Study Names Chemung County a Top Place to Get a Mortgage in New York

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CHEMUNG COUNTY, N.Y. (WETM)- This pandemic has brought on many negative results but there are some positive opportunities that have come from this.

Because of everything that’s happening with the pandemic and the economy mortgage rates are at all time lows. So, now is a good time to get a mortgage if you’re at that point in your life but there is a lot of competition for buying homes, especially as people move out of big cities.

According to a recent study, by New York financial technology company, SmartAsset, Chemung County ranked among the top places in New York to get a mortgage. Here’s why, “they ranked number 13 in the state for a loan funding rate. And essentially, that’s the percentage of mortgage applications and accounting, that are approved. They also ranked number one in the state for the most affordable borrowing costs. So the combination of these factors, brought Chemung county into the top 10,” says Mark LoCastro, spokesperson for SmartAsset.

This was the sixth annual study, and it compared the likelihood of mortgage approval in each county, mortgage rates, average five-year borrowing costs, and property taxes to determine the best places to get a mortgage.

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