United States Home Loan Market By Type (Home Purchase, Refinance, Home Improvement, Construction, Other (Re-Sale etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneur, Others (Homemaker, Unemployed, Retired, etc.)), By Tenure Period (less than 5 years, 6-10 years, 11-24 years, and 25-30 years), By Region, Competition, Forecast & Opportunities, 2028
Published Date: January - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationUnited States Home Loan Market By Type (Home Purchase, Refinance, Home Improvement, Construction, Other (Re-Sale etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneur, Others (Homemaker, Unemployed, Retired, etc.)), By Tenure Period (less than 5 years, 6-10 years, 11-24 years, and 25-30 years), By Region, Competition, Forecast & Opportunities, 2028
United States Home Loan Market is anticipated to project robust growth in the forecast period because of the increasing number of potential home loan buyers, automation of the loan process, and increasing digitalization.
A loan from a financial institution to purchase residential property is known as home loan. Customers can utilize a home loan to buy a property that is either finished and ready to move into or is still being built. Banks and Non-Banking Financial Companies both offer home loans (NBFCs). These come with a range of interest rates that are frequently dependent on your credit score. Typically, home loans have a term of up to 30 years and require repayment in Equated Monthly Installments.
Consumer demand for mortgages has surged significantly in the United States over the past two years due to the rise in home buying during COVID-19.Banks, nonbank lenders, and mortgage sector investors would continue to see strong demand from the purchase market.
Increasing Homeownership in United States Will Lead to the Market Growth
The COVID-19 outbreak, and the consequent economic collapse haven't diminished the American ambition of home ownership. The overall expansion of the economy and the rise in households in the United States over time contribute to the portion of the increase in homeownership. In 2020, the country had more than 2.1 million homeowners, or 2.6% annual growth. Since 1965, this is the seventh-largest percentage rise in homeowners
Automation in Home Loan Process Will Boost the Market Growth
The mortgage business has been increasingly implementing technology to speed up and simplify the front-to-back mortgage application process. This is being done to improve the customer experience. By increasing consumer access to home financing and home-buying services, investors can help advance improvements at the points of origination, processing, underwriting, and loan servicing. The mortgage industry has been implementing technology to improve the customer experience and speed up the mortgage application process. Compared to Chinese digital payment companies, which saw growth of 17 percent in 2020, the U.S. digital payments business expanded at a faster rate of 23%. These software programs are made to accelerate the mortgage application process, reduce costs for the lender, and enhance the client experience in general. Thus, increasing digitalization will fuel the home loan market in the United States.
Growth of Nonbank Lenders Will Fuel the Market Growth
Nonbanks stepped in to fill the gap, especially with borrowers looking for refinancing.Many significant bank and nonbank lenders have invested in proprietary or third-party technologies over the past five years in various portions of the value chain to support diverse operations. Front-end platform modernization, workflow management, document extraction and management, income and asset verification, employment verification, title verification, appraisal management, e-closings, automated compliance, and decisions are just a few of the lengthy lists of steps that have been addressed. Over the past ten years, nonbank mortgage lenders have overtaken banks' market share. Since 2016, these lenders have accounted for more than half of the market. They don't accept deposits or provide other banking services. Seven of the top ten mortgage lenders in the US at the end of 2020 were not banks. Thus, the growth of nonbank lenders will fuel the market growth.
Market Segmentation
The United States Home Loan Market is segmented based on type, end-user, tenure period, region, and competitional landscape. Based on type, the market is further fragmented into home purchase, refinance, home improvement, construction, and other (re-sale, etc.). Based on the end user, the market is segmented into employed individuals, professionals, students, entrepreneurs, and others (homemakers, unemployed, retired, etc.). The market is segmented based on the tenure period into less than 5 years, 6-10 years, 11-24 years, and 25-30 years. Based on region, the market is divided into South, West, Midwest, and Northeast.
Company Profiles
|
Attribute |
Details |
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Base
Year |
2022 |
|
Historical
Years |
2018–2021 |
|
Estimated
Year |
2023E |
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Forecast
Period |
2024F –2028F |
|
Quantitative
Units |
Revenue
in USD Million and CAGR for 2018-2022 and 2023E- 2028F |
|
Report
Coverage |
Revenue
forecast, company share, competitive landscape, growth factors, and trends |
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Segments
Covered |
Type End
User Tenure
Period Company |
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Regional
Scope |
South, West, Midwest, and Northeast |
|
Key
Companies Profiled |
Bank of America Corporation, JPMorgan Chase & Co., Citigroup,
Inc., Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Inc., American
Express Company, Ally Financial Inc., Truist Financial Corporation and Goldman
Sachs & Co. LLC. |
|
Customization
Scope |
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing
and Purchase Options |
Avail
customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery
Format |
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request) |
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