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The Best Rates Among Louisiana Mortgage Lenders
Choose one of the lenders below or find out which companies were our top picks for a mortgage in the state. The best mortgage rates among Louisiana's top lenders were provided by direct lenders and smaller financial institutions. But relying on rates alone isn't enough information to get an accurate picture of a lender. Other factors to consider include accessibility, product options, and additional fees such as closing costs, underwriting costs and insurance. Below, we evaluated dozens of lenders to find the best options in Louisiana for different types of borrowers.
Best Mortgage Lender for First-Time Homebuyers: Bank of America
For first-time buyers, Bank of America may be your best option. Although this lender requires a 5% down payment for its estimates, it has the lowest rates and monthly payment and provides thorough resources on buying a home. If you can't afford a 5% down payment, the lender offers an Affordable Solution Loan with only 3% down.
First-Time Purchase Mortgages in Louisiana
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.38%||4.93%||$1,042||5.0%|
Estimates for a $200,000 mortgage with a minimum down payment and 740 credit score.
Bank of America is a good choice not only for its low rates but also works well if you want to complete your mortgage process online. For Louisiana homebuyers, it stands out as more of an online lender than a brick-and-mortar company since there are no BOA locations within the state. Nevertheless, Bank of America provides multiple online tools to assist you in finding the best loan for your circumstances.
If you would rather have the option of going to a branch to discuss the mortgage process in person, Chase would be the best alternative. Wells Fargo and Quicken Loans do not have branches in Louisiana and charge higher APRs than Bank of America. Due to the high rates at Chase, we also recommend seeking lower rates from banks in your area if you prefer to have access to a branch.
Best Online Mortgage Lender: Guaranteed Rate
Guaranteed Rate is a great option to consider for homebuyers looking for an affordable online mortgage lender. With that said, Guaranteed Rate is best for borrowers with good credit history and a stable income, since it requires credit scores of at least 620 for conventional loans and can be selective based on income.
Guaranteed Rate Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I||Credit|
|30 Year Fixed||4.50%||4.60%||$811||$500|
|15 Year Fixed||3.88%||4.05%||$1,174||$100|
|30 Year VA Fixed||4.63%||5.02%||$823||$1,600|
|5 Year ARM||4.25%||4.98%||$787||$300|
Estimates for a $200,000 mortgage with a 20% down payment and 740 credit score. The APR and monthly costs for adjustable-rate mortgages (ARMs) can increase based on changes in the index rate.
Guaranteed Rate provides transparency and ease through its website. Getting a quote is simple, and you can tailor your loan options based on whether you prefer a low rate, a low monthly payment or a short loan term. If you do need additional guidance, you can refer to the knowledge center or call a loan expert.
Based on our experience and countless online reviews, Guaranteed Rate offers knowledgeable loan experts that help you find the best loan from the details you provide. It ranks well on J.D. Power's survey of consumer satisfaction, with a rating higher than most primary mortgage lenders in 2017. Furthermore, Guaranteed Mortgage has significantly lower complaints in relation to mortgage originations than most large mortgage lenders based on data from the Consumer Financial Protection Bureau (CFPB).
Best Lender for In-Person Service in Louisiana: Chase
With more than 150 branches in the state, Chase landed as our top choice for in-person service for Louisiana homebuyers. It is the most convenient lender for borrowers who prefer to discuss the mortgage process with a professional at a local branch.
Mortgage Products at Chase
|Loan Type||Rate||APR||Monthly Payment||Points|
Estimates for a $200,000 mortgage with a 20% down payment and 740 credit score.
In addition to operating multiple locations in Louisiana, Chase has earned better ratings in customer service, according to the CFPB, than other large banks and has a higher J.D. Power ranking than Wells Fargo. If you already bank at Chase, taking out a mortgage with the lender makes it easier to keep track of your accounts and manage payments. However, if you are offered a much lower rate at another reputable institution, you should consider the alternative despite the convenience of Chase.
Best Lender for a VA Home Loan: Navy Federal Credit Union
As a credit union lender, Navy Federal Credit Union offers low mortgage rates and impressive assistance for active service members, veterans and their immediate family members.
Best VA Lenders in Louisiana
|Lender||Rate||APR||Monthly P+I||Estimated Fees and Points|
|Navy Federal Credit Union||3.75%||4.05%||$926||$9,850|
|Wells Fargo||4.63%||4.84%||$1,050||$8,536 (includes closing costs)|
Estimates for a 30-year fixed-rate VA mortgage of $200,000 to $225,000 with a 0% down payment, a 2.15% to 3.30% VA funding fee, and a credit score of 740.
Along with low rates for VA loans, Navy Federal Credit Union also gives borrowers educational tools with multiple articles about navigating the homebuying process, understanding mortgages and learning the essentials for homeownership. If you need a real estate agent, Navy Federal allows members to use its RealtyPlus program, which gives you access to agents who are experienced in finding homes for veterans. And to ensure you are getting the lowest rate, Navy Federal pledges to match lower rates quoted from other accredited mortgage lenders or deposit $1,000 into your bank account after closing.