LendingTree Ranks Cities with the Highest Share of Cash-Out Refinance Borrowers
New LendingTree study analyzes where the most borrowers are tapping into their home equity when refinancing
CHARLOTTE, N.C., April 2, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released the findings of its study on where cash-out refinancing was most prevalent in the past year.
Mortgage rates have increased over the past six months, which has led to a decline in mortgage refinance applications. At the same time, home prices continue to increase at a robust pace. In such an environment, borrowers who have had meaningful appreciation in their homes can still access the equity in their homes via a cash-out refinance, in which the new mortgage balance is higher than the outstanding balance prior to refinancing. This change in the mix of refinances — where more borrowers are interested in extracting home equity versus refinancing into a lower interest rate loan — leads to an increase in the share of cash-out loans as a proportion of total refinances.
LendingTree data has shown this trend toward more cash-out refinancing. Cash-out refinance loans have risen to 62 percent of all refinances in Q1 2018, up from 54 percent in Q1 2017. However, not all areas of the country have the same propensity to access cash through refinancing their mortgages, and the study uses LendingTree data to assess where it was most prevalent over the past year.
LendingTree analyzed mortgage requests and offers for refinance borrowers between March 1, 2017 and March 1, 2018, based on the location of the property to be mortgaged. The city rankings are generated from the percentage of total funded refinance mortgages which included a cash-out portion of the loan.
Cities with the highest share of cash-out borrowers
#1 Albany, N.Y.
- Share of funded refinance mortgages with cash-out portion: 73%
- Average loan amount: $166,504
#2 Portland, Ore.
- Share of funded refinance mortgages with cash-out portion: 72%
- Average loan amount: $266,152
#3 Cape Coral, Fla.
- Share of funded refinance mortgages with cash-out portion: 72%
- Average loan amount: $162,975
Cities with the highest cash-out loan amounts
#1 Bridgeport, Conn.
- Share of funded refinance mortgages with cash-out portion: 52%
- Average loan amount: $453,307
#2 San Jose, Calif.
- Share of funded refinance mortgages with cash-out portion: 56%
- Average loan amount: $451,777
#3 San Francisco, Calif.
- Share of funded refinance mortgages with cash-out portion: 58%
- Average loan amount: $442,099
| Most Popular Cities by Share of Cash-Out Borrowers |
|||
| Rank |
City |
% Cash-Out |
Loan Amount |
| 1 |
Albany, N.Y. |
73% |
166,504 |
| 2 |
Portland, Ore. |
72% |
266,152 |
| 3 |
Cape Coral, Fla. |
72% |
162,975 |
| 4 |
Boise City, Idaho |
72% |
209,033 |
| 5 |
Scranton, Pa. |
71% |
142,666 |
| 6 |
Denver |
71% |
280,373 |
| 7 |
Greenville, S.C. |
71% |
179,724 |
| 8 |
