PROVIDENCE – Providence County is the best place to get a mortgage in Rhode Island, according to SmartAsset.
The financial technology company, which released its second annual study on the best places to get a mortgage, said that Providence County moved up to first place, from fourth place a year ago.
To come up with its findings, SmartAsset said it looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments. A $200,000 mortgage was used for the data.
In Providence County, the five-year borrowing costs were the lowest at $74,507, as well as the annual mortgage payment, at $14,224. However, property taxes were second-highest at $22,590 (a five-year total), behind only Kent County, which had $22,972, and the loan-funding rate was lowest at 61.7 percent.
Washington County was the second-best place to get a mortgage, with five-year borrowing costs at $75,025 and five years worth of property taxes at $17,270.
The most expensive county was Bristol, with five-year borrowing costs at nearly $76,000 and annual mortgage payment at $14,520. Bristol County has the best loan funding rate, though, at 68.9 percent.
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