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.
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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.