Colorado Springs, Colo. |
69% |
250,891 |
| 9 |
Tulsa, Okla. |
69% |
184,795 |
| 10 |
Des Moines, Iowa |
69% |
166,776 |
| 10 |
Grand Rapids, Mich. |
69% |
170,414 |
| 10 |
Ogden, Utah |
69% |
224,974 |
| 13 |
Provo, Utah |
68% |
236,751 |
| 14 |
Pittsburgh |
68% |
159,815 |
| 15 |
Sarasota, Fla. |
68% |
199,917 |
| 16 |
Nashville, Tenn. |
68% |
207,454 |
| 17 |
Augusta, Ga. |
66% |
155,778 |
| 18 |
Louisville/Jefferson County, Ky. |
66% |
173,102 |
| 19 |
Salt Lake City |
66% |
256,267 |
| 20 |
Lakeland, Fla. |
66% |
163,339 |
| 21 |
Seattle |
66% |
300,036 |
| 22 |
Tampa, Fla. |
66% |
189,385 |
| 23 |
Baton Rouge, La. |
65% |
178,660 |
| 24 |
Kansas City, Mo. |
65% |
185,666 |
| 25 |
Omaha, Neb. |
65% |
194,561 |
| 26 |
Charlotte, N.C. |
65% |
202,777 |
| 27 |
Dallas |
65% |
195,783 |
| 28 |
Birmingham, Ala. |
65% |
180,706 |
| 29 |
Chattanooga, Tenn. |
65% |
167,661 |
| 30 |
Austin, Texas |
65% |
208,937 |
| 31 |
Spokane, Wash. |
65% |
200,212 |
| 32 |
Riverside, Calif. |
64% |
265,315 |
| 33 |
Palm Bay, Fla. |
64% |
187,637 |
| 34 |
Jacksonville, Fla. |
64% |
210,111 |
| 35 |
Oklahoma City |
63% |
172,483 |
| 36 |
Memphis, Tenn. |
63% |
165,532 |
| 37 |
Knoxville, Tenn. |
63% |
174,091 |
| 38 |
Sacramento, Calif. |
63% |
276,262 |
| 39 |
San Diego |
63% |
373,039 |
| 40 |
Wichita, Kan. |
63% |
148,242 |
| 41 |
Deltona, Fla. |
63% |
162,557 |
| 42 |
Minneapolis |
63% |
218,098 |
| 43 |
Fresno, Calif. |
63% |
219,185 |
| 44 |
New Orleans |
62% |
207,025 |
| 45 |
Columbia, S.C. |
62% |
182,261 |
| 46 |
Charleston, S.C. |
62% |
209,641 |
| 47 |
Richmond, Va. |
62% |
202,997 |
| 48 |
Boston |
62% |
295,981 |
| 49 |
Miami |
62% |
230,379 |
| 50 |
Columbus, Ohio |
61% |
172,103 |
| 51 |
Los Angeles |
61% |
364,453 |
| 52 |
Stockton, Calif. |
61% |
256,005 |
| 53 |
Oxnard, Calif. |
61% |
357,376 |
| 54 |
Honolulu |
61% |
415,224 |
| 55 |
San Antonio |
60% |
179,059 |
| 56 |
Phoenix |
60% |
211,780 |
| 57 |
Houston |
60% |
192,272 |
| 58 |
Bakersfield, Calif. |
60% |
200,741 |
| 59 |
Buffalo, N.Y. |
59% |
136,014 |
| 60 |
Orlando, Fla. |
59% |
197,814 |
| 61 |
Indianapolis |
59% |
157,750 |
| 62 |
Detroit |
59% |
179,035 |
| 63 |
Las Vegas |
59% |
227,364 |
| 64 |
St. Louis |
58% |
179,868 |
| 65 |
New York |
58% |
298,928 |
| 66 |
Cleveland, Ohio |
58% |
155,220 |
| 67 |
Atlanta |
58% |
201,715 |
| 68 |
Dayton, Ohio |
58% |
153,870 |
| 69 |
Allentown, Pa. |
58% |
201,845 |
| 70 |
Cincinnati |
58% |
174,996 |
| 71 |
San Francisco |
58% |
442,099 |
| 72 |
Hartford, Conn. |
58% |
237,899 |
| 73 |
Syracuse, N.Y. |
57% |
126,674 |
| 74 |
Greensboro, N.C. |
57% |
162,054 |
| 75 |
New Haven, Conn. |
56% |
206,543 |
| 76 |
Chicago |
56% |
202,890 |
| 77 |
Little Rock, Ark. |
56% |
156,240 |
| 78 |
Tucson, Ariz. |
56% |
194,117 |
| 79 |
Harrisburg, Pa. |
56% |
177,939 |
| 80 |
San Jose, Calif. |
56% |
451,777 |
| 81 |
Virginia Beach, Va. |
55% |
233,278 |
| 82 |
Durham, N.C. |
55% |
