With both home prices and interest rates rising, many buyers are crunching the numbers and wondering how they can catch a break.
To help find the answer, we talked to real estate agents, investors, and mortgage professionals to gather their tricks of the trade for lowering mortgage costs when interest rates are high.
Here are 12 strategies for making sure you’re getting the best possible deal on your mortgage.
1. Start reviewing your finances well in advance
“The most overlooked way to get better terms on a loan is the one that everybody knows about but nobody does,” says Dan Green, a former loan officer and founder of homebuyer.com. He suggests that buyers start early with a formal pre-approval to see what type of loan they can qualify for with their current credit score and financial picture.
“Many people will take months in their home search,” suggests Green. “That is a terrific time to rehabilitate your credit if you need to, and make small changes to improve how you look to your lender.” Steps to increasing your strength as a borrower might include:
- Checking for credit report errors
- Removing any collection items
- Understanding where your credit score deficiencies are
- Lowering your debt-to-income ratio
- Bringing down your credit utilization
In his career, Green has seen home buyers improve their credit scores by over 100 points in just a few months. That modest increase could save you half a percent or more of your interest rate.
“But it’s not just about getting a lower rate,” says Green. “It’s about giving yourself more options. What I’ve seen in my career is that the buyers who are most prepared are the ones who get the best deals. The ones that are rushed into a decision end up overpaying.”
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2. Take advantage of seller concessions
“Seller concessions are when the home seller agrees to take a portion of the proceeds and pay for your closing costs,” explains Green. He advises that lenders will usually allow sellers to contribute up to 3% of the total cost of the mortgage at closing.
That amount can go a long way to paying down your interest rate. As the market has cooled over the last couple of months, Colorado-based realtor Sean Gilliam has seen sellers offer as much as $20,000 in concessions to help a buyer secure better mortgage terms — just so long as they agree to pay the full asking price on the home.
If you’re up for a little home improvement, seller concessions can also be a great tool for increasing the value of a fixer-upper, says licensed real estate broker and investor Nick Polyushkin.
“Sometimes the concession amount will be substantial enough to do renovations and increase the home value. You can then refinance at the new appraised price,” suggests Polyushkin. “So if a house needs work, you can offer the full asking price but request a seller concession for repairs in the amount you were advised it will cost you to renovate.”
3. Ask if your real estate agent offers a commission rebate
Often, real estate agents (like the agents we match home buyers with at Clever) are willing to offer buyers a portion of their commission as a rebate, applied to what you owe at closing. You can allocate this type of rebate to pay for mortgage points to help you buy down your interest rate.
Generally, an upfront contribution of 1% of your home price will lower your interest rate by about .25 of a percentage point. So if you get a rebate of .5% from your real estate agent ($2,250 on a $450,000 loan), and can come up with an additional .5% either out of pocket or through seller concessions, you could bring a 5.15% interest rate to under 5%, saving you about $62 every month, or a $744 year.
Just keep in mind that a few states prohibit rebates. These include Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee.
4. Talk to multiple lenders, but don’t choose one right away
“Realize that the lender with the best mortgage rates today may not be the lender with the best mortgage rates six months from now,” says Green.
“Like insurance carriers,” explains Green, “mortgage lenders are balancing a massive risk portfolio that is made up of hundreds of thousands of loans. You don’t want to be over-concentrated in a particular area or type of mortgage.”
Managing risk is an ongoing balancing act for lenders. Some days your loan type will be more attractive to certain lenders, and the rates they offer will vary accordingly. Green advises that you talk to multiple lenders to get a sense of the terms they’ll offer, but don’t make a final decision on a lender too far in advance.
Related Slideshow: What is mortgage amortization?
If you’re looking into getting a mortgage for the first time, congratulations! You’re about to embark on a brave new adventure in adulthood. Like most adventures, it comes with some highs and some lows.
