Central Illinois counties rank high in mortgage approvals
Dave Fidlin — August 2, 2015
In examining Illinois’ 102 counties, the central region made a strong showing on mortgage ratings and availability. After reviewing several pieces of data, Smart Asset’s findings revealed McLean, Woodford, Tazewell and Peoria counties ranked in the top 10.
First-time and continuing homebuyers looking to secure a mortgage stand a better chance of receiving a stamp of approval in central Illinois than many other corners of the U.S.
The writers and editors of Smart Asset, a New York City-based firm specializing in distilling complex financial data, recently compiled a comprehensive report on mortgage approval rates across the U.S.
In examining Illinois’ 102 counties, the central region made a strong showing. After reviewing several pieces of data, Smart Asset’s findings revealed McLean, Woodford, Tazewell and Peoria counties ranked in the top 10.
J. Smith, managing editor of Smart Asset, had a role in sifting through data across the country. From a national perspective, she said the Midwest and upper Midwest ranked especially high. On average, 62.76 percent of the mortgage loan applications filed in Illinois last year were approved.
The national average, Smith said, was 58.7 percent during the same time period.
McLean, Woodford, Tazewell and Peoria counties all outperformed the national and state averages by a wide margin, notching approval rates that ranged from 76.07 percent in McLean County to 72.57 percent in Peoria County.
McLean County, in particular, caught Smith’s attention.
“It was No. 2 in the state of Illinois, but it was No. 26 in the nation, based on our findings,” she said.
Across the nation, Smith said she and other Smart Asset researchers looked at four pieces of data before assigning state and national rankings on the best places in the nation to secure a mortgage. The factors examined included overall borrowing costs, what processes were needed to secure a mortgage, the amount of property taxes paid and annual loan payments.
For No. 2 McLean County, the news comes on the heels of a report, unveiled in May. It revealed the Bloomington-Normal area, in particular, has an overall strong economy compared to the rest of Illinois and the U.S.
IO Inc., based in Phoenix, conducted the research behind that report. Methodology included interviews with employers and residents, as well as a review of financial data.
In a statement, Kyle Ham, CEO of the Bloomington-Normal Economic Development Council, said the data reveals the strengths of the Twin City area.
“We’re very blessed; we’re very healthy,” Ham said. “We have the lowest unemployment in the state right now. We’ve got good schools, so from a gauge of comparing ourselves to other communities in Illinois, we’re doing quite well.”
Jennifer Daly, CEO of the Greater Peoria Economic Development Council, also has trumpeted the community’s attributes from an economic perspective that could be linked to the high mortgage approval rate.
She described the area as a “vibrant place where we could have urban, rural and big city options, a low cost of living, a wide variety of job opportunities and almost no commute.”
Smith said Smart Asset’s recent report was an inaugural effort. Plans are in motion to make it an annual exercise so comparative data can be compiled.
“We’re always looking at ways to better inform people so they can feel more empowered as they make decisions,” Smith said. “It will be interesting to see if any trends emerge as we continue doing this.”
ILLINOIS COUNTIES WITH TOP LOAN APPROVAL RATES
RANK COUNTY LOAN APPROVAL RATE
1 Schuyler 77.48%
2 McLean 76.07%
3 Woodford 75.28%
4 Tazewell 74.61%
5 Champaign 74.23%
6 Sangamon 74.10%
7 Macon 73.70%
8 Peoria 72.57%
9 Piatt 72.46%
10 Stark 72.22%
— Central Illinois counties rank high in mortgage approvals —
