LendingTree Ranks the 50 United States According to Average Monthly Mortgage Payment
Expert Tips to Help Borrowers Qualify for a Home Loan
CHARLOTTE, N.C., Nov. 27, 2012 /PRNewswire/ -- LendingTree, the nation's leading loan market providing borrowers with the opportunity to receive multiple competitive loan offers, today releases the rankings of the fifty U.S. states according to average monthly mortgage payment and provides the average monthly mortgage payment as a percentage of each state's average household income. LendingTree also releases expert tips, provided by LendingTree's network of lenders, to help borrowers increase their chances of qualifying for a home loan and getting the best mortgage deal.
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LendingTree found that the states with the highest average monthly mortgage payment include DC, Hawaii, California and Virginia, followed by New Jersey, Maryland, and Massachusetts. Rounding out the Top Ten is Connecticut, Washington and Utah.
The states with the lowest average monthly mortgage payment are Nebraska, Arkansas, Iowa, Oklahoma and Missouri followed by Nevada, Michigan, Louisiana, Kentucky and Ohio.
LendingTree's Chairman and CEO, Doug Lebda, said, "Since the housing market crash, strict regulations and uncertainties in lending guidelines have made it increasingly difficult for some borrowers to find and qualify for a home loan. As changes in industry regulations begin to unfold, borrowers will benefit from knowing what they can do to better navigate the mortgage process. Our network of over 250 lenders has provided us with expert tips to help the consumer find and qualify for a mortgage in this unprecedented lending environment."
To view an infographic containing the state rankings in PDF format, please visit: http://marketing.lendingtree.com/pr/national_average_payment.pdf. For the full set of data in chart format, please visit: http://marketing.lendingtree.com/pr/Monthly Mortgage Payment Chart 2012.pdf
LendingTree's Expert Tips on Qualifying for a Mortgage
- Prepare Your Documentation - Be prepared to provide more documentation than in years past, and have all the documents ready to submit to your lender early in the process. The more information you can provide in the beginning stages of the loan process, the more streamlined and efficient the process will be, and the more likely you will close the loan faster.
- Get It In Writing - Always ask for a written quote for the interest rate, closing costs and an estimated turn-around time from each lender to ensure you receive what you were quoted. Depending on the situation, spending a few extra dollars for a faster closing timeline may be more beneficial for you.
- Comparison Shop - Never accept the first offer you receive. Comparison shopping for a home loan can save you a substantial amount of money in closing costs, monthly payments and/or interest paid over the life of the loan.
- Do Your Homework - Research the mortgage companies from which you may take a loan. Ratings and reviews can be beneficial in weeding out less-than-reputable lenders. Your loan officer's level of experience is also worth considering. A knowledgeable loan officer who is willing to walk you through the process will help ensure a smooth transaction.
- Clean Up Your Credit - Your credit rating is paramount to receiving a competitive mortgage rate. Once you start the loan application process, avoid applying for any new credit until after the closing. Lenders are now checking the number of credit inquiries you have had prior to closing. Any new credit inquiries could delay or prevent your loan from being approved.
The chart below shows the average 30-year fixed mortgage rates arranged by credit score and loan amount for November 2012. The chart shows a high correlation between credit score and the best mortgage rates, where borrowers with a higher credit score can expect a reasonably lower mortgage rate.
| Average 30-yr Fixed Mortgage Rates by Credit Score and Loan Amount |
|||||||
| November 2012 |
Loan Amount |
||||||
| $100,000 - $150,000 |
$150,001 - $200,000 |
$200,001 - $250,000 |
$250,001 - $300,000 |
$300,001 - $350,000 |
$350,001+ |
||
| Credit Score |
|||||||
| 620 - 639 |
3.75 |
3.70 |
3.68 |
3.65 |
3.64 |
3.57 |
|
| 640 - 659 |
3.74 |
3.70 |
3.58 |
3.65 |
3.56 |
3.61 |
|
| 660 - 679 |
3.65 |
3.56 |
3.52 |
3.59 |
3.52 |
3.57 |
|
| 680 -699 |
3.61 |
3.51 |
3.47 |
3.49 |
3.47 |
3.51 |
|
| 700-719 |
3.60 |
3.51 |
3.50 |
3.47 |
3.45 |
3.51 |
|
| 720 - 739 |
3.54 |
3.47 |
3.46 |
3.46 |
3.42 |
3.51 |
|
| 740 - 759 |
3.55 |
3.46 |
3.44 |
3.44 |
3.42 |
3.45 |
|
| 760 - 779 |
3.55 |
3.46 |
3.44 |
3.43 |
3.42 |
3.46 |
|
| 780 - 799 |
3.54 |
3.45 |
3.44 |
3.45 |
3.39 |
3.43 |
|
| 800+ |
3.52 |
3.44 |
3.43 |
3.44 |
3.38 |
3.44 |
|
About LendingTree, LLC
LendingTree, LLC is the nation's leading online source for competitive home loan offers, empowering consumers during the mortgage, refinance or auto loan process. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE, join our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Megan Greuling
(704) 943-8208
[email protected]
SOURCE LendingTree
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