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US » Tennessee

Key Questions:

    1. How at risk is Tennessee to the subprime mortgage crisis?
    1. Loans taken out by home owners in Tennessee are within a +/- 10 percent band of the national average. That is to say, Tennessee will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Tennessee be in paying off their mortgage?
    1. Homeowners in Tennessee 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 Tennessee homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Tennessee?
    1. The leading lenders, by market share, are Countrywide Home Loans, Suntrust Mortgage, Inc and Wells Fargo Bank, Na. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Tennessee to actually live in them?
    1. 88.2% of home owners in Tennessee 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 Tennessee US
Total Applications 605,362 33,304,682
Average Loan $117.4k $184.9k
Loan to Income Ratio 1.55 1.83
Subprime Loans 11.74% 11.98%
Refinancing Loans 45.92% 50.05%
Principal Dwellings 88.23% 88.97%
Rejected Applications 11.86% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 7.07% 42,776
2 Suntrust Mortgage, Inc 3.10% 18,760
3 Wells Fargo Bank, Na 3.06% 18,514
4 Ameriquest Mortgage Company 2.53% 15,290
5 Beneficial Company Llc 2.30% 13,895
6 National City Bank 1.97% 11,925
7 Countrywide Bank, N.A. 1.95% 11,822
8 Bank Of America, N.A. 1.93% 11,711
9 First Horizon Home Loan Corp 1.82% 10,992
10 Jpmorgan Chase Bank 1.76% 10,626