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Monroe County ranks No. 2 in N.Y. for mortgage approval

Monroe County is among the best areas statewide for mortgage approval, a new report from SmartAsset shows.

In its Best Places to get a Mortgage, SmartAsset found that among New York’s 62 counties, Monroe ranked second for its mortgage loan funding. Some 73 percent of homeowners here receive approval on the loans.

Tompkins County has the best approval rate at 77 percent. Delaware County ranked 62nd statewide. Some 48 percent of applicants are approved for mortgage loans there.

Monroe County homeowners’ annual mortgage payment is $14,830 and their five-year borrowing costs are $80,181. Property taxes over the life of the loan amount of $40,429 in Monroe County.

SmartAsset, a personal finance technology company based in New York City, ranked Monroe County 24th overall on the report, primarily because of its high property taxes.

Overall, Genesee County ranked 47th, Livingston County ranked 38th, Ontario County ranked 6th, Orleans County ranked 55th and Wayne County ranked 53rd.

Follow Velvet Spicer on Twitter: @Velvet_Spicer

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or email [email protected]

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