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US » Minnesota

Key Questions:

    1. Who are the leading lenders in Minnesota?
    1. The leading lenders, by market share, are Wells Fargo Bank, Na, Jpmorgan Chase Bank, Na and Citimortgage, Inc. Do you have the best rate possible? Find out your credit score or browse
    2. How stretched will home owners in Minnesota be in paying off their mortgage?
    1. Homeowners in Minnesota borrowed an average of 1.95 times their annual income for their mortgage. This compares to 1.97 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. How likely are the owners of homes in Minnesota to actually live in them?
    1. 91.9% of home owners in Minnesota that applied for a mortgage in 2008 live in their homes versus owning them as an investment property. This compares to the national average of 90.0%.
    4. 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.
2008 Mortgage Research Minnesota US
Total Applications 272,913 17,391,570
Average Loan $179.8k $198.2k
Loan to Income Ratio 1.95 1.97
Subprime Loans 4.89% 4.81%
Refinancing Loans 55.65% 52.52%
Principal Dwellings 91.88% 90.00%
Rejected Applications 12.49% 15.15%
MINNESOTA Mortgage Rates
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Top Ten Lenders
# Name Share Apps
1 Wells Fargo Bank, Na 17.28% 46,612
2 Jpmorgan Chase Bank, Na 8.17% 17,114
3 Citimortgage, Inc 5.70% 13,392
4 Countrywide Bank, Fsb 5.60% 15,754
5 Us Bank, N.A. 5.54% 12,835
6 Gmac Mortgage Llc 2.62% 5,941
7 Beneficial Company Llc 2.06% 5,306
8 Wells Fargo Funding, Inc 1.84% 4,073
9 Affinity Plus Federal Credit U 1.70% 7,292
10 Hfc Company Llc 1.59% 3,688