Indiana, Colorado Counties among Most Favorable Places to Get a Mortgage

Best Places to Get a MortgageA blog post shared on MPAMag.com talked about ten counties in the United States that are now considered among the best places for consumers to apply for a mortgage. Not surprisingly, most of the counties that ranked in the top ten are in generally rural parts of the United States, as opposed to flashier metros such as Los Angeles, San Francisco, New York, and others. Five of the top ten counties happened to be concentrated in one state alone.

According to MPA, which cited data from a SmartAsset study, the ten counties chosen were selected as they were singled out among the most likely places where consumers can close a mortgage application, and among those with low mortgage interest rates, low average cost of ownership over the next five years, and low property taxes.

SmartAsset’s “given,” or the data it used to make its borrowing cost calculations, included a mortgage value of $250,000, and a down payment of 20 percent (including closing costs). Using those two as given, SmartAsset analysts took the average mortgage rates in each county, using simple business math to calculate annual mortgage payments based on the yearly principal and interest payments.

A look at SmartAsset’s analytic report shows Wabash, Indiana as the best county for mortgage shoppers to settle down in hopes of qualifying for a home loan. Its origination rate was quite high at 68.08 percent, home expenses estimated at $63,878, property tax at $5,120, and annual mortgage payments at $12,075 – Wabash ranked cheapest in home expenses and mortgage payments, at least among the top ten counties ranked, and that helped it score a perfect 100 on SmartAsset’s Mortgage Markets Index metric.

In fact, Indiana counties took up five of the top ten spots, with Kosciusko (3rd, 92.10), Jasper (5th, 90.00), Montgomery (8th, 88.50), and DeKalb (9th, 88.40) also ranking in the top ten. Origination rates in Kosciusko were at 67.29 percent, home expenses at $64,118, property tax at $8,310, and mortgage payments at $12,123. In Jasper, origination rates were substantially lower at 63.79 percent, but home expenses were at $64,206, property taxes at $6,785, and mortgage payments per year estimated at $12,140.

La Plata, Colorado ranked right in between Wabash and Kosciusko, Indiana as the second-best place for consumers to secure a mortgage. Its origination rate was 66.66 percent, home expenses estimated at $64,955, mortgage payments at $12,125 per year, and property tax only $3,644, by far the lowest estimate in SmartAsset’s top ten list.

All in all, La Plata scored 93.20 on SmartAsset’s Mortgage Markets Index. The fourth-place county was Dare, North Carolina, which scored 90.10 on the Mortgage Markets Index, and boasted of an origination rate of 62.69 percent, home expenses of $64,538, property taxes of $6,015, and mortgage payments of $12,114 a year. And despite finishing only seventh, Jackson, Oklahoma had the highest origination rate among SmartAsset’s top ten counties, edging Wabash with a rate of 68.13 percent.

Other counties included in the top ten that were not covered above include sixth-place Polk, Missouri (89.00) and tenth-place Colbert, Alabama (88.30).

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