed. But again the rate 7.5% as opposed to 7.25. I know it's not a big difference, but if we're splitting hairs and comparing, okay, what is the best banks in the state of Mississippi? Even these three banks that I found are quite competitive. They're just not as competitive as some of the other states. We've seen where we're seeing like prime minus 0.75% or prime minus a half or prime minus a whole point with a 12 month intra rate or six months. So we're not seeing that too much. Okay. I just saw a comment from Tracy says I applied through Regions Bank. Now that would be a mistake if I live in the state of Mississippi. Here's why we go to Regions Bank. Regions is a big bank, right? So this is a learning experience for Tracy and many others that will eventually find these videos. Watch these videos. That's why I'm doing this series, really breaking this stuff down. Because when people look for helocs, they simply go to Google, they type in HELOC and whatever comes up on the sponsors, that's who they go with. These are all big banks. Navy bmo, Flagstar, okay, These are all big bank, bank of America figure civic, right? They're all big banks. All of them. The whole front page of Google, big banks. Alright, so that, that's, that's the issue is most don't just don't know how to research. So that's why we're going through this series, teach everybody how to do proper research. Now let's find home equity line of credit. No closing costs. Says rate discounts are available. Look at the line details. Interest rates. So that's cool, right? You know, 4.99 for the first six months. So then it says after that a variable APR based on Wall Street Journal prime. Current rates range from 8% to 14.875%. So it's cool that they have the intro rate for 4.99% that there's no closing costs. It is revolving. There's probably a decent draw period on here 10 years. We know that it's mobile banking friendly because it's a big bank. So we know we're going to have that ease of use of the product itself. The major issue is the rate. Okay, so unfortunately Tracy is going to be locked in to a rate no less than 8%. So that's prime plus 0.75%. As long as she has that product, she's always going to be borrowing at a higher cost than others that go with smaller bank credit unions. So 0.75% doesn't sound like a lot of money. But multiply that over three to five years, getting out of debt, using a HELOC that ends up being multiple thousands of dollars in interest costs that we end up paying. So again, this is a learning experience for everybody watching going through this series. That's why it's so important that I'm doing this, going state by state to help you guys have patience before applying. Okay? Just because this is the bank you bank with, that doesn't mean you apply with them. Have to be willing to do this extensive research. So again, applying is one thing. Accepting is another ball game. So Tracy does have the opportunity to say no to regions and potentially because I already applied and used my credit, if you get approved but don't accept, you're going to want to use that credit within that window to look at another bank. So if you're already intending to get a home equity line of credit and you get approved with regents and they approve you for an interest rate, let's say 8% being the lowest, and if you're willing to go apply with one of these three banks instead, then applying in that window is better than Waiting longer and then having that hard inquiry from regions just kind of sit there. Okay, so Tracy said she did not accept as of now. So that's great. Do you know if you've been approved yet? If you've been approved, let us know what the rate is or if you don't know, let us know in the comments. When you do find out, you can just post a comment below. Hey, I got approved for regions at this rate. Let's see if you even get the 8%. Most people do not. Most people get nine, nine and a half. So if you get like nine, nine and now we're talking prime plus two points prime plus point and a half. And that's, you know, very unfortunate again when we could have locked in at about just prime 7.25%. So now let's look at my top picks out of these three banks, specifically in the state of Mississippi. I am really a fan of all three. I am leaning more toward Spring River first south because what is consistent with all three banks is that they're all based off prime. So when you're doing process of elimination to figure out the exact bank that you're going to go with, we want to segment the facts and say, okay, well all three banks are prime. What's the next bank best incentive? Typically an intro rate. So then we got first south and Spring River. So that means Keesler Federal is off. Now what keeps them on though is the no closing costs. Depending on how much closing costs is estimated with first south and or Spring river will determine if Kiesler gets the upper hand because a six month intro can potentially have a large impact. But if the closing cost was $3,000, 4,000, right. Then it kind of eats away at the progress that that six month intro would make for me in terms of interest savings. So this is really tough to decide. Be honest with you. Like they're all neck and neck. They all have like pretty decent things. I'm a huge fan of no closing costs. I often will opt out of an intro rate if I can reduce my closing costs. So let's say just how do I want to do this? I know for sure first south does have closing costs. I like the 12 year draw. I like the 500 max credit line. We just don't know what the 6 month intro is. We don't know if there's an annual fee. So I'm either Kessler being number one first south to spring federal third or