Lafayette 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
Lafayette Parish Real Estate Market Update
Lafayette Parish, Louisiana, has a dynamic real estate market with a median home price of approximately $279,100 as of October 2024. This represents a 4.6% increase year-over-year, indicating a growing market. Homes in Lafayette typically sell for about $230,000, suggesting a competitive environment for buyers and sellers alike.
The parish is home to several notable cities, including Lafayette, the largest city with a population of around 126,000. Other significant cities include Broussard, with a population of approximately 13,000, and Carencro, which has about 9,000 residents. These cities contribute to the vibrant cultural and economic landscape of the parish.
Living in Lafayette Parish offers a blend of suburban and rural experiences, with a rich cultural heritage rooted in Cajun and Creole traditions. The area is known for its agriculture and oil industries, providing diverse employment opportunities. The parish attracts new residents due to its affordable housing, cultural festivals, and educational institutions, making it an appealing destination for those seeking a balance of suburban comfort and cultural richness.
2025 Mortgage Loan Limits:
Lafayette 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
Lafayette 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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