One of the highs might be when you finally find the perfect home in your price range. As for the lows, one of them could well be trying to understand all the jargon that’s involved in buying a house.
Home-buying terminology can be somewhat intimidating. What’s the difference between prequalification and preapproval? Why are there so many different types of mortgage loans? What in the world is escrow? And what does amortized mean?
Related: Tips when shopping for a mortgage
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We’re going to answer that last question, quickly and painlessly. Basically, mortgage amortization just means that your mortgage loan payments will be spaced out over a set period of time (often 30 years) and will be calculated so that you always pay the same amount per month (if you have a fixed rate mortgage, not a variable rate mortgage).
That means that if you get a fixed rate mortgage and your first payment in your first month is $1,500, you know that you’ll pay $1,500 in the last month of your mortgage, years later. If you take out a variable rate mortgage, the amount you pay each month will change periodically as the market rate fluctuates.
Just because you’re paying the same amount for your fixed rate mortgage each month doesn’t mean that your payment is going toward the same things each month. In fact, your first mortgage payment will go primarily toward interest, and your last mortgage payment will go primarily toward the principal.
Throughout the life of your loan, this balance paying off interest to paying off principal will gradually shift as more of your principal is paid off (and therefore generates less interest).
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Mortgage amortization helps ensure that your obligations are predictable, which can make it easier for you to plan. If you take out a 30-year mortgage, then the amortization helps guarantee that in 30 years, you will have finished paying it off.
For a fixed rate mortgage, amortization also keeps all your payments consistently the same amount, rather than different amounts that depend on how much your principal is.
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In real life, even if you choose an amortized mortgage, you may never need to figure out your 30 years or so of payments yourself. But it’s useful to see what goes into the table or payments (they’re not arbitrary!) and understand how it’s populated. Calculating your amortized mortgage really puts you on the front lines of homebuying.
Let’s say you take out a $100,000 mortgage over 10 years at a 5% fixed interest rate. That means your monthly payment will be $1,061. You can then divide your interest rate by 12 equal monthly payments. That works out to 0.4166% of interest per month. And that, in turn, means that in the first month of your loan, you’ll pay around $417 toward interest and the remaining $644 toward your principal.
Next, to calculate the second month, you’ll need to deduct your monthly payment from the starting balance to get the ‘balance after payment’ for the chart. You’ll also need to put the $417 you paid in interest and $644 you paid toward the principal in the chart. Then you can repeat the calculation of your monthly interest and principal breakdown, and continue inputting until you finish completing the chart.
Gerasimov174 / istockphoto
So you can see that it’s not so much difficult to calculate your amortized payments as it is time-consuming. Fortunately, you can save yourself the trouble by using an online amortization calculator.
All you have to do is input info about your mortgage, including the amount you’re borrowing, your term length, and the interest you’re paying, and the calculator will do the math for you.
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1. You’ll slowly but surely pay off the principal of your home loan
With every month, you’ll get closer to owning your home outright!
2. It ensures that you pay a set amount for each payment over the life of your loan
With some loans you may end up paying more at the beginning or the end. A balloon mortgage, for example, requires you to pay interest charges monthly during the regular term. You then pay off large parts of the principal at the end of the loan period. (Thus, your payment literally balloons.)
3. You can often get better terms with an amortized loan
And you’ll save money in the long run by paying less interest over the life of your mortgage.
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1. Larger down payments
Amortized mortgages favor borrowers who are putting down a larger down payment. To qualify for a competitive interest rate, you’ll probably need to put down 10% (if not 20%).
2. It’s harder to qualify
You might not be able to qualify to borrow as much money via an amortized mortgage as you would through an alternative mortgage, such as an interest-only mortgage or a balloon mortgage.
Learn More:
This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.
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5. Look at more than a loan’s APR
“APR isn’t a good metric to shop by,” suggests Green. “People get tricked into that, but it can make the total cost of a loan look deceptively low. Prioritizing APR is fine if you want to stay in your house for 30 years, he suggests, but most people don’t. So in that instance, you also need to look at the fees associated with getting the rate you want.
