Louisiana Mortgage Rates, Closing Costs & Home Loan Program Information

American flag outside of home.If you are looking for a great deal on your next Louisiana mortgage, ForTheBestRate.com can locate mortgage companies who are eager to compete for your business. Louisiana is home to over four million residents and nearly two million properties. Whether you are looking to purchase a home on a golf course in the sporting paradise of northern Louisiana, refinance a historic home in downtown New Orleans or need a jumbo loan for a grand estate in the plantation country of the Atchafalaya Basin, you can kick-off your homework with the tools and resources found on this site.

Using the rate table

The majority of the mortgage companies represented in the rate survey on this page offer a variety of fixed rate (10, 15, 20, and 30 year terms) and adjustable rate financing solutions (3/1, 5/1, and 7/1 ARMs) for 1-4 unit residential properties (i.e. single family homes, duplexes, triplexes, and quadraplexes). These mortgage companies typically allow properties to be used as primary residences, second homes (aka vacation homes), or investment properties (rental homes). Rates often vary by occupancy type so you’ll need to speak with the various lenders and brokers to make sure that you qualify for what they have posted. Rates may also vary of other reasons including the type of property being financed. For exmaple, interest rates for condos may have pricing adjustments when compared to stand-alone, stick built homes. Be sure to speak with the various home loan providers directly to make sure that you have an accurate idea of pricing for your unique scenario.

Looking for additional information? Here you can find outlets for researching mortgage companies and down payment assistance programs in the State of Louisiana

Musician in Louisiana playing his trumpet.Louisiana Credit Union League
Site: http://www.lcul.com/
Phone: 800-452-7221
824 Elmwood Park Blvd Suite 200 Harahan, LA 70123

Louisiana Department of Financial Institutions
Site: http://www.ofi.state.la.us/
Phone: (225) 925-4660
8660 United Plaza Boulevard, Suite 200
Baton Rouge, LA 70809-7024

Louisiana Mortgage Lenders Association
Site: http://www.lmla.com/
Phone: (225) 218-9746
2561 CitiPlace Ct Ste 750-177 Baton Rouge, LA 70808

Housing Agency and Program Information

Louisiana Housing Corporation – offer a number of home buyer assistance programs including first time home buyers.
Site: http://www.lhfa.state.la.us/
2415 Quail Drive
Baton Rouge, LA 70808
225-763-8700

Alexandria Housing Authority
Site: http://alexhousing.org
2558 Loblolly Lane
Alexandria, LA 71303
318-442-8843

Shreveport Housing Authority
Site: http://www.shvhousauth.com/
2500 Line Avenue
Shreveport, LA 71104
318-227-8174

Types of Fixed Rate Mortgages Posted in the Rate Tables and Why to Consider Each One

  • 30 Year Mortgage – Most popular option in today’s marketplace. Loan is amortized over the course of 30 years (360 months) which keeps monthly principal and interest payments lower than shorter term fixed rate solutions. Interest paid over the life of the loan will be considerably higher than 10, 15, and 20 year financing products.
  • 20 Year Mortgage – Repayment is made over 20 years (240 months). Can be a good option for people who are worried about committing to the higher payments associated with 15 year mortgages but do not want to take on the longer repayment period and higher interest of a 30 year home loan.
  • 15 Year Mortgage – Second most popular fixed rate product after 30 year financing. Repaid over 15 years (180 months). Note rates are usually lower than what a home buyer or homeowner would get with a 30 or 20 year mortgage. On the flipside, monthly payments are higher as the repayment period is cut in half. Interest savings can be significant when measured against longer term fixed rate products.
  • 10 Year MortgageShortest fixed rate mortgage program advertised in the rate tables. For those who can afford higher monthly payments, 10 year fixed rate financing can lead to considerable interest savings versus 30, 20, and 15 year home loans.