You might be moving to Louisiana from another state or buying your first home in Louisiana. No matter what, you should learn about Louisiana home loans before you look for a house and a mortgage. This article tells you what you need to know before buying a home in Louisiana:
After Hurricane Katrina hit Louisiana in the summer of 2005, the whole state was able to get help from the government. Most of the damage, though, was in the southern half of Louisiana. As people who had to leave their homes rushed to buy new ones in the parts of Louisiana that weren't damaged, prices went up by 20%.
The median value of a home in Louisiana is $85,000. However, this number is likely to go up because home prices have gone up since Hurricane Katrina. New homes built in areas that were damaged are likely to be worth a lot more than they were before the damage. Also, the interest rates in Louisiana are higher than the national average right now.
State law in Louisiana says that home equity lines of credit can't be given out. It stops adjustable-rate mortgages and fixed-period adjustable-rate mortgages from having prepayment fees and lower rate options. Louisiana also has a law called the Residential Mortgage Lending Act. This law tells mortgage companies how they can lend money and is meant to stop predatory lending.