“The difficulty that homebuyers have is that mortgage rates and mortgage fees go in opposite directions,” says Green. You can pay more upfront to lower your interest rate, or pay a higher interest rate in exchange for a lower down payment and help with closing costs. “It’s two variables,” says Green, “and doing straight comparisons when there’s two variables is impossible.”
To ensure you’re comparing apples to apples when shopping around for a home loan, Green suggests that you do one of the following:
- Decide what interest rate you want to pay, and ask each lender what the closing costs will be
- Decide on how much you can afford to pay upfront, and ask each lender what your interest rate will be
“It’s really the only way to compare multiple lenders,” Green concludes. “And the caveat is, do your shopping at the same time, because mortgage rates change all the time.”
6. Take advantage of down payment assistance
Recent research from Real Estate Witch found that millennial home buyers cite saving for a down payment as one of the three greatest barriers to home ownership. Fortunately, the U.S. is home to more than 2,500 first-time home buyer programs offering down payment assistance and other benefits, including low-cost mortgages and help with closing costs.
Common forms of assistance include low down payment mortgage loans allowing you to put as little as 3% down, and grants that cover a significant portion of your closing costs. Certain banks also provide matched savings programs, offering up to $22,000 in down payment assistance.
Some programs are set up to offer forgivable or deferred-payment loans, meaning they’re either canceled after you’ve made a certain number of mortgage payments or repayable when you sell the house — in which case, the equity you’ve built up may be more than enough to cover the loan and still leave you with a profit.
While these programs are generally funded through federal agencies like the U.S. Department of Housing and Urban Development (HUD), they’re typically accessed through your county or state Housing Finance Agency (HFA) or a participating lender.
7. Consider making a mortgage payment every two weeks
If you’re looking to build equity, one strategy is to make a mortgage payment biweekly, instead of monthly. At the end of the year, you’ll have made the equivalent of an extra mortgage payment, and all the extra you’ve put in will be applied to your principal — as opposed to being absorbed by interest. Just be sure your loan doesn’t include any penalties for making extra payments. Most newly issued loans don’t.
“Paying a mortgage every two weeks so that you make that extra payment toward your principal is a great plan,” says real estate investor Tomas Satas. “I do this with all of my investment properties to help build equity.”
The strategy goes even further if you commit to living below your means when purchasing a home to live in. “Sure, I could have a much larger, newer home,” says Satas, “but this allows me to throw extra money at the principal nearly every month, and saves me thousands upon thousands in interest. I can use the equity and money saved to upgrade at a later date if I want.”
On the flipside, cautions Dan Green, “paying biweekly may save money in the long-term, but it’s not going to do anything in the short-term. And some would even say that there may be better uses of your money.” One possible scenario is if investing your money elsewhere will net you more than paying down your mortgage.
8. Consider an adjustable rate mortgage (ARM)
“With interest rates so high and continuing to rise for the foreseeable future, the best bet for most buyers is to look at adjustable rate mortgage (ARM) loans,” writes real estate agent and investor Elizabeth Boese. These types of loans offer a fixed interest rate for a set number of years, followed by a variable rate based on the going interest rates at that time.
Boese explains that ARMs come with 5-year, 7-year, and sometimes 10-year fixed rates. “So, for example,” she says, “a 7/1 ARM means the interest rate is fixed for seven years, then the rate can change every year from year eight onwards. A 7/6 ARM means the interest rate is fixed for seven years, then the rate can change every six months.
The benefit of an ARM, according to Boese, “is that the initial fixed rates are often lower than what you’d get with a conventional 30-year fixed mortgage.” So if you plan to sell within five to seven years of buying, which most homeowners do, you could save a lot of money over a traditional 30-year fixed rate mortgage.
