Greater New Orleans Mortgage Rates, Fees & Info
Metairie, LALEI: 549300MUEGVFZ2155D91
Tax ID: 72-0395682
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.22% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
35Origination Dollar Volume (All Markets)
$4,785,000Awards
GREATER NEW ORLEANS - 2023
GREATER NEW ORLEANS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 80
Similarity Rank: 100
Similarity Rank: 228
Similarity Rank: 231
Similarity Rank: 595
Similarity Rank: 817
Similarity Rank: 1242
Similarity Rank: 1800
Similarity Rank: 2205
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
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
2023 saw Greater New Orleans place emphasis on $100k-200k loans with 15 originations, totaling $2,125,000 in origination value.
Applicant Income
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
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 applications81.61%
Greater New Orleans has a below average approval rate.
Pick Rate
Approvals leading to origination65.71%
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 |