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Louisiana Mortgage - What You Need to Know Before Buying a Home in Louisiana

Maybe youre buying your first home in Louisiana, or perhaps youre relocating to Louisiana from another state. Either way, its important that you educate yourself on Louisiana home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Louisiana:

After Hurricane Katrina hit Louisiana in the summer of 2005, the entire state of Louisiana was made eligible for public assistance. However, the southern half of Louisiana incurred the majority of damage. Housing prices in the undamaged parts of Louisiana surged 20% as evacuees rushed to purchase new homes.

The median value of a home in Louisiana is currently $85,000; however, it is expected that this amount will rise due to the increase in home prices post-Hurricane Katrina. Newly-constructed homes in damaged areas are expected to be worth much more than they were before they were damaged. Additionally, current interest rates in Louisiana are above the national average.

Louisiana state law does not allow the issuance of home equity lines of credit. It prohibits prepayment penalties and reduced rate options on adjustable-rate mortgages and fixed-period adjustable-rate mortgages. Louisiana also has a Residential Mortgage Lending Act that sets lending conditions on mortgage companies in an attempt to counteract predatory lending.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Louisiana Mortgage Rates and Loans.

More Useful Resource and Updates on free refinance mortgage loan home rate

• US mortgage applications slump to 8-yr low (The Economic Times)
  US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose.



• Mortgage aid program gets little attention (The News Journal)
  WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed over the summer.



• The Wrong Mortgage Derails a Mother?s Plans (New York Times)
  Christina Natale wanted to give her children a stable home, but what she got was a mortgage she couldn?t afford.



• Low hopes for new mortgage program (Standard-Examiner)
  WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.



• Rams Home Loans drops mortgage rate (The West Australian)
  Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams' standard variable home loan has dropped 0.6 percentage points to 7.59 per cent, while the interest rate on Rams' basic home loan is now 6.99 per cent.



• Mortgage rates drop slightly in week (UPI)
  WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.

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  Find mortgage calculators, live mortgage interest rates, and answers to your mortgage questions.