SmartAsset,
a New York financial technology firm, did the study and rankings, based on four
factors:
·
overall borrowing costs;
· - ease of securing a mortgage;
· - cheap property taxes;
· - low annual mortgage payments.
It was
the third year for the study.
"This
is the first time Collier County has made the national Top 10. However, this is
the third year in a row they have ranked in the Top 10 for Florida,"
said A.J. Smith, personal finance expert and vice president of
content at SmartAsset.
Collier
ranked eighth in Florida in 2016 and fourth in both 2015 and this year.
"Collier
County's ranking was likely helped by the fact that they outperformed the
national averages in each of the study's categories," Smith said.
SmartAsset
bases its rankings on $200,000 loan after a 20 percent down payment, Smith
said.
SmartAsset
looks at expected costs over the first five years of the mortgage.
The
ease of getting a mortgage is determined by comparing the ratio of mortgage
applications to mortgage originations in each county.
Annual
mortgage payments are based on the average mortgage rates in each county.
Based
on those criteria Collier County had a loan funding rate of more than 61
percent, five-year borrowing costs of $77,755, annual property taxes of
$9,920 and an annual mortgage payment of $14,639.
With
home prices rising, Collier County has a shortage of homes under $300,000, so
the quoted costs for a mortgage and property taxes might differ
widely from the information generated by SmartAsset. Also, the county
sees a lot of cash buyers.
Florida
counties were well-represented on this year's list:
»
Sumter County is the top-ranked spot to get a mortgage in the U.S., beating the
national averages in every category.
» Three
Panhandle counties are in the top 10 nationally: Walton, second; Okaloosa,
fourth; and Santa Rosa, eighth.
» Indian
River County cracked the national list at No. 10.
Lee
County ranked 15th in Florida and 32nd in the U.S.
More
information on the study can be found at smartasset.com/mortgage/mortgage-rates?year=2017#us.
BEST PLACES TO GET A
MORTGAGE
Rank
County
Loan funding 5-year borrowing Property
tax Annual mortgage
rate
costs
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
62.36% $77,755
$11,749
$14,639
Nationwide
57.89%
$77,762
$13,744 $14,808
Source:
SmartAsset
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