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Louisiana has a very open mortgage market with several different mortgage products available to the consumer. FHA and VA loans are available to those who qualify. Conventional fixed rate mortgages for 15, 30 and 40 years are the standard. Adjustable rate mortgages, interest only mortgages, balloon mortgages and jumbo loan products are available. Under the jumbo loan laws of the state, a jumbo mortgage can be classified as one over $417,000 or a lower loan that lends over the value of the mortgage. Louisiana law allows lenders to loan up to 125% of the value of the home through some mortgage programs. Louisiana also has many bad credit and first time home buyer programs in the state.

Louisiana Mortgage Rates

Mortgage rates in Louisiana are equal to other states. Mortgage rates will vary from loan type and lender. Bad credit mortgages will carry a higher interest rate than that of a conventional loan. Adjustable rate mortgages have the lowest interest rates to start. However, it should be noted that on an adjustable rate mortgage this low rate is only for an introductory period and will rise significantly once the adjustments begin. Mortgage rates will also depend on your employment history, the deposit you place down on the home and if our purchase points against your mortgage at the loan closing.

Louisiana Refinance Rates

Louisiana refinance rates are very competitive and home owners will be able to secure a good deal. Refinance rates will depend on your current income and credit rating as well as the type of refinancing you are performing. If you are looking to refinance with cash out or to have your bills consolidated, you will probably pay a slightly higher interest rate. If you are refinancing the balance only of your mortgage you will enjoy very competitive rates. Refinance rates use the same criteria that mortgages use to determine credit worthiness and rates.

Louisiana Mortgage Brokers And Lenders

Louisiana has several hundred different financial institutions that offer mortgages and refinancing loans. Banks, credit unions and private lenders can all provide mortgages within the state. Louisiana also honors internet mortgage transactions. Evaluating what different mortgage brokers offer in terms of mortgage products and rates will allow the Louisiana resident to find the best deal.