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Louisiana Mortgage - What You Need to Know Before Buying a Home in Louisiana |
Maybe you’re buying your first home in Louisiana,
or perhaps you’re relocating to Louisiana from
another state. Either way, it’s important that
you educate yourself on Louisiana home loans before
shopping for a home and mortgage. This article explains
what you’ll 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.
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