South Dakota Is One of the Best Places to Refinance a Mortgage
When it comes to approving home mortgage refinance applications, South Dakota banks love to say yes.
Yahoo! Finance is quoting a new LendingTree study that says roughly 80 percent of refi applications are approved in the Mount Rushmore State. That's the third-highest rate in America, behind only Utah and North Dakota.
The numbers are based on a look at 10 million mortgage applications using the most recent available Home Mortgage Disclosure Act (HMDA) data from 2018.
On average, three-in-four applications are accepted nationwide, 16 of the top 20 in the west, while 31 of the bottom 35 states are in the east.
South Dakota's ranking in two key areas helps bolster the state's higher than average approval rate - credit score and home value appreciation. The Mount Rushmore State and North Dakota lead the United States with an average credit score of 724, while the state's home value appreciation rate is 32 percent.
New Mexico has the worst refinance approval rate at slightly less than 70 percent.
The latest numbers from the Mortgage Bankers Association show that refinance applications nationwide were up 169 percent from last September to this September.