I'm going to be first south first, then Kessler, then spring. If first south matches the 2.99. Even better if the closing costs are less. That's like this is tough. This really is tough to decide between the two. So I'm going to wrap it up as in terms of top picks, I'm probably just going to go with my gut and do the Kiesler as number one or Kessler. Right. And then two and three is First South Spring and then Key detail. I would say hard to go wrong with either option. So some other decision making factors is if first south is closer to your house then you might pick that. If you live in Mississippi, that would be like the deal breaker. That would be the thing that pushes you over the edge. Right? It's something like that. But you could literally pick any three out of a hat. Hard to go wrong. They all have decent things about each one. You're going to want to evaluate your financial situation and the best, most efficient way to do that is going to be through coaching. Whether it's through me or somebody else, a professional that's in this space that understands the products, the strategy that you want to be able to implement. That's going to be worth spending a few hundred dollars to make the right decision for long term gains. Like I stand by that. If you're going to do it by yourself and just pick any bank. Denzel says, well, these three would be my top picks if I lived in the state of Mississippi. Now there's another bank in mind. Let's see if 5th 3rd bank covers. Does 5th 5th 3rd is a bigger bank cover Mississippi. Nope, sorry. 5th 3rd does not cover Mississippi. Okay. So yeah, Tracy, I would most, I would most likely not accept region's offer, but I am curious to know what the offer is, how much they give you if you qualify for the intro rate, what's the rate afterwards? Okay. Outside of that we are pretty much done for the state of Mississippi. Okay, all done. Hopefully this video was very helpful. Like I said, click some of the links below to get into my community. Attend some workshops that I'm hosting just like this but offline and consider doing a consultation at least one before you apply for the tool to do this strategy. Accelerating your debt velocity banking, consolidating debts into the heloc, making sure you're using it properly. I just had a call today with a potential client where they got a home equity line of credit with a bigger bank and they used the product incorrectly. The rate jumped on them. So it, so it went up real high. You see if we were, if we go back in time, if we were in 2021, when rates were really low, right. I was encouraging a lot of people to get a fixed rate home equity line of credit. Lock in these low rates for a year, three years, five years, and many listened, but many more did not. What happened? Rates shot up really fast. And that made the HELOC product less efficient for Velocity banking to accelerate some of their debts. And there was a season in time where Velocity banking was less and less attractive for people who had 2, 3, 4% loans, car loans, maybe student loans, maybe mortgages. But now between 24 and 25, now that we're in a declining interest rate environment, folks that are just coming across this strategy now that acquired a mortgage in 2023, in 2024, at 6, 7, 8% that have car loans at 9 and double digit rates, that have credit cards that reached 30 plus percent that have personal loans that are in the double digit range, you name it. Student loans that are 7, 8, 9%, 401k loans, you name it. Now Prime's at 7.25. And if we can find the right bank that's doing prime minus 1% prime minus half a percent with an intro rate for the first 6 to 12 months. Oh my goodness, you could be cutting your interest costs nearly in half in this season. My name is Denzel. I am your personal finance geek of the 21st century. I do financial coaching, consulting and insurance advising day in and day out. I've got 36 spots left in my lifetime financial coaching program. That offer will expire by December 31st or if those spots fill up. So I'm only taking on 36 more families for the rest of this year. And then I'm going to be closing my one to one service for a period of time. In the interim, I have a community where I host Q&As workshops offline, just like this, where you're able to interact with me, get a little more clarity, get your questions answered, holding you accountable in those initial steps. And then those of you that want to work with me a little bit more, obviously you can sign up for some coaching. I, I also have other coaches that I collaborate with. They might be in your state and worth your time. So reach out. Let's have some fun. Let's hit your goals in a faster timeframe than you could have ever imagined through accountability, not the strategy, but it's through accountability in your mindset, getting the financial foundation set up, the frameworks in alignment, your mindset in alignment, your values and beliefs. All the strategies that we incorporate are just going to accelerate or enhance what you're already prepared to do. So it's not the strategy that's going to get you out of your problems. It's not the HELOC that's going to get you out of your problems. It's your mindset. It's your values and beliefs, your willingness, your faith. The work is the logistics, the strategies that we implement, and we're going to be able to implement it effectively. Why? Because we did the pregame work, did the action items so important. Write this stuff down, take a screenshot, watch it again and again and again. I'm covering every state in America so that you can master this for yourself. All right, Have a good day. God bless, and I'll see you tomorrow. Bye now.