A study from Smart Asset (smartasset.com) recently discovered Stephens County ranks fourth in Oklahoma for the best locations to get a mortgage.
According to data obtained through research from smartasset.com, loan funding rates in Stephens County sit at 65.49 percent with five year borrowing costs at $77,442 and property taxes at $8,660. On an annual basis, mortgage payments range in the $14,857 range, leaving Stephens County with a 66.80 score on the best mortgage markets index.
“Home to plains, mountains, forests and lakes, Oklahoma is full of stunning vistas. Oklahoma’s capital, Oklahoma City, houses the National Cowboy & Western Heritage Museum, along with a vibrant dining and nightlife scene,” states Smart Asset. “Oklahoma mortgage rates are, historically, above the national average. However, current 2016 mortgage rates are just a bit below the national average.”
According to smartasset.com, methodology used to obtain this information observed four factor related to purchasing a mortgage. They include overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.
“For many people buying a house means securing a mortgage,” the site states. “To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20 percent down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We 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.
“Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage,” the study reads.
The top three counties in the state with the best mortgage markets include Harmon County, Custer County and Kingfisher County. Trailing behind Stephens in fifth place is Greer, Oklahoma, with Tillman and Kiowa taking places behind it. Garfield, Payne and Okfuskee make up the remainder on the list of top ten mortgage markets in Oklahoma.
For more information on the study, visit https://smartasset.com/mortgage/oklahoma-mortgage-rates?year=2017#oklahoma.