Greater New Orleans Mortgage Rates, Fees & Info

Metairie, LA

LEI: 549300MUEGVFZ2155D91

Tax ID: 72-0395682

5 stars - Updated: 10/13/24 - out of 5 stars, based on 6 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Greater New Orleans is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Greater New Orleans has a high proportion of conventional loans. Their top (well, only) market is New Orleans.

Greater New Orleans has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Greater New Orleans is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.22% 10/13/24
30 Year Conventional Refi 6.27% 10/13/24
30 Year Cash-out Refi 6.27% 10/13/24
15 Year Conventional Refi 5.68% 10/13/24
15 Year Cash-out Refi 5.68% 10/13/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Greater New Orleans Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Greater New Orleans. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

35

Origination Dollar Volume (All Markets)

$4,785,000

Awards

GREATER NEW ORLEANS 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Greater New Orleans's average 30 year fixed mortgage rate was 6.81%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.33%.

Relative Fees (Closing Costs)

Greater New Orleans's average total fees/closing costs for a 30 year fixed rate mortgage were $4,022.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 33 $4,395,000 $133,182 $3,901 6.73%
Outside of Metro Areas 2 $390,000 $195,000 $4,106 6.63%
Greater New Orleans's top markets include and New Orleans among others.

Their top states include:
  • Louisiana (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against GREATER NEW ORLEANS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    JEFFERSON FINANCIAL
    Similarity Rank: 80
    GREATER NEW ORLEANS
    Similarity Rank: 100
    Eureka Homestead
    Similarity Rank: 228
    KEESLER
    Similarity Rank: 231
    America's Mortgage Resource, Inc.
    Similarity Rank: 595
    Home Bank
    Similarity Rank: 817
    DSLD MORTGAGE, LLC
    Similarity Rank: 1242
    BankPlus
    Similarity Rank: 1800
    CHEVRON
    Similarity Rank: 2205
    STANDARD MORTGAGE CORPORATION
    Similarity Rank: 2508

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $4,785,000 $136,714 $3,913 6.73%

    For 2023, Greater New Orleans's most frequently originated type of loan was Conventional, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 24 $2,670,000 $111,250 $3,740 6.68%
    Home Purchase 8 $1,680,000 $210,000 $4,324 6.95%
    Refi 3 $435,000 $145,000 $4,199 6.50%

    For 2023, Greater New Orleans's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Home Purchase, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 30 $4,410,000 $147,000 $4,022 6.81%
    15 Year 5 $375,000 $75,000 $3,260 6.25%

    For 2023, Greater New Orleans's most frequently cited loan duration was 30 Year, with 30 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 21 $3,595,000 $171,190
    $<1k 13 $855,000 $65,769
    $4k-5k 1 $335,000 $335,000

    Greater New Orleans's average total fees were $4,022, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 20 $2,620,000 $131,000
    7-8% 8 $1,460,000 $182,500
    5-6% 7 $705,000 $100,714

    During 2023, Greater New Orleans's average interest rate for loans was 6.81%, while their most frequently originated rate bucket for loans was 6-7%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 15 $2,125,000 $141,667 $4,092 6.83%
    $100,000 or less 13 $855,000 $65,769 $3,088 6.36%
    $200k-400k 7 $1,805,000 $257,857 $5,062 7.21%

    2023 saw Greater New Orleans place emphasis on $100k-200k loans with 15 originations, totaling $2,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 14 $1,680,000 $120,000 $3,821 6.52%
    $100k-150k 9 $1,815,000 $201,667 $4,655 7.25%
    $50k or less 5 $355,000 $71,000 $3,114 6.88%
    $75k-100k 5 $765,000 $153,000 $3,899 6.68%
    $150k-250k 2 $170,000 $85,000 $3,255 5.63%

    Greater New Orleans lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $1,165,000 $129,444 $3,478 6.56%
    30-36% 6 $1,050,000 $175,000 $4,786 7.19%
    <20% 4 $380,000 $95,000 $3,565 6.81%
    40% 3 $415,000 $138,333 $3,466 6.88%
    44% 3 $405,000 $135,000 $4,074 6.67%
    46% 2 $330,000 $165,000 $4,369 6.31%
    37% 2 $390,000 $195,000 $4,086 6.56%
    39% 2 $170,000 $85,000 $3,670 6.81%
    42% 2 $240,000 $120,000 $3,868 6.63%
    45% 1 $75,000 $75,000 $3,571 6.25%
    38% 1 $165,000 $165,000 $4,501 6.63%

    Greater New Orleans lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 25 $2,955,000 $118,200 $3,912 6.82%
    White 10 $1,830,000 $183,000 $3,915 6.50%

    Approval Rates

    Total approvals of all applications
    81.61%

    Greater New Orleans has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    65.71%

    Greater New Orleans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 35 $4,785,000 $136,714

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    35 $4,785,000 $136,714

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $400,000 $66,667 $3,110 6.10%
    40-60% 6 $760,000 $126,667 $4,007 6.60%
    60-80% 12 $1,800,000 $150,000 $4,032 7.15%
    80-100% 8 $1,650,000 $206,250 $4,683 6.86%
    Under 20% 2 $100,000 $50,000 $2,813 5.94%