Homeownership is one of the cornerstones of the “American Dream,” but depending on where you are looking to buy, you can run into roadblocks that might hurt your chances for approval. SmartAsset recently determined the places in the US where homebuyers were most likely to be approved for a mortgage. Counties were ranked based upon the ratio of mortgage applications to mortgages approved in the county.
Marshall County is ranked 4th in the state with a 70.34% loan funding rate.
For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage SmartAsset looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.
To calculate the overall borrowing costs, SmartAsset looked at the expected costs over the first five years of a $250,000 mortgage with a 20% down payment, including closing costs. They calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. They based annual mortgage payments on the annual principal and interest payments for a $250,000 loan in that location, using average mortgage rates in each county.
Finally, SmartAsset 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.
Listed below are the top counties in Indiana:
| Rank | County | Loan Funding Rate | 5 Year Borrowing Costs | Property Tax | Annual Mortgage Payment | Loan Funding Rate Index |
| 1 | Wells, IN | 71.46% | $64,629 | $7,714 | $12,225 | 71.46 |
| 2 | Adams, IN | 71.27% | $64,752 | $11,484 | $12,249 | 71.27 |
| 3 | Hamilton, IN | 70.75% | $65,076 | $13,289 | $12,314 | 70.75 |
| 4 | Marshall, IN | 70.34% | $64,527 | $9,423 | $12,204 | 70.34 |
| 5 | Allen, IN | 69.65% | $64,387 | $11,710 | $12,176 | 69.65 |
| 6 | Monroe, IN | 69.23% | $64,294 | $9,446 | $12,158 | 69.23 |
| 7 | Boone, IN | 68.81% | $64,849 | $12,555 | $12,269 | 68.81 |
| 8 | Tippecanoe, IN | 68.68% | $64,276 | $10,884 | $12,154 | 68.68 |
| 9 | Huntington, IN | 68.61% | $64,387 | $11,421 | $12,176 | 68.61 |
| 10 | Whitley, IN | 68.38% | $64,583 | $10,468 | $12,216 | 68.38 |
The rankings were part of SmartAsset’s overarching study on the best mortgage markets in the US. You can see an overview of the methodology, and an interactive map showing the top mortgage markets in the US here: https://smartasset.com/mortgage/mortgage-rates#us
