LendingTree Ranks Cities with the Highest Share of Cash-Out Refinance Borrowers
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
Megan.greuling@lendingtree.com
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