FAQs

It's important to compare only fees set by the lender, which would include things like the credit report fee, origination fee, underwriting fee, processing fee, discount points, admin fee, LLC Review fee, and appraisal fee. Title fees are often selected by you, and the taxes and insurance are not up to the lender. You want to compare the rate, points, and lender fees only. These fees are found in sections A and B of the loan estimate.

So, to make things easy, get your first rate quote. If you are happy with the payment at your target rate, ask other lenders to quote you at that rate so you can easily compare the total lender fees for that option. Have more questions for local mortgage lenders in Metairie, LA? Call us today!

Flex term loans allow you to get a fixed-rate loan for years, something not traditionally found by most lenders. Traditionally, lenders limit loan options to 30, 20, 15, and 10 years. We have lenders that allow us to do loans for any increment you prefer. Say, for example, you did a 20-year fixed commercial loan for a residential investment property. Rates have come down over the last few years in this space. You don't want to go backwards and restart with a new 20-year, and also don't want to jump down to a 15-year fixed. So, we can do more of an apples-to-apples customized loan product that allows you to match the 17 years you have left in your current loan. We're proud to offer flexibility for self employed loans in New Orleans, LA.

Yes, VA loans are assumable, meaning a qualified buyer can take over the seller's existing VA mortgage, including its interest rate, balance, and terms. This can be a major advantage in today's high-rate environment. Our local mortgage lenders in Metairie, LA can help!

A mortgage recast (also called reamortization) is a way to lower your monthly mortgage payments without refinancing with your local mortgage lenders in Metairie, LA. Here's how it works:

1. You make a large lump-sum payment toward your loan's principal.

2. Your lender recalculates your monthly payments based on the new, lower balance.

3. Your interest rate and loan term stay the same; you're just paying off a smaller amount over the same period.

This results in lower monthly payments, less interest paid over the life of the loan, no need for a credit check or appraisal, and a small fee (typically $150-$500).

Only conventional loans qualify (FHA, VA, and USDA loans usually don't qualify).

You must be in good standing with your mortgage payments.

Most lenders require a minimum lump sum (often $5,000-$10,000 or 20% of the unpaid principal balance).

Refinancing a mortgage can be a smart financial move when working with local mortgage lenders in Metairie, LA, but only if the benefits outweigh the costs. A break-even analysis helps you determine how long it will take for the savings from refinancing to cover the costs of doing so. Here's how it works:

To decide when to refinance, you compare your total refinancing costs (closing costs, fees, etc.), monthly savings from the lower interest rate, and find the total refinancing costs and monthly savings.

Great question! Choosing between a 30-year fixed and a 15-year fixed mortgage depends on your financial goals, income stability, and how long you plan to stay in the home. Here's a breakdown from our local mortgage lenders in Metairie, LA to help you decide:

30-Year Fixed Mortgage

Pros:

Lower monthly payments: Because the loan is spread over a longer period.

More flexibility: Easier to manage if your income fluctuates or if you want to invest elsewhere.

Can pay extra: You can always make extra payments to pay it off faster.

Cons:

Higher interest rate: Typically higher than a 15-year loan.

More interest paid over time: Even with a slightly higher rate, the longer term means more total interest.

15-Year Fixed Mortgage

Pros:

Lower interest rate: Usually significantly lower than a 30-year loan.

Less interest paid overall: You build equity faster and save money in the long run.

Faster payoff: You'll own your home outright in half the time.

Cons:

Higher monthly payments: Can strain your budget if income is tight.

Less flexibility: May limit your ability to save or invest elsewhere.

Which Is Right for You?

Ask yourself:

"Do I want lower monthly payments or to pay off the home faster?"

"Is my income stable and sufficient to handle higher payments?"

"How long do I plan to stay in this home?"

"Do I have other financial goals (e.g., saving for retirement, kids' education)?"

Bernard Guste is licensed in Louisiana, but we can work with peers in all states outside of NY and MA. Need help with your self employed loans in New Orleans, LA? Call today! According to Fannie Mae, over 70% of consumers still prefer working with local mortgage lenders or brokers for personalized service.

Our local mortgage lenders in Metairie, LA can do FHA loans as low as $500 with a higher down payment, usually at least 10% down.

A reverse mortgage is a financial product designed for older homeowners (typically age 62 or older) that allows them to convert part of their home equity into cash without selling their home or making monthly mortgage payments. Here's a breakdown of how it works, who qualifies, and what to consider:

You borrow money using your home as collateral. Unlike a traditional mortgage, you don't make monthly payments. Instead, the lender pays you.

You can receive the funds as:

A lump sum

Monthly payments (for a set term or as long as you live in the home)

A line of credit

Or a combination of these

The loan is repaid when:

You sell the home

Move out permanently (e.g., into assisted living)

Or pass away

Your heirs can repay the loan or sell the home to settle the debt with our local mortgage lenders in Metairie, LA!