Mortgage lender closing cost rankings in Mississippi (2025)

Mississippi uses a deed-of-trust framework alongside traditional mortgages, and the state allows non-judicial foreclosure when a power-of-sale clause is included in the deed of trust, making foreclosure timelines relatively short compared to judicial states. Mississippi is an attorney-closing state, meaning a licensed attorney must be present at or conduct the closing — this typically adds attorney fees to the closing cost line. The state imposes a real estate transfer tax of $0.75 per $500 of value (or fraction thereof) on the deed, generally paid by the seller. Title insurance rates in Mississippi are promulgated (set) by the state Department of Insurance, meaning all insurers must use the same state-established rates rather than filing their own. Mississippi does not impose a blanket statutory ban on prepayment penalties for conventional loans, though federal rules govern qualified mortgages. The Mississippi Department of Banking and Consumer Finance oversees state-chartered mortgage licensees and handles consumer complaints related to mortgage servicing and origination practices.

FHA loans account for a substantial 34.1% of Mississippi purchase originations (6,614 loans), well above typical national shares, reflecting the state's lower median incomes and the appeal of FHA's lower down-payment requirements. Conventional loans lead overall at 43.2% (8,363 originations). VA loans represent a meaningful 16.9% share (3,272 originations), consistent with Mississippi's several active military installations including Keesler Air Force Base and Columbus Air Force Base. USDA loans, at 5.8% (1,120 originations), serve the state's significant rural population, where eligible properties and income limits align well with program guidelines.