Collier County ranked No. 6 on a national list of the “Best Places to Get a Mortgage”
SmartAsset, a New York financial technology firm, did the study and rankings, based on four factors:
- overall borrowing costs;
- ease of securing a mortgage;
- cheap property taxes;
- low annual mortgage payments.
It was the third year for the study.
“This is the first time Collier County has made the national Top 10. However, this is the third year in a row they have ranked in the Top 10 for Florida,” said A.J. Smith, personal finance expert and vice president of content at SmartAsset.
“Collier County’s ranking was likely helped by the fact that they outperformed the national averages in each of the study’s categories,” Smith said.
SmartAsset bases its rankings on $200,000 loan after a 20 percent down payment. SmartAsset looks at expected costs over the first five years of the mortgage. The ease of getting a mortgage is determined by comparing the ratio of mortgage applications to mortgage originations in each county.
Annual mortgage payments are based on the average mortgage rates in each county. Based on those criteria Collier County had a loan funding rate of more than 61 percent, five-year borrowing costs of $77,755, annual property taxes of $9,920 and an annual mortgage payment of $14,639.
With home prices rising, Collier County has a shortage of homes under $300,000, so the quoted costs for a mortgage and property taxes might differ widely from the information generated by SmartAsset. Also, the county sees a lot of cash buyers.
Best Places to Get a Mortgage
1 Sumter, Fla.
2 Walton, Fla.
3 Jackson, Mo.
4 Okaloosa, Fla.
5 San Mateo, Calif.
6 Collier, Fla.
7 San Francisco, Calif.
9 Washington, Ore.
10 Indian River
Source: SmartAsset | Naples Daily News | Laura Layden
Need more information on prequalifying for a mortgage? Call or text Kim at 239-776-0093
About The Author
Kimberley Menkhorst
Kimberley Menkhorst is a Naples Realtor and Luxury Home Marketing Strategist, that’s an advocate for both buyers and sellers. Kim loves all aspects of marketing. Creativity, graphic design and strategic thinking are where she excels. As voracious reader and one who loves to research every little detail about every home, product or place, she also has a passion for social media, storytelling, and the business of digital media. Kim’s a Pennsylvania transplant who totally appreciates the weather, restaurants and lifestyle in Naples and wants to help others find their own fulfilling life here. When she’s not working, Kim can be found around town enjoying the tranquility of Naples with her husband Eddie, and two beautiful little girls.Follow Kim on Facebook, LinkedIn and Instagram.