If you are looking to buy Mississippi land for sale, unless you are wealthy you will need to secure a loan to make your purchase, here are a few things to help get better rates and terms.

When looking for Mississippi land for sale one of the, if not the most important part of the process is your loan package. We will address a few ways to secure a better loan and that means better rates as well as better terms and we will define the difference in the two. Your rate is referring to the interest rate the bank charges and with that being said if you don’t have much borrowing experience this will also include points, fees and charges. I will start with the interest rate; here are a few things you can do to obtain a better interest rate from your lending bank. One of the first things you need to do as a consumer is pull your credit report and you can do this for free, remember you will have three reports from three different reporting agencies. You will need to check every item on the report and make sure there are no errors then look for negative items on your report, if there are negative items on your report you need to start with those, contact the reporting agency and see what you can do to clear them off your report.

After you have checked your credit report and made sure that looks good you need to keep in mind the number of inquiries hurts your credit score so at least six months prior to making a loan do not let anyone pull a credit history on you, do this by not making any purchase that would require a credit run, this would include things as simple as getting a new phone. The reason this is a negative on your credit report as well as to the bank many credit inquiries makes it look like you are buying or at least trying to buy many things on credit.

We will now discuss why it is so important to have your credit score as high as possible when buying Mississippi land for sale. Once you feel your credit is in order go ahead to your bank and make application for a loan and I will suggest First South Farm Credit for a rural Mississippi land loan and here is why, we now live in a different lending environment for banks and no matter how great your credit score the banks are in the drivers seat because they aren’t making many loans and First South Farm Credit is one of the very few lenders that are aggressively making land loans. If you have a high credit score and you have good down payment money you can negotiate things like interest rate, points and fees. A point is what the bank will charge you on top of the interest rate and yes with good credit you can negotiate these items, typically they try and get a