Skip to main content

Close To 86% Of Mortgage Refinances Are Approved

Navi Persaud
Oct 05, 2020
Photo of a mortgage refinance application. Credit: iStock.com/KLH49

Folks across the country are looking to capitalize on the record-low interest rates by refinancing their home loans and a recent study from LendingTree revealed 86% of mortgage refinances are approved. LendingTree explored more than 15 million mortgage applications through the Home Mortgage Disclosure Act for 2019 to find out which states across the country have the highest and lowest approval rates.

The study revealed that credit score and home-price appreciation are the two factors that impact the approval rates in all states. According to the study, homeowners with higher credit scores and homes that have appreciated are more likely to be approved for a mortgage refinance.

Additionally, 80% or more of refinance loans are approved in 48 of the 50 states and no state has an approval rate below 78%. The data leans positive for homeowners looking to refinance their homes, which could explain why home refinances are not falling at the same pace as home purchase loans.

The states that have the highest approval rates above 90% include South Dakota at 91.29%, Utah at 90.74%, North Dakota at 90.65% and Nebraska at 90.53%. The states with the lowest approval rates include Florida at 78.43%, New York at 79.60% and Connecticut at 80.82%.

Check out where all of the states rank below. Read more from the LendingTree report.

 
Published
Oct 05, 2020
Clear Capital Announces 350 New Hires And 170 Job Openings

Clear Capital, a national real estate valuation technology company, announced it has hired more than 350 people so far in 2021, with 170 jobs currently open and accepting applications.

Community
Oct 28, 2021
Fitch To Rate BRAVO 2021-NQM3, Presale Issued

Fitch Ratings assigned its expected ratings to Bravo Residential Funding Trust's 2021-NQM3 supported by 934 loans with a total interest-bearing balance of approximately $346 million as of the cutoff date, according to Fitch.

Non-QM
Oct 28, 2021
Guild Mortgage Announces Medical Professional Mortgage Program

Guild Mortgage introduced a new mortgage product to help medical professionals buy their first home with no down payment.

Industry News
Oct 27, 2021
Mortgage Coach And HomeBinder Partner On New Integration For Homeowners

Mortgage Coach announced a new integration with HomeBinder aimed to help homeowners stay connected with their lenders.

Tech
Oct 27, 2021
Non-QM Lender Angel Oak Appoints David Raju As Group CIO

Firm continues to seek ways to optimize data and improve technology capabilities.

Non-QM
Oct 27, 2021
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021