SmartAsset released its third annual study on the best places to get a mortgage in the U.S. Pinal County ranked first in the Arizona and 34th in the nation.
The study looked at Arizona markets and compared mortgage approvals, mortgage rates, average five-year borrowing costs as well as property taxes, according to a press release.
“This is certainly very good news,” Pinal County Board of Supervisors Chairman Steve Miller said in the release. “For the past four years we have concentrated on bringing good jobs to the area and limiting our regulation. Our work is getting noticed. The jobs are coming and that will bring more people to discover why Pinal County is a great place to live and raise families.”
SmartAsset used the following criteria to determine the best places to get a mortgage: “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% 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,” according to the release.
“We are on a roll,” Pinal County Economic Development Program Manager Tim Kanavel said in the release. “Last week, we were ranked very highly by the nation’s largest brokerage firm and now we see this news. The message is getting out that Pinal County is becoming a top-player not only statewide, but nationally when it comes to attracting good paying, forward thinking companies to the Southwest. That reputation will only grow as the year goes on. Now is the time to be investing in Pinal County.”
Sumter County, Florida, ranked first in the nation in SmartAsset’s study.