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US » Georgia

Key Questions:

    1. How at risk is Georgia to the subprime mortgage crisis?
    1. Loans taken out by home owners in Georgia are within a +/- 10 percent band of the national average. That is to say, Georgia will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Georgia be in paying off their mortgage?
    1. Homeowners in Georgia borrowed an average of 1.61 times their annual income for their mortgage. This compares to 1.83 for all of the US. Based on the national average, there will be a normal risk that Georgia homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Georgia?
    1. The leading lenders, by market share, are Countrywide Home Loans, Suntrust Mortgage, Inc and Wells Fargo Bank, Na. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Georgia to actually live in them?
    1. 86.4% of home owners in Georgia 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 Georgia US
Total Applications 1,150,575 33,304,682
Average Loan $142.4k $184.9k
Loan to Income Ratio 1.61 1.83
Subprime Loans 12.25% 11.98%
Refinancing Loans 45.63% 50.05%
Principal Dwellings 86.39% 88.97%
Rejected Applications 12.31% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 5.80% 66,725
2 Suntrust Mortgage, Inc 4.27% 49,125
3 Wells Fargo Bank, Na 3.20% 36,768
4 Bank Of America, N.A. 2.83% 32,599
5 Washington Mutual Bank 2.77% 31,896
6 Wachovia Bank 2.44% 28,029
7 Taylor, Bean & Whitaker 2.16% 24,874
8 Citimortgage, Inc 2.07% 23,850
9 Beneficial Company Llc 2.04% 23,423
10 Jpmorgan Chase Bank 1.81% 20,791
 

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