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.
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.
On the subject: 31 is a city in the USA where it is cheaper to buy a house than to rent
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%
On the subject: 12 features of life in the US, because of which tourists and immigrants are constantly in an awkward position
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%
Read also on ForumDaily:
14 things to get for free in December
Help one: how a Ukrainian returns to life of drug addicts in the USA
7 scam schemes that can ruin your holiday shopping
The world's most expensive food: Xnumx products that cost a fortune
Subscribe to ForumDaily on Google NewsDo you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.
-
Pros and cons of political asylum in the United States12868
-
Five dangerous mistakes when applying for a green card due to marriage4147
-
15 amazing professions you might not know about1313
-
A way to save in Target, which many do not know1034
-
What you need to know before you go on your first cruise812
-
Breathtaking: Must-Have Places in Southern California467
-
How to Fly Free: 10 Tips385
-
Pros and cons of political asylum in the United States12868
-
Personal experience: who and why you should not move to the USA5614
-
Where in the USA to buy the medicines we are used to: a list of pharmacies5330
-
50 diseases whose presence will increase the cost of health insurance in the USA4329
-
Five dangerous mistakes when applying for a green card due to marriage4147
-
Street, avenue, boulevard or drive: how to understand the classification of US streets and roads1461
-
Personal experience: what not to do in America1402