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US » North Carolina

Key Questions:

    1. How at risk is North Carolina to the subprime mortgage crisis?
    1. Loans taken out by home owners in North Carolina are within a +/- 10 percent band of the national average. That is to say, North Carolina will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in North Carolina be in paying off their mortgage?
    1. Homeowners in North Carolina borrowed an average of 1.56 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 North Carolina homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in North Carolina?
    1. The leading lenders, by market share, are Countrywide Home Loans, Wells Fargo Bank, Na and Branch Banking And Trust Co. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in North Carolina to actually live in them?
    1. 86.1% of home owners in North Carolina 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 North Carolina US
Total Applications 878,532 33,304,682
Average Loan $136.7k $184.9k
Loan to Income Ratio 1.56 1.83
Subprime Loans 10.92% 11.98%
Refinancing Loans 45.07% 50.05%
Principal Dwellings 86.12% 88.97%
Rejected Applications 12.45% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 5.93% 52,077
2 Wells Fargo Bank, Na 4.72% 41,468
3 Branch Banking And Trust Co 4.12% 36,200
4 Bank Of America, N.A. 4.08% 35,855
5 Wachovia Bank 3.75% 32,902
6 Beneficial Company Llc 3.05% 26,834
7 Suntrust Mortgage, Inc 2.33% 20,462
8 Citimortgage, Inc 2.26% 19,836
9 State Employees' Credit Union 1.94% 17,021
10 Gmac Mortgage Llc 1.89% 16,564