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Home Buying Tips

Hoping for a smooth journey into your new home? Just follow these tips!

  • Get pre-approved for your mortgage through Magnolia State Bank. You'll rediscover how much you can confidently offer when you find the right home.
  • Negotiate the price. Working witha realtor you trust will make this an easier process.
  • Pay for a high-quality inspector. He or she will be worth the extra money in the long run for what they can save you in extra expenses.
  • Put down as much as possible. Twenty percent is ideal, but the more you can afford to put down, the more you'll save in the long run.
  • Do note make any life changes before closeing. Closing is not final until everything is signed. Last minute purchases and changes in your life may affect your closing.

Mortgage Loans

Every house needs a solid foundation, and a mortgage from Magnolia State Bank is just the foundation you need. Whether you're applying for a new loan or refinancing your existing mortgage, you can trust our mortgage team to be there for you, every step of the way.

At Magnolia State Bank, our processing, underwriting, closing and service departments are located in your neighborhood – not out of state. This means you get the fast, professional service you deserve from a local financial institution.

We offer a wide variety of financing options to meet your unique needs. Whether you'd like to buy a new home, build your dream home or refinance your current mortgage to a lower rate, we have the perfect loan for you. All Magnolia State Bank mortgages feature competitive rates, no application fees and fast approval – not to mention the outstanding personal service for which we're known.

Please contact one of our mortgage advisors at your local branch for information on the current mortgage loans we have available.

Mortgage Originators

Hattiesburg, Laurel & Petal

Tom Brown
Tom Brown
tomgbrown@msb-ms.com
Laurel – 601-425-0003
Petal – 601-582-5276

 Lucedale

Amanda Brown

Terms to Know

New to the home-buying process? By reviewing the terms listed below, you can act like an old pro when it comes time to finding your dream home!

Adjustable-rate Mortgage (ARM)
A home loan with an interest rate that changes periodically based ona standard financial index. Typically, the rate for this type of loan can't go beyond a pre-determined maximum limit.

Appraisal
A report written by a qualified appraiser that includes a property's estimated value.

Closing Costs
Expenses incurred by both a buyer and seller when transferring ownership of a property. These expenses include origination fees, attorney's fees, taxes, escrow payments and title insurance.

Down Payment
The amount of a property's purchase price that the buyer pays in cash.

Fixed-rate Mortgage
A home loan with an interest rate that remains unchanged throughout the entire life of the loan. Most fixed-rate mortgages have 15- or 30-year terms.

Title Insurance
A policy guaranteeing that an owner has title to a property and can legally transfer the title to somebody else.

Mortgage Calculators – click here for more calculators

Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!
Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
Rent vs. Buy Are you better off buying your home, or should you continue to rent?

The calculator is made available as a self-help tool for your use and is not intended to provide investment advice.
We can not and do not guarantee the applicability or accuracy in regards to your individual circumstances.