Local homebuyers might be happy to know that Centre County earned top marks for getting a mortgage in Pennsylvania.
The county, according to financial website and blog SmartAsset.com, ranks seventh in the state.
Counties secured their ranking based off the likelihood of closing a mortgage application, low mortgage rates, average cost of ownership over five years and property taxes.
The county’s 70.21 percent loan funding rate was second in the state and about 8 percent above average, driving it into the top 10, and property taxes in the county are 13.92 percent below the state average. Five-year borrowing costs and annual mortgage payments for the county were .12 and .19 percent below the state average respectively.
The county ranked 1,537th in the nation.
To calculate overall borrowing costs, the study considered the expected costs over the first five years of a $250,000 mortgage with a 20 percent down payment, including closing costs. The study also calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations in each county. The study also based annual mortgage payments on the annual principal and interest payments for a $250,000 loan in that location, using average mortgage rates in each county.
Counties were ranked based on the four factors with each given equal weight.