Greater New Orleans Mortgage Rates, Fees & Info

Metairie, LA

LEI: 549300MUEGVFZ2155D91

Tax ID: 72-0395682

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Greater New Orleans is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Greater New Orleans has a high proportion of conventional loans. Their top markets by origination volume include: New Orleans, Hammond, Baton Rouge, and Gulfport among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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% 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






    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

    54

    Origination Dollar Volume (All Markets)

    $8,260,000

    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) 51 $7,815,000 $153,235 $3,815 4.90%
    HAMMOND, LA (FHA|USDA|VA) 1 $205,000 $205,000 $3,671 4.88%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $135,000 $135,000 $4,599 4.13%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $105,000 $105,000 $2,877 4.25%
    Greater New Orleans's top markets include New Orleans, Hammond, Baton Rouge, and Gulfport among others.

    Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Mississippi (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.

    First Castle Federal Credit Union
    Similarity Rank: 180
    Eureka Homestead
    Similarity Rank: 201
    JEFFERSON FINANCIAL
    Similarity Rank: 400
    GREATER NEW ORLEANS
    Similarity Rank: 516
    America's Mortgage Resource, Inc.
    Similarity Rank: 612
    Home Bank
    Similarity Rank: 722
    Investar Bank
    Similarity Rank: 994
    La Capitol Federal Credit Union
    Similarity Rank: 1064
    DSLD MORTGAGE, LLC
    Similarity Rank: 1484
    CHEVRON
    Similarity Rank: 1740

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 54 $8,260,000 $152,963 $3,809 4.88%

    For 2019, Greater New Orleans's most frequently originated type of loan was Conventional, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 32 $4,260,000 $133,125 $3,716 5.14%
    Refi 10 $1,910,000 $191,000 $4,020 4.69%
    Home Purchase 8 $1,460,000 $182,500 $4,101 4.42%
    Home Improvement 4 $630,000 $157,500 $3,444 4.16%

    For 2019, Greater New Orleans's most frequently cited loan purpose was Cash Out Refi, with 32 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 31 $5,905,000 $190,484 $4,177 5.01%
    15 Year 14 $1,330,000 $95,000 $3,204 4.08%
    20 Year 8 $1,000,000 $125,000 $3,525 5.52%
    10 Year 1 $25,000 $25,000 $3,163 6.75%

    For 2019, Greater New Orleans's most frequently cited loan duration was 30 Year, with 31 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $4,385,000 $132,879
    $1k-2k 11 $1,195,000 $108,636
    $2k-3k 7 $1,655,000 $236,429
    $3k-4k 2 $740,000 $370,000
    $5k+ 1 $285,000 $285,000

    Greater New Orleans's average total fees were $4,177, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 20 $3,590,000 $179,500
    3-4% 16 $2,090,000 $130,625
    5-6% 8 $1,330,000 $166,250
    6-7% 8 $1,040,000 $130,000
    7-8% 2 $210,000 $105,000

    During 2019, Greater New Orleans's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 4-5%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 21 $2,945,000 $140,238 $3,537 4.63%
    $100,000 or less 18 $1,190,000 $66,111 $3,167 5.23%
    $200k-400k 14 $3,680,000 $262,857 $4,818 4.81%
    $400k-600k 1 $445,000 $445,000 $6,963 4.50%

    2019 saw Greater New Orleans place emphasis on $100k-200k loans with 21 originations, totaling $2,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 16 $2,110,000 $131,875 $3,497 5.04%
    $75k-100k 14 $2,030,000 $145,000 $4,076 4.81%
    $50k or less 12 $1,290,000 $107,500 $3,100 4.78%
    $100k-150k 8 $1,910,000 $238,750 $4,579 5.08%
    $150k-250k 4 $920,000 $230,000 $4,710 4.31%

    Greater New Orleans lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $75k-100k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 11 $1,165,000 $105,909 $3,421 4.73%
    20-30% 10 $1,430,000 $143,000 $3,735 4.79%
    30-36% 10 $1,810,000 $181,000 $4,495 5.16%
    41% 5 $965,000 $193,000 $4,055 5.03%
    44% 3 $445,000 $148,333 $3,403 3.79%
    39% 2 $210,000 $105,000 $3,060 4.88%
    37% 2 $250,000 $125,000 $3,745 5.75%
    47% 2 $240,000 $120,000 $2,304 4.00%
    48% 2 $400,000 $200,000 $2,962 4.88%
    43% 1 $235,000 $235,000 $4,443 4.75%
    38% 1 $105,000 $105,000 $3,198 5.00%
    45% 1 $445,000 $445,000 $6,963 4.50%
    46% 1 $155,000 $155,000 $4,792 3.75%
    50-60% 1 $55,000 $55,000 $3,413 6.50%
    40% 1 $155,000 $155,000 $4,758 6.75%
    36% 1 $195,000 $195,000 $3,571 5.00%

    Greater New Orleans lent most frequently to those with DTI ratios of <20%, with 11 originations. The next most common DTI ratio? 20-30%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 31 $4,155,000 $134,032 $3,784 5.16%
    White 21 $3,615,000 $172,143 $3,683 4.45%
    Not provided 2 $490,000 $245,000 $5,539 4.94%

    Approval Rates

    Total approvals of all applications
    85.47%

    Greater New Orleans has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.11%

    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 54 $8,260,000 $152,963

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 54 $8,260,000 $152,963

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $340,000 $56,667 $2,750 4.67%
    40-60% 14 $1,730,000 $123,571 $3,578 5.31%
    60-80% 19 $3,925,000 $206,579 $4,191 4.70%
    80-100% 13 $2,185,000 $168,077 $4,070 4.49%
    Under 20% 2 $80,000 $40,000 $3,288 6.63%