Evangeline Parish, Louisiana
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1 Platform, 6 Refinance Alerts
01
Alert for Lower Rates
02
Alert for Cash Out
03
Alert for Shorter Term
04
Alert for Eliminating PMI
05
Alert for Product Changes
06
Alert for Changes in Home Value
Evangeline Parish Real Estate Market Update
Evangeline Parish in Louisiana has seen a decline in its real estate market, with the median home price dropping to $115,000 in September 2024, a decrease of 6.2% from the previous year. Homes in the area typically sell after 52 days on the market, which is significantly longer compared to last year. The median sale price per square foot is $54, reflecting a 12.9% decline year-over-year.
The largest city in Evangeline Parish is Ville Platte, which serves as the parish seat and has a population of approximately 6,303 as of the 2020 census. Other notable cities include Mamou and Basile, each contributing to the parish's overall population of around 31,475 in 2024.
Evangeline Parish offers a predominantly rural lifestyle, with a significant portion of the area dedicated to agriculture and farming. The local economy is supported by industries such as agriculture, forestry, and fishing. The parish's rural charm and affordable housing may attract those seeking a quieter, more laid-back lifestyle away from urban centers. Migration patterns often include individuals and families moving from larger cities in search of more space and a closer connection to nature.
2025 Mortgage Loan Limits:
Evangeline Parish, Louisiana
1 Unit
$806,500
Conforming Loans
$524,225
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$671,200
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$811,275
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,008,300
FHA Loans
Questions About Refinancing in
Evangeline Parish
What is mortgage refinancing?
Refinancing is the process of replacing your current mortgage with a new one, often to secure a lower interest rate or change the loan terms.When should I consider refinancing?
Consider refinancing when interest rates drop, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.How much does it cost to refinance?
Refinancing costs typically range from 2% to 5% of the loan amount, including closing fees, appraisal, and title fees.How long does the refinancing process take?
The refinancing process usually takes between 30 to 45 days, but this can vary based on lender efficiency and document preparation.What are the benefits of refinancing?
Refinancing can lower your monthly payments, reduce interest rates, shorten loan terms, or allow you to tap into home equity.What is cash-out refinancing?
Cash-out refinancing allows you to take out a new loan for more than your current mortgage balance and receive the difference in cash.Will refinancing hurt my credit?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but the impact is usually minor and short-term.Can I refinance with bad credit?
It may be harder to qualify, but some lenders offer refinancing options for people with lower credit scores, though they often come with higher interest rates.How much equity do I need to refinance?
Most lenders require you to have at least 20% equity in your home to qualify for refinancing, though some programs may allow for lower equity percentages.Is it possible to refinance a rental property?
Yes, you can refinance an investment or rental property, though the terms and interest rates may be different compared to refinancing a primary residence.
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