And even if you don’t intend to sell, you may be able to refinance when rates are lower. “You could opt for a cash-out refinance if there is additional appreciation on the home,” says Boese, “or pay off more of the principal to get a lower monthly payment with your new loan.”
9. Look for rent-to-own opportunities
“In a rent-to-own situation,” says avid real estate investor Wesley Williams, “the seller agrees to sell a property to someone who probably won’t qualify for a conventional loan. “You come to an agreement on a down payment (usually much less than 20%), then pay the normal rental rate, plus an additional agreed upon amount that goes towards your purchase of the house.”
During this time, you’ll ideally take steps to repair your credit and improve your financial situation ahead of re-applying for a mortgage. Then, after an agreed upon amount of time — “usually 24 to 48 months,” says Williams, “you’ll have the option to buy the house with a conventional loan, assuming you now qualify.”
The key to this type of deal, says Boese, “is to negotiate the down payment and the percentage of your monthly rent that goes toward owning the home.” That’s because, in a rent-to-own situation, there’s a chance you could lose everything you put in.
If at the end of the rental period, you aren’t able to move ahead with purchasing the home, you’ll forfeit both your down payment and monthly rent — including the amount set aside to purchase the house.
Boese also notes that finding a seller willing to enter into a rent-to-own agreement can be more difficult, as most sellers want to get their money from a property and be done. She advises that, “your best bet is to make this type of offer on a rental property owned by an individual investor.”
10. Consider rolling over your FHA loan to a conventional loan
Government-backed FHA loans can help you secure a relatively low-interest mortgage even with less-than-ideal credit. However, they come with a caveat: You’ll be required to pay private mortgage insurance (PMI) over the entire life of the loan. Mortgage expert Dan Green suggests that refinancing to a conventional loan can help you avoid that long-term cost.
If you’re not familiar with private mortgage insurance, it’s essentially insurance you pay to cover the additional risk to a mortgage issuer when you put less than 20% down on a home. Depending on the total loan amount and the sum you put down, PMI can range from about .5 to 1.5% of your total loan cost each year, spread across your monthly payments.
With 10% down on a home costing $450,000, and annual PMI of .5%, you’ll pay an extra $169 in PMI each month.
With a conventional mortgage, you can generally cancel PMI once you’ve attained 20% equity in your home — either through paying down the principal or seeing significant appreciation in your home value. In some cases, you can cancel PMI in as little as a year.
However, with an FHA loan, your PMI never goes away. Refinancing to a conventional mortgage once you’ve achieved 20% equity can save you that extra insurance payment every month.
11. Revisit your insurance policies after you buy
If you’ve moved into a new home and taken out a homeowners insurance policy, you may be able to get a discount by bundling your auto insurance with the same company.
“It’s a commonly overlooked tactic to save some money,” advises Green, who estimates insurance bundling could take 15–25% off your insurance costs overall.
Even taking your new address and shopping around for a different provider could land you savings, especially if you’re going from renting to owning a home. Studies have found that homeowners tend to pay less for car insurance that renters.
12. Lower your monthly payment by extending the length of your loan
If your primary concern is a manageable monthly payment, suggests real estate veteran Bill Gassett, you could consider taking out a 40-year mortgage to allow you more time to pay it off (and thus allow for a lower monthly payment).
The caveat with this strategy is that, just like a 30-year loan is going to offer a higher interest rate than a 15-year loan, a 40-year mortgage is going to offer a slightly higher interest rate as well. So while you may reduce your monthly payment, you’re going to pay a lot more in interest over the life of your loan.
You’ll also have a lot more of your monthly payment absorbed by interest, so if you want to sell a few years down the road, you may not have a ton of equity to show for it. With this strategy, you’ll need to weigh whether the monthly savings are worth the big-picture costs.
A final consideration with a 40-year mortgage term is that it typically isn’t available on government-backed loans (VA, FHA, or USDA) or through every lender. So, you may need to shop around for this type of loan offering.
