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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.
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