Where you live affects what you'll pay. In these areas, homebuyers get lower average loan rates, and fewer homes are headed for foreclosure.
By Forbes.com
By Forbes.com
Near-record-low mortgage rates should be good news for homebuyers, but restrictive lending still makes it hard to get a good loan in most parts of the country.
Yet in a few metro areas, such as Houston, Dallas and Kansas City, Mo., you'll find some of the lowest mortgage rates and the smallest percentages of people with extremely delinquent loans or foreclosed homes.
Because more people in those metro areas are current on their loans, local banks are more likely to lend -- and offer decent terms.
The reason these places are more borrower-friendly is that the local housing markets never saw the cascading real-estate prices that led to delinquencies and foreclosures elsewhere. As a result, borrowers are less likely to have "underwater" mortgages -- home debts that exceed the value of the homes -- and can refinance more easily. A healthier market means more lending.
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