{"id":3797,"date":"2016-04-26T09:09:52","date_gmt":"2016-04-26T09:09:52","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=3797"},"modified":"2016-04-26T09:09:52","modified_gmt":"2016-04-26T09:09:52","slug":"best-place-to-get-a-home-loan-a-comparison-by-state","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/best-place-to-get-a-home-loan-a-comparison-by-state\/","title":{"rendered":"Best Place To Get A Home Loan: A Comparison By State"},"content":{"rendered":"

If you are looking for the\u00a0best<\/a> place to get a home loan<\/a>, the surrounding\u00a0market conditions are just as important as the home itself. Here are some state comparisons to help you make an informed decision about how to get the best loan possible.<\/p>\n

Is Rhode Island a good place to get a home loan? \u00a0 \u00a0TD<\/b><\/em><\/p>\n

\"best<\/p>\n

Source:wikimedia.orgwikimedia.org<\/div>\n

The lowest rates in the United States come from\u00a0Rhode Island<\/a>, and the benchmark rates for the state are currently at 3.395 percent. Government loans are quite prevalent there, as the state and the federal government are among the largest employers in the area. If you are looking for an incredibly low rate with a government sponsored entity (GSE), then Rhode Island may definitely be the state for you. Bank of America is also a huge employer in the area, and many of the best rates in Rhode Island come from that bank.<\/p>\n

Is Connecticut\u00a0a good place to get a home loan? \u00a0<\/b><\/em><\/p>\n

The third smallest state by area has the second smallest benchmark mortgage interest rate at 3.413 percent.\u00a0Connecticut<\/a>\u00a0is the state with the highest per capita income in the nation at $60,847. This capital creates less risk, better credit flow, and more cash in the local area, causing the banks to relax their standards a bit in the state. Although the state took a hard hit during the 2008 housing crisis, it was one of the first states to bounce back because of the stability of its internal economy. You can expect mortgage rates to stay low and property values to rise here over the long term.<\/p>\n

Is Nevada a good place to get a home loan? \u00a0<\/b><\/em><\/p>\n

\"best<\/p>\n

Source:wikimedia.org<\/div>\n

Nevada<\/a>\u00a0stands at the third lowest state to get a mortgage in at\u00a03.459 percent. The tourism in the area bolsters the local economy and the per capita income, giving the local economy more stability than the average US city. The per capita income is $38,578, and the mining and machinery industries back up tourism in the economy. The stability of this economy positively affects Nevada in the same way that the Connecticut and Rhode Island economies affect theirs, and the banks respond in a positive way.<\/p>\n

Is Pennsylvania\u00a0a good place to get a home loan? \u00a0<\/b><\/em><\/p>\n

PNC Financial Services is one of the first banks in the US and a direct descendant of the first nationally chartered bank. Having a national\u00a0bank headquarters in your state is a great way to lower the rates there, and this is part of the reason why\u00a0Pennsylvania<\/a>‘s benchmark interest rates for mortgages stand at\u00a03.551 percent. First in the nation in mushroom production,\u00a0eighth in wine making, and on the map for many other staples, Pennsylvania has an economy that is, like the states mentioned above, similarly unaffected by bigger national problems. The legalization of gambling and the implementation\u00a0of the\u00a0Pennsylvania Film Production Tax Credit will only add to this economy, further stabilizing the housing market in the area.<\/p>\n

Is Maryland a good place to get a home loan? \u00a0<\/b><\/em>Image<\/a><\/p>\n

\"best<\/p>\n

Source:wikimedia.org<\/div>\n

The mortgage rate for the state of\u00a0Maryland<\/a>\u00a0is incredibly low at 3.593 percent, and tourism, biotech, and agriculture play a big part in the commerce that surrounds the residential market. Maryland households are the richest in the United States: The median income in the state is\u00a0$72,483, and the banks love the fact that credit is flowing and cash is plentiful. The poverty rate in the state is also the lowest in the nation at 7.8 percent, and the unemployment rate is 5.5 percent. This is a great recipe for high competition between banks for the housing starts in the area, which leads to lower interest rates for mortgages.<\/p>\n

Is Massachusetts\u00a0a good place to get a home loan? \u00a0<\/b><\/em>Image<\/a><\/p>\n

$53,221\u00a0per capita gives the state of\u00a0Massachusetts<\/a>\u00a0the third highest per capita income in the United States, and the state overall has a gross product of $446 billion. This is quite an economy, and the residential areas reflect that progress. Cities such as Boston house some of the most expensive lots in the country, and the state is home to exclusive communities within its borders. Massachusetts currently has a median mortgage interest rate of 3.597 percent, sixth lowest on the list.<\/p>\n

Is Mississippi a good place to get a home loan? \u00a0<\/b><\/em>Image<\/a><\/p>\n

\"best<\/p>\n

Source:wikimedia.org<\/div>\n

All of the other states on this list have robust economies that uphold residential loans, and\u00a0Mississippi<\/a>\u00a0does not share this distinction. The state of Mississippi actually has the lowest per capita personal income in the entire nation at\u00a0$26,908; nevertheless, the median mortgage interest rate currently stands at\u00a03.599 percent. However, this status as one of the poorest states in the US brings in a greater portion of government assistance from agencies like the Federal Housing Administration (FHA) and the United States Department of Housing and Urban Development (HUD). The government subsidizes many loans in Mississippi, and the relative stability of the subsidies from the FHA and the HUD offsets the relative poverty of the residents.<\/p>\n

With all median interest rates firmly entrenched in the three percent range, now is a great time to buy a home in any of the states mentioned above. Use your knowledge of the markets above to get the best deal that you possibly can.<\/p>\n

2 Point Highlight<\/h2>\n

First in the nation in mushroom production,\u00a0eighth in wine making, and on the map for many other staples, Pennsylvania has an economy that is, like the states mentioned above, similarly unaffected by bigger national problems.<\/p>\n

The state of Mississippi actually has the lowest per capita personal income in the entire nation at\u00a0$26,908; nevertheless, the median mortgage interest rate currently stands at\u00a03.599 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you are looking for the\u00a0best place to get a home loan, the surrounding\u00a0market conditions are just as important as the home itself. Here are some state comparisons to help you make an informed decision about how to get the best loan possible. Is Rhode Island a good place to get a home loan? \u00a0 \u00a0TD Source:wikimedia.orgwikimedia.org The lowest rates in the United States come from\u00a0Rhode Island, and the benchmark rates for the state are currently at 3.395 percent. Government loans are quite prevalent there, as the state and the federal government are among the largest employers in the area. […]<\/p>\n","protected":false},"author":3,"featured_media":3802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[],"class_list":["post-3797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-loans","post--single"],"yoast_head":"\nBest Place To Get A Home Loan: A Comparison By State<\/title>\n<meta name=\"description\" content=\"Most of the states with low mortgage rates also have robust economies and plenty of opportunity for jobs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/best-place-to-get-a-home-loan-a-comparison-by-state\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Place To Get A Home 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