A study examining mortgage rates and other key home buying statistics ranks Christian County as the No. 5 county in Missouri to get a mortgage, and the 204th best county in the nation to buy a home.
SmartAsset is a privately held company that has been examining the United States home buying industry since 2012. It periodically publishes data, guides, reviews and calculators in an effort to help people make financial and real estate decisions. The SmartAsset study released in September 2021 compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.
Christian County's ranking is based on its lending rate of 73.04 percent, its five-year average borrowing cost of $68,146, and annual mortgage payment of $13,056, and a property tax of payment of $10,798 over the first five years of a mortgage on a $200,000 home.
Christian County had the lowest estimated property tax of any of the top 10 counties in the "best places to get a mortgage" rankings.
The researchers used the four factors to publish a list that ranks all 114 Missouri counties.
"To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for a $200,000 mortgage with a 20-percent down payment, including closing costs," the study authors explain. "We calculated the ease of getting a mortgage as the ratio of mortgage applications to mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of the annual principal and interest payments for a $200,000 loan in that location using average mortgage rates in each county."
Locations are ranked based on these four factors, giving equal weight to each factor. The areas with the lowest average rankings are deemed by the researchers from SmartAsset as the best places to get a mortgage.