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Key Questions:

    1. Who are the leading lenders in Iowa?
    2. The leading lenders, by market share, are Wells Fargo Bank, Na, Countrywide Home Loans and Countrywide Bank, Fsb. Do you have the best rate possible? Find out your credit score or browse
    1. How stretched will home owners in Iowa be in paying off their mortgage?
    2. Homeowners in Iowa borrowed an average of 1.45 times their annual income for their mortgage. This compares to 1.89 for all of the US. Based on the national average, there will be a normal risk that Iowa homeowners will default on their mortgage payments in the coming years.
    1. How likely are the owners of homes in Iowa to actually live in them?
    2. 93.1% of home owners in Iowa that applied for a mortgage in 2007 live in their homes versus owning them as an investment property. This compares to the national average of 89.7%.
    1. How at risk is Iowa to the subprime mortgage crisis?
    2. Subprime loans taken out by home owners in Iowa were meaningful more than the national average in 2007. That is to say, Iowa will likely be more affected by the subprime mortgage crisis in years to come as a greater percentage of all mortgages in Iowa - 8.5% versus 7.2% - will reset to higher rates in 2009. This will likely trigger a higher amount of foreclosures caused by the reseting of subprime mortgages in Iowa than other areas of the US.
2007 Mortgage Research Iowa US
Total Applications 197,991 26,605,695
Average Loan $106.1k $198.4k
Loan to Income Ratio 1.45 1.89
Subprime Loans 8.49% 7.18%
Refinancing Loans 47.81% 51.89%
Principal Dwellings 93.13% 89.65%
Rejected Applications 10.10% 15.01%
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Top Ten Lenders
# Name Share Apps
1 Wells Fargo Bank, Na 9.26% 18,281
2 Countrywide Home Loans 7.83% 14,760
3 Countrywide Bank, Fsb 5.26% 8,814
4 Citimortgage, Inc 5.06% 8,510
5 Us Bank, N.A. 2.94% 4,637
6 Gmac Mortgage Llc 2.94% 5,114
7 Hfc Company Llc 2.63% 5,396
8 Wells Fargo Fin'L Iowa 3, Inc 2.46% 5,017
9 Beneficial Company Llc 2.42% 5,202
10 Bank Of America, N.A. 2.08% 4,989