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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 london bad credit home mortgage loans

• TD Canada Trust increases home equity line of credit and variable interest rate mortgage rates (CNW Group via Yahoo! Finance)
  TD Canada Trust has increased its home equity line of credit and variable interest rate mortgage rates, effective October 7, 2008. While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.



• Bank of America creates home retention program for Countrywide customers (Banking Business Review)
  Bank of America has announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial customers across the US.



• TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
  TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.



• Banks slash home loan rate (Perth Now)
  THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.



• Rate cut hits home (The Age)
  The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.



• Big interest rate cut tipped (The West Australian)
  Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.



• Interest rate relief but not much (Adelaide Now)
  HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.

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