Get a Low Rate Mortgage in Baton Rouge, LA Without the Hassle
If you’re looking to purchase a home in Baton Rouge, Zachary, Baker, Denham Springs, Central, Prairieville, Gonzales, Brusly, or any other area in the area we can help!
Trying to pick a mortgage company can be a frustrating and confusing process. There are so many different options so it can be difficult to decide.
When it comes to picking the right mortgage company you’ll have to search through banks, mortgage lenders, mortgage brokers, and credit unions. To determine which one you should use you need to answer a few important questions:
1.Who is the most responsive and easiest to reach?
The last thing you want to deal with on such a large purchase is a loan officer you can never reach. Do you really want to spend hundreds of thousands of dollars to use a chatbot or email? You need to be able to reach your lender.
2. Who offers the best terms?
The best terms mean interest rate, monthly payment, and closing costs (or cash to close). Anyone can show you a low rate but make up for it by charging you points and increasing your closing costs.
3. Do they have access to multiple lenders?
The ability to shop around for different lenders can be very time-consuming. Calling them, sending your paperwork to each of them, and having them each pull your credit.
It’s a lot. If you work with a mortgage broker, they can shop multiple lenders for you to ensure you get the best deal.
If you’re shopping for mortgage companies in Baton Rouge, chances are you want to learn about which loan program is right for you.
Check out each loan program below to see what your options are.
An adjustable rate mortgage is a home loan with an inital rate that’s fixed for a specified period then adjusts.
A FHA mortgage is a home loan insurance by the Federal Housing Administration. FHA Loans offer low down payment and flexible credit requirements
VA Mortgage are backed by the Department of Veterans Affairs and are available to military members and veterans.
USDA Rural Development Mortgage is a home loan back by the United States Department of Agriculture and offers loans with no down payment requirement.
Buying a house for the first time can be frustrating and confusing. There are so many different options AND rules! And there are even more questions:
We hear these questions every day from homebuyers just like. Don’t settle for working with a mortgage lender who only tells you WHAT to do but never explains WHY you need to do it. Be careful that you don’t get stuck working with someone who won’t teach you about the process so YOU can make the best decision for yourself (or your family).
One of the ways we can help you get your questions answered is through our Baton Rouge First-Time Home Buyer Guide. If you’d like to get your questions answered, but at your own pace, check it out
So now that you know a little bit more about getting a mortgage you are ready to talk with an expert. What are the steps to getting pre-approved for a mortgage in Baton Rouge?
The minimum credit score to purchase a house is going to depend on which loan program you go with. If you have at least a 580 credit score you should be able to qualify for zero or low down payment programs. Veterans can qualify with credit scores as low as 500 (or lower)
The minimum down payment for a mortgage depends on which loan program you use. There are $0 down programs as well as low down payment programs which require 3% to 3.5% down.
Closing costs on your mortgage will run between 2% to 5% of the purchase price of your house. Lower purchase prices will be closer to 5% and higher purchase prices will be closer to 2%.
Yes! Baton Rouge has many first-time home buyer programs including USDA Rural Development, CAFA housing grants, VA Loans, and FHA. There are also many down payment assistance programs available.
Bayou Mortgage is a Mortgage Broker NMLS # 1845349 Equal Housing Lender