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Residential Finance Survey: 2001 - Midwest
Table 2-2c. Type of First Mortgage, 1-Unit Homeowner Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

1-housing-unit properties with
traditional first mortgage
9042 7292 514 1124 112

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
8883 7162 510 1108 103
Placed one new mortgage 8409 6772 478 1060 99
Placed two or more new mortgages 121 96 7 14 4
Assumed mortgage(s) already on property 166 147 13 6 0
Assumed mortgage(s) already on property
and placed new mortgage
22 19 0 4 0
Borrowed using assets other than this
property as collateral
43 31 9 4 0
Paid all cash-no borrowing 108 88 4 16 0
Other manner 14 10 0 4 0
By inheritance or gift 64 64 0 0 0
By divorce 27 22 0 5 0
By some other manner 7 4 4 0 0
Not reported 61 40 0 12 9

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
4706 3809 292 543 62
Sale of previous home 1723 1396 115 184 28
Sale of other real property or other
investments
183 143 18 22 0
Savings 2253 1833 118 276 26
Borrowing from a retirement plan 166 133 7 21 4
Borrowing using assets other than this
property as collateral
139 109 4 19 7
Proceeds from an insurance policy 38 26 0 12 0
Payments in a lease-purchase agreement 51 47 0 4 0
From a state or local government source 51 51 0 0 0
From a non-profit organization 9 3 0 5 0
From parents or relatives 400 319 32 34 15
Other 18 15 0 3 0
No downpayment required 324 259 47 19 0
Not reported 105 76 0 30 0
Other properties 4298 3459 222 577 40
Not reported 37 24 0 5 9

Year Property Acquired

1999 to 2001 (part)
2148 1748 122 244 34
1997 and 1998 1538 1229 97 195 16
1995 and 1996 1115 908 77 108 21
1990 to 1994 1783 1414 105 245 19
1985 to 1989 1083 913 44 115 11
1980 to 1984 487 377 10 97 3
1975 to 1979 534 410 44 76 4
1970 to 1974 199 156 0 39 3
1969 or earlier 155 136 15 4 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
8883 7162 510 1108 103
New 1831 1504 80 223 24
Previously occupied by someone else 7017 5634 427 878 79
Converted from non-residential use 3 0 0 3 0
Other 8 4 4 0 0
Not reported 24 21 0 4 0
Other properties 98 89 4 5 0
Not reported 61 40 0 12 9

Year Structure Built

1999 to March 2000
450 360 14 67 9
1997 and 1998 388 310 13 59 7
1995 and 1996 446 371 18 40 16
1990 to 1994 798 681 42 70 5
1980 to 1989 1182 971 51 156 3
1970 to 1979 1374 1104 78 172 20
1960 to 1969 945 750 70 117 8
1950 to 1959 1291 1075 76 132 7
1940 to 1949 662 522 48 91 0
1939 or earlier 1507 1148 103 221 36

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
3598 2908 215 434 41
Less than $20,000 73 52 7 14 0
$20,000 to $39,999 250 176 23 40 11
$40,000 to $59,999 341 273 33 31 4
$60,000 to $79,999 490 389 42 51 8
$80,000 to $99,999 450 363 21 67 0
$100,000 to $124,999 426 346 25 51 4
$125,000 to $149,999 447 372 18 57 0
$150,000 to $174,999 300 256 16 28 0
$175,000 to $199,999 194 173 4 13 5
$200,000 to $249,999 253 215 7 27 4
$250,000 to $299,999 140 122 4 14 0
$300,000 to $499,999 186 145 4 32 5
$500,000 or more 48 26 13 10 0
Median 111457 114525 82850 107025 74556
Mean 135449 135339 126235 140871 134237
Other properties 5444 4384 299 690 71

Value

Less than $20,000
98 76 13 9 0
$20,000 to $39,999 332 237 31 60 3
$40,000 to $59,999 676 489 48 121 18
$60,000 to $79,999 1010 776 90 125 19
$80,000 to $99,999 1317 1100 43 158 16
$100,000 to $124,999 1221 961 100 156 3
$125,000 to $149,999 1024 833 54 128 8
$150,000 to $174,999 871 753 29 75 13
$175,000 to $199,999 648 554 16 66 12
$200,000 to $249,999 754 625 20 100 9
$250,000 to $299,999 379 339 24 11 4
$300,000 to $499,999 522 419 27 71 5
$500,000 or more 190 129 18 42 0
Median 122264 125188 107931 114193 99082
Mean 147925 147913 140150 153057 132787

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
5533 4455 326 678 75
Less than $500 103 73 0 26 4
$500 to $999 186 130 16 33 7
$1,000 to $2,499 834 659 54 121 0
$2,500 to $4,999 1061 884 34 130 12
$5,000 to $7,499 1014 809 67 128 10
$7,500 to $9,999 327 271 18 38 0
$10,000 to $14,999 681 584 22 67 7
$15,000 to $19,999 359 274 32 41 13
$20,000 to $29,999 545 437 37 59 13
$30,000 or more 423 333 46 35 9
Median 6435 6485 7176 5571 12700
Mean 11001 10897 13234 10307 13781
Properties with no capital
improvements between 1998 and 2000
2781 2234 160 358 29
Capital improvements not
reported
728 604 28 88 8

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
473 416 8 42 7
Property located in subdivision not
restricted to people age 55 or older
8226 6615 486 1028 97
Not reported 343 261 20 54 8

