Bossier Parish among top 5 places in Louisiana to get a mortgage

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According to a recent study by SmartAsset, Bossier Parish ranked among the top 5 places in Louisiana to get a mortgage.

The New York financial technology company’s study compared the likelihood of mortgage approval by county in addition to mortgage rates, average five-year borrowing costs, and property taxes.

Using these metrics, Bossier ranked No. 4 in the state.

To calculate the overall borrowing costs, SmartAsset looked at the expected costs over the first five years of a $200,000 mortgage with a 20 percent down payment, including closing costs. The ease of getting a mortgage was calculated as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each parish. Annual mortgage payments were based on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Those four factors were then averaged, giving equal weight to each factor. 

Bossier had a loan funding rate of 63.55 percent, $84,424 5-year borrowing cost, property tax of $7,177, and annual mortgage payment of $16,132. This gave it a 47.86 ranking on the SmartAsset index.

Avoyelles Parish ranked No. 1 with a 48.56 ranking. The only other north Louisiana parish to rank in the top 10 was Lincoln Parish at No. 2.

You can view the full report by clicking here.