Where’s the best place to get a mortgage?

by Ryan Smith07 Feb 2017
Borrowers in the Sunshine State are in some of the best positions when it comes to getting a mortgage, according to a new study.

Six of the top 10 best counties to get a mortgage are located in Florida, according to a study by financial information firm SmartAsset. Two more are on the opposite coast, in California.

SmartAsset determined the best places to get a mortgage by examining four factors: overall borrowing costs, ease of getting a mortgage, property taxes and annual mortgage payments. The company based annual mortgage payments on the annual principal and interest payments for a $200,000 loan.

Sumter County, Fla., took the top spot. In the Central Florida county, the annual mortgage payment on a $200,000 is $14,639, and the loan finding rate is 71.58%. Walton County, Fla., took the number two spot. Also making the top 10 were Okaloosa County, Fla. (4), Collier County, Fla. (6), Santa Rosa County, Fla. (8), and Indian River County, Fla. (10).

On the other coast, San  Mateo, Calif., and San Francisco, Calif., were fifth and seventh, respectively.

Want a look at SmartAsset’s interactive map of the country’s mortgage markets? Click here.

Did your county make the list? Here are the nation’s top mortgage markets, according to SmartAsset:
 
Rank County Loan funding rate 5-year borrowing cost Property tax Annual mortgage payment
1 Sumter, Fla. 71.58% $77,755 $12,615 $14,639
2 Walton, Fla. 60.97% $77,755 $7,156 $14,639
3 Jackson, Mo. 65.05% $76,189 $18,131 $14,857
4 Okaloosa, Fla. 61.75% $77,755 $9,665 $14,639
5 San Mateo, Calif. 67.92% $77,171 $9,085 $14,688
6 Collier, Fla. 61.31% $77,755 $9,920 $14,639
7 San Francisco, Calif. 66.61% $77,171 $8,842 $14,688
8 Santa Rosa, Fla. 60.67% $77,755 $10,213 $14,639
9 Washington, Ore. 67.35% $76,700 $15,292 $14,830
10 Indian River, Fla. 62.36% $77,755 $11,749 $14,639
  Nationwide 57.89% $77,762 $13,744 $14,808


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COMMENTS

  • by best deal in town | 2/7/2017 11:49:54 AM

    What a bunch of bs.

  • by Mike | 2/7/2017 12:25:57 PM

    That has to be the dumbest article I have read today.
    Those number have nothing to do with "Where's the best place to get a mortgage?"

  • by Andrew Lugo | 2/7/2017 2:03:00 PM

    A $200k home in San Mateo or San Francisco? According to stats on Trulia, the average price of a 3 bedroom home in San Mateo and San Francisco is $1.006M and $1.5M, respectively. Even if a $200k purchase transaction happened in 2016, there can't be enough of them to be statistically significant. So, are they suggesting that the cost of money for high priced homes, with low LTVs for high value clients with impeccable credit in a hyper-competitive market is comparable to other all other markets? "All" is not equal in this analysis.

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