13 states where the easiest way to refinance a loan and save on a mortgage

If you previously planned to refinance your mortgage, then it's time to do it, and Business insider tells why.

Фото: Depositphotos

Refinancing - this is the process of replacing one mortgage with another, usually bringing more favorable terms and rates. With falling interest rates and the rising cost of many homes between the 2012 and 2018 years, you can get a lower interest rate and lower monthly payments if you refinance.

Comparison site LendingTree loans collected data on states where the chances of refinancing are most favorable. Several states came first. Data analyzes nationwide statistics Mortgage Disclosure Act from 2018 of the year, the analysis of applications for refinancing, the level of their approval, information on the average amount is carried out mortgage state loan and an overall estimate of the cost of housing in each state.

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Utah residents saw the highest approval rates: more than 82% of applicants heard the cherished yes when refinancing. North and South Dakota followed with approval of just over 80%.

But even if you do not live in one of these 13 states, the odds are still in your favor - at the national level, these data show approval of about 75% of applications.

Residents of these 13 states now are the time to think about refinancing.

13. Montana

Montana residents have great benefits from refinancing their home mortgages. In this western state, your refinancing application will be approved in a positive way by more than 75%.

Average loan amount: 223 712 dollars

Refinancing approval level: 77,4%

12. Idaho

Idaho homeowners have a great chance when it comes to savings through refinancing.

Average loan amount: 200 574 dollars

Refinancing approval level: 77,8%

11. Wisconsin

Wisconsin Homeowners Also Have Good Chances to Refinance - 78% of such applications in this state are approved.

Average loan amount: 163 851 dollars

Refinancing approval level: 78%

10. Oregon

Oregon residents face large home loans. But refinancing can help lower your monthly payment.

Average loan amount: 223 712 dollars

Refinancing approval level: 77%

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9. Colorado

Housing prices in Colorado are growing rapidly - overall, homes this year went up by 58% between the 2012 and 2018 years. However, for homeowners, this is an ideal time to refinance.

Average loan amount: 281 363 dollars

Refinancing approval level: 78,4%

8. Iowa

Iowa housing prices are rising, but homeowners see a pretty good chance of approving their refinancing applications.

Average loan amount: 155 541 dollars

Refinancing approval level: 78,6%

7. Minnesota

Minnesota homeowners have a good chance to refinance their homes if they want to lower their monthly payment or get rid of private mortgage insurance.

Average loan amount: 207 420 dollars

Refinancing approval level: 78,6%

6. Massachusetts

The cost of housing in Massachusetts has not increased much. It grew by only 19% between the 2012 and 2018 years. But in a state with an already high cost of living, refinancing can help lower monthly bills.

Average loan amount: 302 486 dollars

Refinancing approval level: 78,8%

5. Nebraska

In Nebraska, 78,8% of homeowners are considering their refinancing applications.

Average loan amount: 161 506 dollars

Refinancing approval level: 78,8%

4. Washington

Average loan amount: 299 509 dollars

Refinancing approval level: 79,3%

3. South Dakota

South Dakota is the third most likely to approve mortgage refinancing, with more than 80% of lenders claiming the cherished yes.

Average loan amount: 182 069 dollars

Refinancing approval level: 80,1%

2. North Dakota

North and South Dakota are number one on this list, but North Dakota has a slight edge in refinancing applications. During the period from 2012 to 2018, the cost of houses in this state increased by more than 60%, which gives homeowners a unique opportunity for refinancing.

Average loan amount: 192 419 dollars

Refinancing approval level: 80,5%

1. Utah

Utah Homeowners Top State List with Highest Refinancing Approval - more than 82% approved in this state.

Average loan amount: 248 151 dollars

Refinancing approval level: 82,4%

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