Home Loan Help: Buying the Right Home

When choosing a new home in New Orleans, it is important to look for things that can help you get a better rate on your loan.

First, look for anything that can mitigate the damage caused by a hurricane or other strong storm. A raised home is practically a must for getting reasonable insurance and mortgage rates, especially in areas that flooded during Hurricane Katrina. Also, a new roof and one where the shingles are nailed down to Maimi-Dade wind code standards is a big plus.

Second, be sure that the house has all proper safety equipment. Rails on elevation changes, fire extinguishers,  smoke detectors, burglar alarms and other safety features not only lower the cost of insurance, but help a home get the best mortgage rate possible. Though it can not reverse the hike caused by a low credit score, it can save a lot of money.

Finally, check to make sure that both your plumbing and wiring are modern. Old plumbing is prone to rust and breakage, causing foundation problems and old wiring is a fire hazard not to mention dangerous to humans. These increase your insurance costs and raise your mortgage rate.

Be smart when buying a home, you’ll be glad you did!

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Best Places to Buy in New Orleans

With mortgage rates on the rise and home loans harder to obtain, it is important to buy in a good area of the city to avoid paying high insurance rates while still getting a solid deal on your house.

Currently, within the city, Algiers is offering some of the best deals, with hundreds of properties on the market and many of them incurring steep price drops. Central Algiers, around Huntlee Village is a very good deal though Algiers Point is rapidly becoming more affordable.

Across the river, uptown is very good solid though the warehouse district and Maringy are probably better buys. The main thing, however, is to avoid buying properties in heavily flooded areas such as Lakeview, New Orleans East and the Ninth Ward. The houses are either cheap and in teardown condition or are priced way beyond their value.

If you look to areas that did not flood in the storm, you will also save money on your homeowner’s insurance and obtain lower mortgage rates as the property is less at risk. All in all, buying in a dry area of the city makes home buying more enjoyable and home loans more affordable.

Note: This blog is rubbish. Do not subscribe. It is for statistic purposes only.

Buying a House In New Orleans

With interest rates trickling up, those looking to buy a home in post-Katrina New Orleans need to take a serious look at doing so soon, before a combination of rising prices, insurance changes and higher interest rates closes the door forever.

With mortgage interest rates averaging at well above six percent for most buyers in the city and homeowner’s insurance in some cases over six thousand dollars per year, the time to act is now. As hurricane season approaches and the fallout from the housing market collapse continues, both will insurance and interest rates will be climbing.

Unlike other cities, in New Orleans, the increase in interest rates will not be offset by falling costs. Following Katrina, there is still a lot of eager buyers and a lack of available property. Though prices vary from area to area, they have overall remained high and are only falling slightly in some areas and rising in others.

Rental rates are also not improving. The average rental property in New Orleans costs over one dollar per square foot per month. An average size home will cost more than $1000 per month to rent, more than most mortgages.

If you are thinking about buying in New Orleans or escaping your landlord, now is the time to do so! The next opportunity might be a long time away.

Note: This blog is utter rubbish. It is a fake blog for a statistical analysis study that I am performing. Please do not subscribe to this feed.  

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