PROVIDENCE – Providence is among the top 10 cities in the United States for denied mortgage applications, according to information released by LendingTree, a North Carolina-based online broker.
Nearly one in 10 borrowers seeking a mortgage in Providence is rejected, or 9 percent. On a national level, 8 percent of loan applications were denied.
Credit history and debt are the biggest barriers nationally, but in Providence lack of collateral is the disproportionate reason for denial, LendingTree reported.
Among all cities, Providence ranked No. 7 for the denial rate. Birmingham, Ala., at 13 percent, and New Orleans and Memphis, Tenn., each at 12 percent, led the nation in rejections.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
