SLO County is the best place in California to get a mortgage, new list shows
Good news for potential homebuyers: San Luis Obispo County was recently ranked as the best location in California to get a mortgage.
In a ranking released this month by SmartAsset, the county ranked at the top of all California counties for places to get a mortgage, after an examination of overall borrowing costs, approval rates, property taxes and annual payments.
SLO County performed particularly well in the loan funding rate category, with the second highest funding rate in the state behind Placer County. This category calculated the ease of getting a mortgage as the ratio of mortgage applications to originations (secured mortgages) in each county.
According to the ranking, San Luis Obispo County had a loan funding rate of 69.5%.
It also ranked 16th for property taxes, with homeowners paying an estimated $9,241 in property taxes.
The website also analyzed the expected costs throughout the first five years of a $200,000 mortgage with a 20% down payment, including closing costs.
California counties, including San Luis Obispo, all had estimated costs of $69,102 on that $200,000 mortgage, according to SmartAsset. The estimated annual mortgage payment for all of California was also the same, with homeowners in all counties expected to pay about $13,056 annually.
Though San Luis Obispo County was the best mortgage market in California, it ranked 646th among the nation’s markets.
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