202,982 |
| 83 |
Philadelphia |
55% |
214,542 |
| 84 |
Milwaukee |
55% |
205,253 |
| 85 |
Toledo, Ohio |
54% |
146,349 |
| 86 |
Albuquerque, N.M. |
54% |
189,533 |
| 87 |
Rochester, N.Y. |
54% |
142,580 |
| 88 |
Akron, Ohio |
53% |
165,577 |
| 89 |
Raleigh, N.C. |
53% |
218,675 |
| 90 |
Youngstown, Ohio |
53% |
142,020 |
| 91 |
McAllen, Texas |
53% |
130,076 |
| 92 |
Worcester, Mass. |
53% |
228,144 |
| 93 |
Bridgeport, Conn. |
52% |
453,307 |
| 94 |
Washington |
52% |
319,142 |
| 95 |
El Paso, Texas |
51% |
149,588 |
| 96 |
Winston, N.C. |
51% |
171,232 |
| 97 |
Providence, R.I. |
51% |
239,872 |
| 98 |
Madison, Wis. |
50% |
203,529 |
| 99 |
Baltimore |
49% |
260,665 |
| 100 |
Springfield, Mass. |
48% |
213,775 |
| Most Popular Cities by Average Cash-Out Loan Amount |
|||
| Rank |
City |
% Cash-Out |
Loan Amount |
| 1 |
Bridgeport, Conn. |
52% |
453,307 |
| 2 |
San Jose, Calif. |
56% |
451,777 |
| 3 |
San Francisco |
58% |
442,099 |
| 4 |
Honolulu |
61% |
415,224 |
| 5 |
San Diego |
63% |
373,039 |
| 6 |
Los Angeles |
61% |
364,453 |
| 7 |
Oxnard, Calif. |
61% |
357,376 |
| 8 |
Washington |
52% |
319,142 |
| 9 |
Seattle |
66% |
300,036 |
| 10 |
New York |
58% |
298,928 |
| 10 |
Boston |
62% |
295,981 |
| 10 |
Denver |
71% |
280,373 |
| 13 |
Sacramento, Calif. |
63% |
276,262 |
| 14 |
Portland, Ore. |
72% |
266,152 |
| 15 |
Riverside, Calif. |
64% |
265,315 |
| 16 |
Baltimore |
49% |
260,665 |
| 17 |
Salt Lake City |
66% |
256,267 |
| 18 |
Stockton, Calif. |
61% |
256,005 |
| 19 |
Colorado Springs, Colo. |
69% |
250,891 |
| 20 |
Providence, R.I. |
51% |
239,872 |
| 21 |
Hartford, Conn. |
58% |
237,899 |
| 22 |
Provo, Utah |
68% |
236,751 |
| 23 |
Virginia Beach, Va. |
55% |
233,278 |
| 24 |
Miami |
62% |
230,379 |
| 25 |
Worcester, Mass. |
53% |
228,144 |
| 26 |
Las Vegas |
59% |
227,364 |
| 27 |
Ogden, Utah |
69% |
224,974 |
| 28 |
Fresno, Calif. |
63% |
219,185 |
| 29 |
Raleigh, N.C. |
53% |
218,675 |
| 30 |
Minneapolis |
63% |
218,098 |
| 31 |
Philadelphia |
55% |
214,542 |
| 32 |
Springfield, Mass. |
48% |
213,775 |
| 33 |
Phoenix |
60% |
211,780 |
| 34 |
Jacksonville, Fla. |
64% |
210,111 |
| 35 |
Charleston, S.C. |
62% |
209,641 |
| 36 |
Boise City, Idaho |
72% |
209,033 |
| 37 |
Austin, Texas |
65% |
208,937 |
| 38 |
Nashville, Tenn. |
68% |
207,454 |
| 39 |
New Orleans |
62% |
207,025 |
| 40 |
New Haven, Conn. |
56% |
206,543 |
| 41 |
Milwaukee |
55% |
205,253 |
| 42 |
Madison, Wis. |
50% |
203,529 |
| 43 |
Richmond, Va. |
62% |
202,997 |
| 44 |
Durham, N.C. |
55% |
202,982 |
| 45 |
Chicago |
56% |
202,890 |
| 46 |
Charlotte, N.C. |
65% |
202,777 |
| 47 |
Allentown, Pa. |
58% |
201,845 |
| 48 |
Atlanta |
58% |
201,715 |
| 49 |
Bakersfield, Calif. |
60% |
200,741 |
| 50 |
Spokane, Wash. |
65% |
200,212 |
| 51 |
Sarasota, Fla. |
68% |
199,917 |
| 52 |
Orlando, Fla. |
59% |
197,814 |
| 53 |
Dallas |
65% |
195,783 |
| 54 |
Omaha, Neb. |
65% |
194,561 |
| 55 |
Tucson, Ariz. |
