A financial technology company ranks Limestone County among the top places in Alabama to secure a home mortgage.

New York-based SmartAsset released a study with Limestone County in the third spot in the state for “Best Places to Get a Mortgage.”

The study — in its third year — determines top markets in the state by comparing the likelihood of mortgage approval by county.

To determine the best places in the state to get a mortgage, SmartAsset looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments. Those with the lowest average rankings are considered the best places to get a mortgage.

To calculate the overall borrowing costs, the company looked at expected costs over the first five years of a $200,000 mortgage with a 20 percent down payment including closing costs.

SmartAssest also calculated the ease of getting a mortgage as the ratio of mortgage applications to actual secured mortgages in each county. The annual mortgage payments were based on the annual principal and interest payments for a $200,000 loan in the location, using average mortgage rates in each county.

Limestone County is listed as having an average loan funding rate of 61.58 percent, five-year borrowing costs of $78,043, an annual mortgage payment of $14,846 and a property tax of $4,587.

Tom Hill, president of the Limestone County Economic Development Association, believes the study is “a very positive indicator of the great quality of life we have in Limestone County.”

“The fact that financing is readily available through our many quality financial institutions is a plus for existing families in the area and to those newcomers to the area,” Hill said.

Dianne McAlister, senior loan officer at Home Mortgage of America Inc. in Athens, said the study should be “very encouraging” to all those who aspire to own a home one day.

“When you think about all Limestone County has to offer such as education, job possibilities and available health care, purchasing a home falls right into ‘quality of life’ for all of us,” she said.

McAlister isn’t surprised that Limestone is ranked high in the state. “Limestone County is a great place to live, work and raise a family,” she said.

The top 10 counties for mortgages in the state are Colbert, Lauderdale, Limestone, Winston, Baldwin, Madison, Clarke, Lee, Houston and Tuscaloosa.

Neighboring Lauderdale County took the second spot with an average loan funding rate of 66.70 percent, five-year borrowing costs of $78,043, an annual mortgage payment of $14,846 and a property tax of $6,011.

Madison County was in the sixth spot with an average funding loan rate of 62.02 percent, five-year borrowing costs of $78,043, an annual mortgage rate payment of $14,846 and a property tax of $5,998.

For more information on the study, visit https://smartasset.com/mortgage/mortgage-rates#alabama.