Lending information for Santa Cruz, California - Market Share of Lenders

1. There were significantly less subprime loans taken out by home owners in Santa Cruz, California than the national average in 2006. That is to say, Santa Cruz, California will be less affected by the subprime mortgage crisis in years to come as a lesser percentage of all mortgages in Santa Cruz, California - 6.9% versus 12.0% - will reset to higher rates in 2008. This will mean that there will be less foreclosures caused by the reseting of subprime mortgages in Santa Cruz, California than other areas of the US.
1. Homeowners in Santa Cruz, California borrowed an average of 2.47 times their annual income for their mortgage. This compares to 1.83 for all of the US. Based on the national average, a signficantly higher risk that Santa Cruz, California homeowners will default on their mortgage payments in the coming years.
1. The leading lenders, by market share, are Washington Mutual Bank, Countrywide Home Loans and Wells Fargo Bank, Na. Do you have the best rate possible? Get quotes from mortgage lenders.
1. 88.3% of home owners in Santa Cruz, California that applied for a mortgage in 2006 live in their homes versus owning them as an investment property. This compares to the national average of 89.0%.

2006 Mortgage Research	Santa Cruz	California	US
Total Applications	23,947	4,894,022	33,304,682
Average Loan	$432.2k	$321.8k	$184.9k
Loan to Income Ratio	2.47	2.31	1.83
Subprime Loans	6.91%	11.67%	11.98%
Refinancing Loans	61.50%	56.98%	50.05%
Principal Dwellings	88.30%	90.85%	88.97%
Rejected Applications	11.64%	12.10%	12.36%

Nearby Counties: Santa Clara, San Mateo, Alameda, San Francisco, Contra Costa