Mortgage loan applications in Utah has an up to 95% chance of gaining approval, as the state the second highest number of applicants per 1,000 people in 2015, according to an analysis of data from the Home Mortgage Disclosure Act.
The state’s approval rate has placed it on a comfortable spot against the nationwide average of 88.2% during that year. Those living in Florida, however, had the lowest percentage of approved mortgage applications at 82.9%.
Competitive mortgage rates in Utah and the huge demand for homes in the state are only some of the factors that reflect the number of applications. The analysis showed that there were 17 applicants per 1,000 residents in 2015, the second highest number for that year.
Colorado ranked first in terms of mortgage applications with 18.2 people per 1,000 applicants that sought to get a loan, while New York had the lowest number at six applications per 1,000 New Yorkers.
Home sales and prices are expected to increase further in 2017 partly due to a strong momentum in the previous year, according to an industry report by Jim Wood, a University of Utah’s Kem C. Garner Policy Institute economist. Sales of existing single-family homes rose 1.3% to 13,600 units in 2016, which represented the biggest sales figure for such properties.
The increase, however, does not paint an entirely bright picture. Wood said that if home builders fail to deploy more homes to meet an excessive demand, there is a possibility for a housing shortage to become a sociopolitical issue.
Applying for a mortgage in Utah has become much easier thanks to increasing competition among lending companies. These loan providers are finding ways to attract clients by offering compelling rates and improved services, so it’s up to you to decide which package works best for your home purchase.