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Key Questions:

    1. How at risk is Minnesota to the subprime mortgage crisis?
    1. Loans taken out by home owners in Minnesota are within a +/- 10 percent band of the national average. That is to say, Minnesota will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Minnesota be in paying off their mortgage?
    1. Homeowners in Minnesota borrowed an average of 1.79 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 Minnesota homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Minnesota?
    1. The leading lenders, by market share, are Wells Fargo Bank, Na, Countrywide Home Loans and Citimortgage, Inc. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Minnesota to actually live in them?
    1. 91.4% of home owners in Minnesota 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 Minnesota US
Total Applications 537,288 33,304,682
Average Loan $160.1k $184.9k
Loan to Income Ratio 1.79 1.83
Subprime Loans 11.23% 11.98%
Refinancing Loans 53.15% 50.05%
Principal Dwellings 91.42% 88.97%
Rejected Applications 11.55% 12.36%
Top Ten Lenders
# Name Share Apps
1 Wells Fargo Bank, Na 9.51% 51,077
2 Countrywide Home Loans 6.46% 34,717
3 Citimortgage, Inc 2.71% 14,585
4 Countrywide Bank, N.A. 2.64% 14,180
5 Us Bank, N.A. 2.16% 11,603
6 National City Bank 1.86% 9,999
7 Redidential Funding Corp. 1.82% 9,765
8 Lehman Brothers Bank 1.79% 9,615
9 Washington Mutual Bank 1.57% 8,447
10 Ameriquest Mortgage Company 1.46% 7,865