Getting the Best Mortgage Rates in Louisiana (10-15-30-Year Fixed, 5/1, 7/1 ARM)

With a vibrant culture and plenty of country, urban, and small-town settings to choose from, Louisiana has a little bit of something for every homeowner.

Perhaps the biggest advantage of home ownership in Louisiana is that houses tend to be much more affordable in comparison to the rest of the country.

According to Investopedia, the median price of a home in Louisiana was $154,000 in 2016, coming in far below the national median of $200,000.

For those in search of an affordable home with a unique array of landscape options, when combined with affordable Louisiana mortgage rates, a house in Louisiana could be a great fit.

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Which Louisiana City Are You Located in?

When it comes to finding the best Louisiana mortgage rates, there are plenty of factors to consider. For many Louisiana mortgage companies, the location of the home will play a large role in what type of mortgage rates in Louisiana are available.

This means that homes in New Orleans, Baton Rouge, Lafayette, Shreveport, Alexandria, and other cities could have varying Louisiana mortgage rates based on the city, neighborhood, and the condition of the home itself.

While searching for the best mortgage rates in Louisiana, it may be worthwhile to explore whether a neighboring city offers a better Louisiana mortgage rate to make your personal path to homeownership more affordable over the long run.

See the table below for a list of some of the largest cities in the state offering a wide range of Louisiana mortgage companies. 

Top Colorado CitiesPopulation (2016)
New Orleans394,495
Baton Rouge227,715
Lake Charles76,848
Bossier City68,485
St. Bernard Parish45,408

Source: Google

Key Requirements for Buying a House in Louisiana

Before you apply for a Louisiana mortgage, you’ll want to ensure that you complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost (there might be additional expenses that you’ll need to pay)
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for Louisiana mortgages before choosing between the best mortgage rates in Louisiana for you.

louisiana mortgage rates

New Orleans, LA

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Good, Great, or Excellent Credit Score for a Louisiana Home Loan

Most Louisiana mortgage companies that provide competitive mortgage rates in Louisiana use a FICO score to determine if a borrower is creditworthy or not.

FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.

When applying for Louisiana mortgages, a borrower’s FICO score generally falls into one of these categories:

  • 300 – 629 is considered “Bad”
  • 630 – 689 is considered “Fair”
  • 690 – 719 is considered “Good”
  • 720 – 850 is considered “Excellent”

For an overview of the average FICO score from 2005-2015, see the table below. According to CNBC, the average score for 2017 is 700.

Average FICO Score

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Conclusion – Finding a Top Mortgage Loan for a Home in Louisiana

When it comes to obtaining a Louisiana home loan, browsing through floor plans and amenities is only one part of the equation—the real work comes from evaluating Louisiana mortgage rates and terms from the top Louisiana mortgage companies.

It might be tempting to sign up for the first affordable Louisiana mortgage rate or refinance rates in Louisiana that you find, but it’s important to look at multiple mortgage rates in Louisiana to ensure that you are getting the best deal.

Having an affordable, manageable Louisiana mortgage rate is determined not just by your monthly payments, but also by interest rates and terms, so don’t be afraid to shop around until you find the best Louisiana mortgage for your financial needs.

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