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Collier County ranked No. 6 on a national list of the "Best Places to Get a Mortgage." Wochit

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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 ranked eighth in Florida in 2016 and fourth in both 2015 and this year.

"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, Smith said.

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.

Florida counties were well-represented on this year's list:

» Sumter County is the top-ranked spot to get a mortgage in the U.S., beating the national averages in every category.

» Three Panhandle counties are in the top 10 nationally: Walton, second; Okaloosa, fourth; and Santa Rosa, eighth.

» Indian River County cracked the national list at No. 10.

Lee County ranked 15th in Florida and 32nd in the U.S.

More information on the study can be found at smartasset.com/mortgage/mortgage-rates?year=2017#us.

Best Places to Get a Mortgage 

Rank     County                     Loan funding    5-year borrowing    Property tax    Annual mortgage                                                                      rate                         costs                                           payment

1         Sumter, Fla.                 71.58%                 $77,755               $12,615            $14,639

2         Walton, Fla.                 60.97%                 $77,755                $ 7,156            $14,639

3         Jackson, Mo.               65.05%                 $76,189               $18,131            $14,857

4         Okaloosa, Fla.             61.75%                 $77,755                $ 9,665            $14,639

5         San Mateo, Calif.         67.92%               $77,171                  $ 9,085            $14,688

6         Collier, Fla.                  61.31%                $77,755                  $ 9,920            $14,639                  

7         San Francisco, Calif.   66.61%                $77,171                  $ 8,842            $14,688

8         Santa Rosa, Fla.         60.67%                $77,755                  $10,213            $14,639

9         Washington, Ore.        67.35%               $76,700                   $15,292            $14,830 

10       Indian River                 62.36%               $77,755                   $11,749            $14,639

           Nationwide                  57.89%               $77,762                   $13,744            $14,808

Source: SmartAsset

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