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Sumter, Fla., is the best place in the country for a borrower to get a mortgage<\/a>, according to a new study by SmartAsset.<\/p>\n Read more<\/strong>: Buyers Stuck on Down Payment Confusion<\/span><\/a><\/p>\n<\/blockquote>\n SmartAsset\u2019s study considered four factors to pinpoint the best places in the country to get a mortgage: overall borrowing costs, ease of securing a mortgage, affordable property taxes, and affordable annual mortgage payments.<\/p>\n Borrowing costs were analyzed by factoring in expected costs over the first five years of a $200,000 mortgage with a 20 percent down payment, which included closing costs. Annual mortgage payments reflect the annual principal and interest payments for a $200,000 loan<\/a> in that location.<\/p>\n The following 10 cities ranked highest in SmartAsset\u2019s study (listed<\/a> below with only the loan funding<\/a> rate and annual mortgage payment):<\/p>\n How can your buyers score a better mortgage rate? SmartAsset researchers say the key is to shop around and compare mortgage rates carefully. Don\u2019t let your buyers just fall for a bank\u2019s advertisement, which often touts the lowest possible available loan rate \u2013 a rate many borrowers don\u2019t qualify for. Lenders<\/a> charge borrowers different rates based on the borrower\u2019s credit so it\u2019s important to shop around and compare.<\/p>\n Also make sure to let buyers know that although a 20% down payment loan was used in this particular study, there are many banks who offer<\/a> low down payment options<\/a> for home shoppers.<\/p>\n Visit SmartAsset to view an interactive mortgage map<\/a>, in which you can scroll over your county to find how easy it is for securing a mortgage.<\/p>\n Source: \u201cThe Best Places to Get a Mortgage<\/a>,\u201d SmartAsset (2017)<\/em><\/p>\n<\/div>\n<\/div>\n [ad_2]\n
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