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US » Utah » Salt Lake

Key Questions:

    1. How at risk is Salt Lake, Utah to the subprime mortgage crisis?
    1. Loans taken out by home owners in Salt Lake, Utah are within a +/- 10 percent band of the national average. That is to say, Salt Lake, Utah will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Salt Lake, Utah be in paying off their mortgage?
    1. Homeowners in Salt Lake, Utah borrowed an average of 1.71 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 Salt Lake, Utah homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Salt Lake, Utah?
    1. The leading lenders, by market share, are Countrywide Home Loans, Lehman Brothers Bank and National City Bank. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Salt Lake, Utah to actually live in them?
    1. 88.0% of home owners in Salt Lake, Utah 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 Salt Lake Utah US
Total Applications 149,708 374,624 33,304,682
Average Loan $158.2k $158.2k $184.9k
Loan to Income Ratio 1.71 1.69 1.83
Subprime Loans 12.38% 11.34% 11.98%
Refinancing Loans 43.78% 43.04% 50.05%
Principal Dwellings 88.00% 86.68% 88.97%
Rejected Applications 10.89% 10.56% 12.36%

Nearby Counties:   Davis, Morgan, Weber, Utah, Wasatch

Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 10.17% 15,226
2 Lehman Brothers Bank 4.28% 6,414
3 National City Bank 3.74% 5,599
4 Countrywide Bank, N.A. 3.50% 5,239
5 Citimortgage, Inc 3.47% 5,188
6 Wells Fargo Bank, Na 3.44% 5,143
7 Argent Mortgage Company 2.40% 3,589
8 Wells Fargo Funding, Inc 2.25% 3,362
9 Washington Mutual Bank 2.14% 3,200
10 First Horizon Home Loan Corp 2.10% 3,144