Bottom line?
Keep in mind that none of these tips will be a magic bullet. A home is going to cost what it costs no matter what. But taking advantage of these insider strategies may just make the difference between being able to stretch your budget to afford a home or not.
This article originally appeared on Listwithclever.com and was syndicated by MediaFeed.org.
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Top 30 states with mortgage foreclosures
Despite the economic fallout and job loss from the pandemic, the number of U.S. properties with foreclosure filings in February was 11,281, down 77% from last year, according to ATTOM Data Solutions.
This is likely thanks to the COVID-19 foreclosure moratorium for federally guaranteed mortgages, which has been extended to June 30. (Note: President Joe Biden’s executive order also extended the mortgage payment forbearance enrollment window to June 30.)
While foreclosures were down for the month compared to last year, they were up compared to the previous month: specifically, foreclosures in February were up 16% compared to January. Read on for the top 30 states with foreclosures in February 2021—plus top counties within those states.
The top 10 states are not located in any one region. That said, the South had five states in the top 10: Delaware, Florida, Louisiana, South Carolina and Georgia. The Northeast had none.
Related: Top 50 safest cities in the US
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With a total 1,087,112 housing units, Utah’s foreclosure rate was 1 in every 3,883 homes in February. The 31st most populated state in the country, the state saw a total 280 foreclosure filings (default notices, scheduled auctions and bank repossessions). The counties with the most foreclosures per housing unit were (in descending order): Utah, Ulintah, Beaver, Juab and Carbon.
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With a total 433,195 housing units, Delaware’s foreclosure rate was 1 in every 5,219 homes. Ranking 45th for population, the state had 83 foreclosure filings in February. The counties with the most foreclosures per housing unit were (in descending order): Kent, Sussex and New Castle.
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The third most populated state, Florida was also third for most foreclosures. Of its 9,448,159 homes, 1,516 went into foreclosure, making the state’s foreclosure rate 1 in every 6,232. The counties with the most foreclosures per housing unit were (in descending order): Highlands, Levy, Hendry, Madison and Taylor.
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With a total housing unit count of 5,360,315, Illinois had 846 homes go into foreclosure, resulting in the state’s foreclosure rate of 1 in every 6,336. The counties with the most foreclosures per housing unit were (in descending order): Power, Boundary, Fremont, Payette and Bannock.
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With the 25th largest population in the country, Louisiana’s foreclosure rate of 1 in every 7,923 homes put it in the number five spot. Of its total 2,059,918 housing units, 260 went into foreclosure. The counties with the most foreclosures per housing unit were (in descending order): Washington, West Baton Rouge, Caddo, Jackson and Union.
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With a total 2,886,548 housing units in the state, Indiana’s foreclosure rate was 1 in every 7,930 homes. Ranked the 17th most populated, the state ranked 6th for foreclosures with a total 364 filings. The counties with the most foreclosures per housing unit were (in descending order): Vermillion, Clinton, Jasper, Fountain and Huntington.
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Just like Florida, Ohio’s population ranking (7th) matches its foreclosure rate ranking. With 1 in every 8,310 households going into foreclosure, the state had 626 homes of a total 5,202,304 go into foreclosure. The counties with the most foreclosures per housing unit were (in descending order): Lake, Fairfield, Trumbull, Marion and Cuyahoga.
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With 1 in every 8,565 homes going into foreclosure, South Carolina was a close eighth to Ohio. Ranked 23rd for population, South Carolina has 2,286,826 housing units and saw 267 foreclosure filings. The counties with the most foreclosures per housing unit were (in descending order): Mccormick, Allendale, Fairfield, Darlington and Bamberg.
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Though it’s the least populated state in the country, Wyoming ranks 9th for foreclosures with 1 in every 8,651 homes. Of its 276,846 homes, 32 homes were foreclosed on. The counties with the most foreclosures per housing unit were (in descending order): Weston, Carbon, Uinta, Campbell and Lincoln.
