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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 mortgage refinance bad credit loans california debt
- Stuck with a subprime? Refinance with VA - Navy News, opinions, editorials, news from Iraq, photos, reports - Navy Times (Navy Times)
Stuck with a subprime? Refinance with VA Department of Veterans Affairs officials said Friday that they are ready to use new refinancing authority to help veterans with high-interest subprime mortgages refinance into safer, lower-interest veterans? home loans.
- Before you sign up for new mortgage program, make sure you understand the deal (The Standard-Times)
For homeowners who are trying to renegotiate their loans under the government's new HOPE for Homeowners program, please read the paperwork carefully, because once again you'll be stuck with a costly mortgage deal.
- Other woes makes foreclosure crisis hard to break (Las Vegas Sun)
Sun, Oct 26, 2008 (11:42 a.m.) Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners.
- Mortgage Applications Slip To Near 8-Year Low (Nasdaq)
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume slid more than 16 percent last week, despite a decrease in average interest rates across the board.
- Other woes makes foreclosure crisis hard to break (AP via Yahoo! News)
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure.
- Foreclosure crisis vexes government (AP via Yahoo! Finance)
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners.
- Have a mortgage, loan linked to LIBOR? Brace yourself now (The Clarion-Ledger)
The London Interbank Offered Rate, or LIBOR, sounds like one of those funny British idiosyncrasies, like warm beer or the royal family. But if you have an adjustable-rate mortgage or a student loan tied to the LIBOR, you will not be amused by what's been happening to this index in recent weeks.
- Other woes makes foreclosure crisis hard to break (KATU Portland)
The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had predicted a year ago.
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