Louisiana Loan Guide

It is harder to get a loan these days than it has been in years. Lenders are looking for the lowest risks, and that means you have to have a high credit score along with meeting other qualifications. For many people who have been caught by the credit crunch, refinancing or getting their loans modified may be the only way to get out from under mounting debt. In all of these situations, though, there are government programs available to help you get into a home or keep the one you have.

Louisiana Home Loans

Applying for home loans in Louisiana can be confusing. you need t know the differences between fixed and adjustable rates, but you also need to understand how the length of a mortgage, called a term, will affect the amount of interest you have to pay on the loan, and how that affects your monthly payments. A home purchase is a big step for most people, and not one that should be undertaken without doing a lot of research first.

Louisiana Refinancing and Restructuring

Loan modification programs sponsored by the federal government are available in all states, including Louisiana. These programs allow those who purchased high-end, high interest loans from companies such as Fannie Mae to convert to fixed, lower interest rate loans. While they are not, strictly speaking, refinancing, this type or loan restructuring is generally classified with traditional refinancing.

Louisiana Home Equity Loans

If you have accrued some equity in your home, you can get a loan that can be used to pay down escalating credit card debt. Most lenders are going to be looking for higher than average credit scores, but will be willing to accept lower ones if you have more than 10% accrued. Be careful not to take out a home equity loan for things like a vacation in Las Vegas, concentrating instead on important issues, such as a home addition or college tuition.

Louisiana Mortgage Tips

Your credit score and capital on hand are two of the most important qualifications for getting a mortgage loan. With a credit score of 680 or higher you will get a more favorable decision from lenders, and being able to put 1% to 3% down on the home can lower your interest rate and thereby bring down the cost of your monthly payments.

Louisiana Helpful Links

HUD Louisiana
Louisiana Home Finance Agency
Louisiana Homeowners Assistance

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