56% |
194,117 |
| 56 |
Houston |
60% |
192,272 |
| 57 |
Albuquerque, N.M. |
54% |
189,533 |
| 58 |
Tampa, Fla. |
66% |
189,385 |
| 59 |
Palm Bay, Fla. |
64% |
187,637 |
| 60 |
Kansas City, Mo. |
65% |
185,666 |
| 61 |
Tulsa, Okla. |
69% |
184,795 |
| 62 |
Columbia, S.C. |
62% |
182,261 |
| 63 |
Birmingham, Ala. |
65% |
180,706 |
| 64 |
St. Louis |
58% |
179,868 |
| 65 |
Greenville, S.C. |
71% |
179,724 |
| 66 |
San Antonio |
60% |
179,059 |
| 67 |
Detroit |
59% |
179,035 |
| 68 |
Baton Rouge, La. |
65% |
178,660 |
| 69 |
Harrisburg, Pa. |
56% |
177,939 |
| 70 |
Cincinnati |
58% |
174,996 |
| 71 |
Knoxville, Tenn. |
63% |
174,091 |
| 72 |
Louisville/Jefferson County, Ky. |
66% |
173,102 |
| 73 |
Oklahoma City |
63% |
172,483 |
| 74 |
Columbus, Ohio |
61% |
172,103 |
| 75 |
Winston, N.C. |
51% |
171,232 |
| 76 |
Grand Rapids, Mich. |
69% |
170,414 |
| 77 |
Chattanooga, Tenn. |
65% |
167,661 |
| 78 |
Des Moines, Iowa |
69% |
166,776 |
| 79 |
Albany, N.Y. |
73% |
166,504 |
| 80 |
Akron, Ohio |
53% |
165,577 |
| 81 |
Memphis, Tenn. |
63% |
165,532 |
| 82 |
Lakeland, Fla. |
66% |
163,339 |
| 83 |
Cape Coral, Fla. |
72% |
162,975 |
| 84 |
Deltona, Fla. |
63% |
162,557 |
| 85 |
Greensboro, N.C. |
57% |
162,054 |
| 86 |
Pittsburgh |
68% |
159,815 |
| 87 |
Indianapolis |
59% |
157,750 |
| 88 |
Little Rock, Ark. |
56% |
156,240 |
| 89 |
Augusta, Ga. |
66% |
155,778 |
| 90 |
Cleveland, Ohio |
58% |
155,220 |
| 91 |
Dayton, Ohio |
58% |
153,870 |
| 92 |
El Paso, Texas |
51% |
149,588 |
| 93 |
Wichita, Kan. |
63% |
148,242 |
| 94 |
Toledo, Ohio |
54% |
146,349 |
| 95 |
Scranton, Pa. |
71% |
142,666 |
| 96 |
Rochester, N.Y. |
54% |
142,580 |
| 97 |
Youngstown, Ohio |
53% |
142,020 |
| 98 |
Buffalo, N.Y. |
59% |
136,014 |
| 99 |
McAllen, Texas |
53% |
130,076 |
| 100 |
Syracuse, N.Y. |
57% |
126,674 |
"There are three primary ways to access the equity built up in the home: cash-out refinance, a home equity loan or a home equity line of credit (HELOC)," said Tendayi Kapfidze, Chief Economist at LendingTree. "Borrowers can use the cash extracted to perform home renovations, consolidate debt, purchase appliances or cars, go on vacation, start a business or even as a down payment on a second home. Each loan option is unique, and the total cost of borrowing depends on loan amount, available equity, loan balances, closing costs and available interest rates. Borrowers should evaluate these three loan types and shop around for the best option given their circumstances."
For more information on the study, visit https://www.lendingtree.com/home/refinance/cash-out/cities-with-the-highest-share-of-cash-out-refi/.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 65 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 500 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Megan Greuling
704-943-8208
[email protected]
SOURCE LendingTree
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