The American Dream: a good job, family and the cornerstone of the dream – home ownership.
Depending on where you want to live, you can run into obstacles that could hurt your chances for obtaining a mortgage.
SmartAsset, a financial technology company that offers online personal finance advice, has released a study on the best places in Michigan where home buyers were likely to be approved for a mortgage. The study took into consideration loan funding rates as well as borrowing costs, property taxes and mortgage payments.
Ingham County ranked in the top 10 of the listings, with a 66.46 percent loan funding rate.
Ranking first on the list is Ottawa County, Michigan, with 68.92 percent, followed by Kalamazoo, Keweenaw, Kent, Livingston, Oakland, Washtenaw and Clinton counties. Rounding out the top 10 was Isabella County.
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 technology company then calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county and based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.
SmartAsset ranked locations on four factors and averaged, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.
Ingham County was not listed in the SmartAsset’s rankings from 2015-2018, according to the website.