September 19, 2021

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Mortgage News

Region Among Easiest Places to Approve Mortgage

Today’s news

Graphics courtesy of SmartAsset

The real estate market is still in full swing in the wake of the COVID-19 pandemic. With real estate professionals continuing to report record sales every month, expert analysis shows the Sarasota-Manatee area remains one of the best places in Florida to get a home loan.

A SmartAsset study shows Florida’s Manatee County ranks fifth when it comes to securing a mortgage, with Sarasota County ranking sixth. Sumter County, home of The Villages, is # 1 in Florida by the rankings.

In Manatee, the loan financing rate is about 64.61%; in Sarasota it is about 63.67%. The annual mortgage rate for both counties is $ 13,506, while Manatee property taxes are around $ 300 higher each year than Sarasota. Overall, the study shows that there is still a lot of interest in the Florida market and lenders have a desire to meet the demand.

“You will probably still want to look for a lender when you are ready to refinance your mortgage,” the SmartAsset study said. “You don’t have to use the same lender that gave you your first home loan, and you can get a better mortgage refinance rate by switching lenders.”

The study was published about a week after the Sarasota and Manatee Brokerage Association reported record sales in June. Completed June sales in the region increased 41% to approximately 2,849. That means there has been a full 12 months of revenue growth compared to last year. Since the beginning of the year, approximately $ 5.8 billion single-family homes were sold in the region in 2021, an 85.1% increase over the previous year. In addition, approximately $ 2.6 billion in condominium sales were sold, an increase of 65.2% in the sector.

“The first six months of 2021 consistently showed the demand for living space in our region. Last month saw the largest volume of sales ever recorded for the month of June, ”said Alex Krumm, Broker Owner of NextHome Excellence and 2021 RASM President. “Interest rates are still a big part of the home buying frenzy here, as is the desire to live and invest in Sarasota and Manatee counties.”

Graphics courtesy of SmartAsset