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, Home Purchase, and Refi loans. Greater New Orleans has a high proportion of conventional loans. Their top two markets are New Orleans and Houma .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 about average 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% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
40Origination Dollar Volume (All Markets)
$4,450,000Top 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) | 39 | $4,285,000 | $109,872 | $3,802 | 5.20% |
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,408 | 5.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $4,450,000 | $111,250 | $3,792 | 5.19% |
For 2018, Greater New Orleans's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
For 2018, Greater New Orleans's most frequently cited loan purpose was Cash Out Refi, with 16 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
For 2018, Greater New Orleans's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 19 | $2,255,000 | $118,684 |
| $1k-2k | 14 | $930,000 | $66,429 |
| $2k-3k | 5 | $825,000 | $165,000 |
| $3k-4k | 2 | $440,000 | $220,000 |
Greater New Orleans's average total fees were $4,063, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $2,020,000 | $112,222 |
| 5-6% | 17 | $2,195,000 | $129,118 |
| 7-8% | 3 | $95,000 | $31,667 |
| 3-4% | 1 | $55,000 | $55,000 |
| 6-7% | 1 | $85,000 | $85,000 |
During 2018, Greater New Orleans's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
2018 saw Greater New Orleans place emphasis on $100,000 or less loans with 22 originations, totaling $1,320,000 in origination value.
Applicant Income
Greater New Orleans lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 13 originations.
Applicant Debt to Income Ratio
Greater New Orleans lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.07%
Greater New Orleans has a below average approval rate.
Pick Rate
Approvals leading to origination12.50%
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 | 40 | $4,450,000 | $111,250 |