Louisiana Mortgage Rates
Compare Louisiana mortgage rates and choose the best option for your needs.
Purchase
Purchase
Purchase
Purchase
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- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
- 97% of borrowers would recommend to friends or family
- Attention Wells Fargo customers: Special benefits and discounts available
- Get a custom mortgage rate quote in minutes with no credit impact
- As low as 3% down on a fixed-rate mortgage
- 0% Down VA Loans for Veterans & Military
- Secure preapproval quickly with 24/7 access
- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
- Fed finally cuts rates!
- Down payments as low as 1%
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Mortgage in Louisiana: Top Lenders in 2024
Interested in a property in Louisiana State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly (use our mortgage calculator to estimate your future expenses). In this guide, we'll delve into some of the highest-rated lenders and assess which ones merit your consideration.
LA Mortgage Lenders Comparison
Each of the lenders under review are reputable firms known for their reasonable rates and established track records. To provide comprehensive information, we will evaluate them based on various key criteria such as APR, minimum down payment, minimal requirements, and more. This comparison will offer you detailed insights to make an informed decision.
Advanced Mortgage and Investment Co
Advanced Mortgage & Investment Company (AMIC) is a reputable mortgage lender headquartered in Alabama. Since 2003, it has established a strong online presence. Currently, AMIC operates in several states including Alabama, California, Colorado, Florida, Louisiana, Mississippi, and Tennessee. As of 2022, its website proudly states over $8 billion in total closed loans.
AMIC offers a range of options for both purchase and refinancing, encompassing conventional fixed-rate mortgages for terms of 10, 15, 20, 25, or 30 years, as well as adjustable-rate mortgages. Additionally, they provide government-insured FHA, VA, and USDA programs. For conventional loans, a minimum credit score of 620 is required.
| Pros: | Cons: |
|---|---|
| A wide range of loan options available. | No rate information on their website. |
| The trustworthiness of the company is confirmed by its membership in the National Association of Mortgage Brokers. | Only works in 7 states. |
Change Home Mortgage
Change Home Mortgage was established in 1994. This mortgage broker primarily targets non-traditional, low-income borrowers, including immigrants and individuals employed on a temporary basis, as evidenced by their CDFI certification. In addition to conventional options and all major types of government-backed loans such as FHA, VA, and USDA, the broker promotes an alternative to the FHA plan - a conventional loan that demands only a 3% down payment. They also offer jumbo and reverse mortgages, along with refinancing options. However, specifics regarding interest rates, fee structures, and borrower eligibility criteria are not publicly disclosed.
| Pros: | Cons: |
|---|---|
| Perfect for low- to moderate-income borrowers. | Not licensed in Massachusetts, Missouri and New York. |
| A good choice of government-backed plans available. | Doesn't disclose the exact terms and requirements. |
| A close-to-nationwide coverage. |
Paddio®
Paddio® is a prominent mortgage lender based in Springfield, Missouri, specializing in a variety of financing options including purchase, refinance, FHA, VA, and USDA loans. With Paddio, down payments can be as low as 3.5% for Home Ready, Home Possible, or FHA loans, offering accessible financing solutions for prospective homeowners. Additionally, conventional loans, a popular choice, typically require down payments ranging from 3 to 20%. It's important to note that Paddio's mortgage services are unavailable in New York (NY), Nevada (NV), New Jersey (NJ), and Utah (UT).
| Pros: | Cons: |
|---|---|
| Low down payment options. | Not available nationwide. |
| Variety of loan types offered. |
Average Mortgage Rate in Louisiana from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Louisiana.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Louisiana
| Criteria | Amount, $ |
|---|---|
| The median home value in Louisiana | $195,621 |
| The income required to buy the median priced home in Louisiana | $32,052 |
| The monthly mortgage payment required to buy the median priced home in Louisiana | $742 |
| The median household income for Louisiana | $55,653 |
Factors to Keep in Mind When Choosing a Mortgage Lender
Acquiring a mortgage loan entails a substantial commitment spanning 15 to 30 years, necessitating careful consideration before entering into an agreement with any particular lender. Several key aspects merit attention when evaluating potential lending entities.
- Type of Lender. The market typically offers two primary options: traditional banks and online mortgage lenders. While banks often provide enticing rates, they typically impose stringent credit checks, resulting in longer approval times and demanding eligibility criteria. Conversely, online lenders offer expedited processes and more lenient requirements for prospective homebuyers.
- APR and Fees. Beyond the interest rate, the overall cost of a mortgage encompasses additional fees such as origination fees, mortgage insurance fees, and closing costs. As of the current writing, the average mortgage rate for a fixed-rate 30-year loan in Louisiana stands at 6.58%.
- Terms and Conditions. Essential considerations include the minimum down payment size, which ranges from 0% to 20% depending on the loan type and the borrower's profile (e.g., military, employed, self-employed). Additionally, the loan's lifespan, denoting its total duration, is a critical parameter with common options being 15 and 30 years.
What Mortgage Lender is the Number One in Louisiana?
The list of reliable LA mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in Louisiana
Buying a home for the first time is quite challenging. Happily, residents of Louisiana can take advantage of some governmental programs aimed at raising mortgage affordability.
- Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
- USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
- VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval serves as a validation of a potential homebuyer's financial credibility, signaling to home sellers that lenders are prepared to greenlight a mortgage loan for the buyer. To secure pre-approval, individuals must furnish documentary evidence of their financial capacity. This typically entails providing earning statements, account statements, a W2 form, or alternative proof of income spanning at least two years. Moreover, completion of the Uniform Residential Loan Application form is a requisite step in the pre-approval process.