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Eighth for most populated state, Georgia was tenth for most foreclosures. It has 4,283,477 housing units, of which 472 went into foreclosure—making the state’s foreclosure rate 1 in every 9,075 households. The counties with the most foreclosures per housing unit were (in descending order): Berrien, Baker, Terrell, Oglethorpe and Candler.
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With the next group of states, the trend of the South (North Carolina, Missouri, Oklahoma, Alabama, and Mississippi) dominating foreclosure rates continues. The Northeast appears with Maine and New Jersey and the West Coast debuts with California.
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Ranked as the 9th least populated state, Maine saw a total 81 foreclosures in February. With a total 742,788 housing units, its foreclosure rate was 1 in every 9,170 homes. The counties with the most foreclosures per housing unit were (in descending order): Oxford, Penobscot, Franklin, Waldo and Somerset.
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The most populated state is only 12th for foreclosures. Of its 14,175,976 homes, 1,427 went into foreclosure, making for a foreclosure rate of 1 in every 9,934 homes. The counties with the most foreclosures per housing unit were (in descending order): Calaveras, Sutter, Trinity, Kern and Butte.
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The 9th most populated state has 4,627,089 homes, of which 462 homes went into foreclosure. That makes the state’s foreclosure rate 1 in every 10,015 homes. The counties with the most foreclosures per housing unit were (in descending order): Hyde, Anson, Lenoir, Onslow and Bertie.
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Of Missouri’s 2,790,397 housing units, 265 homes went into foreclosure in February. The 18th most populated state’s foreclosure rate is 1 in every 10,530 households. The counties with the most foreclosures per housing unit were (in descending order): Moniteau, Pike, Montgomery, Greene and Adair.
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The 30th most populated state, Iowa is 15th for most foreclosures. Of its 1,397,087 homes, 128 were foreclosed on. That puts the state’s foreclosure rate at 1 in every 10,915 households. The counties with the most foreclosures per housing unit were (in descending order): Guthrie, Wayne, Hamilton, Davis and Adair.
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With 154 of its 1,731,632 homes going into foreclosure, Oklahoma’s foreclosure rate is 1 in every 11,244 households. In the 28th most populated state, the counties with the most foreclosures per housing unit were (in descending order): Roger Mills, Pawnee, Pontotoc, Muskogee and Choctaw.
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Ranked 24th for most populated, Alabama was 17th for foreclosures. Of its 2,255,026 homes, 198 went into foreclosure, making for a foreclosure rate of 1 in every 11,389 homes. The counties with the most foreclosures per housing unit were (in descending order): Marshall, Jefferson, Coffee, Autauga and Shelby.
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New Jersey has a total of 3,616,614 housing units and 317 homes are in foreclosure. While it’s ranked 11th most populated state, its foreclosure rate of 1 in every 11,409 homes puts it in 18th place. The counties with the most foreclosures per housing unit were (in descending order): Salem, Atlantic, Sussex, Gloucester and Cumberland.
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The third least populated state, Alaska has 314,670 homes, of which 26 went into foreclosure in February. That means its foreclosure rate is 1 in every 12,103 homes. The counties with the most foreclosures per housing unit were (in descending order): Matanuska-Susitna, Anchorage, Fairbanks North Star, Juneau and Kenai Peninsula.
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In the number 20 spot for most foreclosures,Mississippi ranks as 33rd for most populated and has 1,322,808 homes. A total 107 went into foreclosure in February, making the state’s foreclosure rate 1 in every 12,363 households. The counties with the most foreclosures per housing unit were (in descending order): Scott, Simpson, Lawrence, Bolivar and Pike.
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The remaining states (21 to 30) in our rankings of the highest foreclosure rates are mainly located in the Northeast: New Hampshire, Massachusetts, Connecticut, and Pennsylvania. The Midwest and Southwest were tied with two states each: Wisconsin and Nebraska and Texas and Arizona.
