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Key Questions:

    1. How at risk is Michigan to the subprime mortgage crisis?
    1. Loans taken out by home owners in Michigan are within a +/- 10 percent band of the national average. That is to say, Michigan will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Michigan be in paying off their mortgage?
    1. Homeowners in Michigan borrowed an average of 1.55 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 Michigan homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Michigan?
    1. The leading lenders, by market share, are Countrywide Home Loans, Quicken Loans and Jpmorgan Chase Bank. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Michigan to actually live in them?
    1. 90.6% of home owners in Michigan 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 Michigan US
Total Applications 1,089,009 33,304,682
Average Loan $120.8k $184.9k
Loan to Income Ratio 1.55 1.83
Subprime Loans 12.03% 11.98%
Refinancing Loans 59.15% 50.05%
Principal Dwellings 90.56% 88.97%
Rejected Applications 16.16% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 7.29% 79,365
2 Quicken Loans 3.19% 34,739
3 Jpmorgan Chase Bank 2.68% 29,160
4 National City Bank 2.50% 27,209
5 Ameriquest Mortgage Company 2.47% 26,943
6 Hfc Company Llc 2.18% 23,755
7 Gmac Mortgage Llc 2.17% 23,618
8 Abn Amro Mortgage Group, Inc. 1.98% 21,555
9 Countrywide Bank, N.A. 1.96% 21,368
10 Wells Fargo Bank, Na 1.90% 20,734