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Kalamazoo County has second highest percentage of home loan originations in Michigan

KALAMAZOO, MI — Dwelling patrons in Kalamazoo County have the second finest alternative to safe financing within the state of Michigan, in line with a latest examine by monetary analysis agency SmartAsset.

In figuring out the mortgage funding charge index of the state’s 83 counties, SmartAsset compared four factors, together with total borrowing price, probability of securing a mortgage, property taxes and mortgage funds — giving equal weight to every issue.

“Mortgage purposes depend on plenty of elements like a borrower’s credit score rating, employment historical past and earnings to find out whether or not or not the financial institution will approve the mortgage,” mentioned SmartAsset spokesperson Steve Sabato, highlighting the opposite elements at play.

To find out every county’s mortgage funding charge, SmartAsset regarded on the variety of purposes in comparison with mortgage originations.

With 72.21% of mortgage candidates leading to mortgage originations for dwelling patrons in Kalamazoo County, these in Kalamazoo County had the second highest probability of securing mortgage financing, trailing solely Gogebic County and coming in simply forward of Leelanau County, the examine discovered.

Taking all 4 elements under consideration, Kalamazoo County was one among seven Michigan counties with a mortgage funding charge index of 70 or greater. Solely Gogebic County, at 72.3, checked in greater than Kalamazoo, which was tied with Leelanau County at 72.2.

Rounding out the highest 10 counties in Michigan had been Bay, Charlevoix, Kent, Ottawa, Livingston, Menominee and Oakland.

Trailing Gogebic and Bay counties, Kalamazoo County residents pay the third highest property taxes amongst residents in these 10 counties — with the typical property taxes being paid by a house owner over 5 years for a $200,000 dwelling being $22,459 in Kalamazoo County.

 

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