The 13 US states where it's easiest to refinance and save money on your mortgage
- With mortgage interest rates falling, now is a great time to refinance. Refinancing can help you replace your current mortgage and ultimately lower your monthly payment.
- New data from LendingTree shows that in 13 states, the approval odds are on your side, with more than 75% of applications being approved.
- Utah residents saw the greatest approval rates for refinancing with 82% of applications, with North and South Dakota following closely behind at just over 80%.
- Nationwide, about 75% of mortgage refinance applications are approved, making it an option worth exploring for anyone who wants to lower their payment, get rid of private mortgage insurance, or pay less interest over the life of the loan.
- See how much you could save on mortgage payments with LendingTree »
If refinancing your mortgage has been on your to-do list, now might be the time to do it.
Refinancing is the process of replacing one mortgage with another, generally bringing more favorable terms and rates. With interest rates falling and many home values increasing between 2012 and 2018, you could see a lower interest rate and lower monthly payments if you refinance.
Loan comparison site LendingTree compiled data on the states where refinancing odds are most in your favor, and found that a few states came out on top. The data looks at nationwide statistics from the Home Mortgage Disclosure Act from 2018, and analyzes refinance applications, their approval rate, information on the state's average home loan amount, and overall home value appreciation in each state.
Utah residents saw the greatest approval rates, with over 82% of applicants hearing a 'yes' on refinancing. North and South Dakota followed closely behind, with just over 80% being approved.
But, even if you're not living in one of these 13 states, the odds are still in your favor - nationally, this data shows that about 75% of applications are approved. Especially for residents of these 13 states, now might be the time to start thinking about refinancing.
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