What to Know Before Buying a Home in New Orleans, LA

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Understanding the New Orleans, LA Housing Landscape

Strongly considering a home purchase in New Orleans? Great idea! You selected a colorful city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers from coast to coast and have the inside scoop on New Orleans's housing scene.

New Orleans's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued cultural expansion and economic growth have helped to attract young families, new businesses, and retirees to the New Orleans area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, New Orleans and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When looking to buy a house in New Orleans, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring New Orleans will also help you get a feel for how homes in east New Orleans differ from west New Orleans, what the neighborhoods are like, and where to find New Orleans's hottest attractions.

Are your finances in the right place to buy a home in New Orleans? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Louisiana or elsewhere. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in New Orleans.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in New Orleans. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for New Orleans averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Move Up and Out: Buying Your Dream House in New Orleans, LA

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like New Orleans, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in New Orleans. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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