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With housing units totaling 1,516,629, Connecticut saw 116 homes go into foreclosure. That puts the 29th most populated state in 21st place, with a foreclosure rate of 1 in every 13,074 homes. The counties with the most foreclosures per housing unit were (in descending order): Windham, Litchfield, Tolland, Hartford and Middlesex.
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Though ranked as the 14th most populated state, Arizona’s total 228 foreclosures (out of 3,003,286 total housing units) puts it in 22nd place for most foreclosures. The state’s foreclosure rate is 1 in every 13,172 households. The counties with the most foreclosures per housing unit were (in descending order): Apache, Mohave, Pima, Santa Cruz and Pinal.
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With a total 5,693,314 housing units, Pennsylvania saw 421 homes go into foreclosure. That puts the foreclosure rate for the 5th most populated state at 1 in every 13,523 households. The counties with the most foreclosures per housing unit were (in descending order): Philadelphia, Lycoming, Cambria, Luzerne and Wyoming.
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The 19th most populated state ranks 24th for foreclosures. Of its 2,448,422 housing units, 170 went into foreclosure, making for a foreclosure rate of 1 in every 14,402 homes. The counties with the most foreclosures per housing unit were (in descending order): Somerset, Allegany, Prince George’s County, Caroline and Baltimore City.
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In Wisconsin, the 20th most populated state, there were 179 foreclosures (out of 2,694,527 housing units.) That puts its foreclosure rate at 1 in every 15,053 homes. The counties with the most foreclosures per housing unit were (in descending order): Florence, Ashland, Langlade, Vernon and Grant.
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Ranked 15th for most populated, Massachusetts came in as 26th for foreclosures. With 2,897,259 housing units and 172 homes in foreclosure, the state’s foreclosure rate was 1 in every 16,845 households. The counties with the most foreclosures per housing unit were (in descending order): Hampden, Franklin, Berkshire, Worcester and Barnstable.
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The second most populated state was 27th for foreclosures. Of 10,937,026 homes, 636 went into foreclosure, making for a foreclosure rate of 1 in every 17,197 households. The counties with the most foreclosures per housing unit were (in descending order): Liberty, Atascosa, Franklin, Mills and Mcculloch.
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New Hampshire’s total number of foreclosures was only in the double digits: 35. But in a state with the 10th smallest population (and 634,726 housing units), that number put it in the 28th spot for foreclosures, making for a foreclosure rate of 1 in every 18,135 households. The counties with the most foreclosures per housing unit were (in descending order): Cheshire, Sullivan, Merrimack, Belknap and Strafford.
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With 46 of a total 837,476 housing units in foreclosure, Nebraska’s total number is also in the double digits. But with a foreclosure rate of 1 in every 18,206 households, the 14th least populated state holds 29th for foreclosures.. The counties with the most foreclosures per housing unit were (in descending order): Cuming, Nemaha, Red Willow, Scotts Bluff and Antelope.
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Last but not least, Virginia saw 192 homes go into foreclosure in February. That nabbed the 12th most populated state the 30th spot on our list. With 3,514,032 total housing units, the state’s foreclosure rate was 1 in every 18,302 households. The counties with the most foreclosures per housing unit were (in descending order): Emporia City, Norton City, Nottoway, King William and Lancaster.
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Of the top 20 states with the highest foreclosure rates, half were in the South: Delaware, Florida, Louisiana, South Carolina, Georgia, North Carolina, Missouri, Oklahoma, Alabama, and Mississippi. Of the top 30 states, Florida had the most number of foreclosures (1,516) and Alaska had the least (26).
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originally appeared on SoFi.com and was
syndicated by MediaFeed.org.
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 Opens A New Window.. For additional product-specific legal and licensing information, see SoFi.com/legal.
SoFi Home Loans
Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See SoFi.com/eligibility for more information.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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