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
652 509 47 89 7
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
6125 4941 344 782 58
Don't know or not reported 2264 1841 123 253 47

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
76 69 0 6 0
Other government grant or subsidy 53 35 9 9 0
Property tax relief 277 217 19 41 0
Subsidy from a non-profit corporation 3 3 0 0 0
None of the above benefits 7107 5748 400 871 88
Not reported 1530 1224 86 196 24

Source of Property Benefits@1

With property benefits
404 319 28 57 0
Federal government 63 53 4 6 0
State government 210 165 17 28 0
Local government 86 57 6 23 0
Non-profit corporation 3 3 0 0 0
Not reported 51 47 4 0 0
With no property benefits 7107 5748 400 871 88
Not reported 1530 1224 86 196 24

Reason for Benefits@1

With property benefits
404 319 28 57 0
Occupied by low- or moderate-income
individuals
102 82 3 16 0
Occupied by elderly or disabled
individuals
28 19 0 9 0
A historic structure 7 7 0 0 0
Located in a community development or
economic development area
38 38 0 0 0
Covered by a Homestead Exemption 215 164 19 32 0
Covered by a Community Land Trust 5 0 5 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 56 45 7 3 0
Not reported 17 17 0 0 0
With no property benefits 7107 5748 400 871 88
Not reported 1530 1224 86 196 24

OWNER CHARACTERISTICS


Owner Status

1 owner
2892 2262 191 405 33
2 owners 6063 4951 319 715 78
3 or more owners 88 79 4 5 0

Age of Owner

Under 25
89 72 4 13 0
25 to 34 1513 1233 94 160 26
35 to 44 2625 2111 184 302 28
45 to 54 2628 2181 100 318 29
55 to 64 1194 914 68 205 7
65 to 74 402 323 35 37 7
75 and over 126 105 3 17 0
Not reported 465 352 27 72 15
Median 45 45 43 47 43

Race of Owner

White alone
8299 6673 481 1033 112
Black or African American alone 474 388 20 65 0
American Indian or Alaska Native alone 26 21 5 0 0
Asian alone 161 149 0 11 0
Native Hawaiian or Other Pacific
Islander alone
9 9 0 0 0
Two or more races 73 52 7 14 0

Sex of Owner

Male/Male and female co-owners
7537 6092 424 927 95
Female 1504 1199 90 198 17

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
379 330 19 31 0
No Hispanic/Latino owner(s) 8663 6962 495 1094 112

Veteran Status@1

Veteran
1734 1407 122 189 16
Active member of Reserves or National
Guard for at least 6 years
263 217 7 35 4
Persian Gulf War or after
(August 1990 to present)
181 156 14 11 0
Vietnam or after
(August 1964 to July 1990)
1073 873 91 99 9
Korean conflict or after
(July 1950 to July 1964)
304 236 17 48 3
World War II or after
(September 1940 to June 1950)
106 89 3 14 0
Nonveteran 6830 5494 375 873 88
Not reported 478 391 17 63 8

Income

Less than $5,000
683 564 27 83 10
$5,000 to $9,999 69 63 0 6 0
$10,000 to $14,999 171 122 7 43 0
$15,000 to $19,999 194 120 26 48 0
$20,000 to $24,999 354 277 34 40 4
$25,000 to $29,999 347 280 32 35 0
$30,000 to $34,999 443 346 29 65 3
$35,000 to $39,999 448 382 9 56 0
$40,000 to $49,999 1063 824 77 137 26
$50,000 to $59,999 1008 798 68 122 20
$60,000 to $79,999 1731 1412 88 202 30
$80,000 to $99,999 963 795 46 114 7
$100,000 to $119,999 580 504 18 46 13
$120,000 or more 987 805 54 128 0
Median 57418 58370 52408 54083 56667
Mean 68473 69176 64813 66983 54434

Owned Home Previously

Previously owned home
5117 4109 303 642 62
Never owned home before 3592 2917 197 437 41
Not reported 333 266 13 46 8

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
37 20 16 0 0
By telephone or FAX 908 779 39 90 0
By regular mail 130 103 9 14 4
By personal visit 6124 4932 347 761 85
Through third party (such as real
estate agent or builder)
1186 936 49 188 12
Some other way 33 33 0 0 0
Not reported 558 428 48 71 11
Not available 66 60 6 0 0

Origin of First Mortgage

Mortgage made at time property acquired
6323 5040 369 822 92
Mortgage assumed at the time property
acquired
134 125 9 0 0
Mortgage placed later than acquisition of
property
2585 2127 136 303 19
Refinanced mortgage 2379 1944 127 289 19
Same lender 785 619 38 121 7
Different lender 1594 1326 89 168 12
Mortgage placed on property
owned free and clear of debt
207 183 9 14 0
Not available 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property
2585 2127 136 303 19
Obtain lower interest rate 1535 1319 67 131 19
Increase payment period for mortgage 31 22 0 9 0
Reduce payment period for mortgage 56 52 0 4 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
41 31 7 3 0
Receive cash or increase outstanding
balance of loan
729 562 48 119 0
Other reason 101 56 14 31 0
Not reported 92 86 0 6 0
Other properties 6456 5164 378 822 92
Not available 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
1116 896 67 144 9
Less than $20,000 520 416 28 71 5
$20,000 to $39,999 337 253 35 45 4
$40,000 to $59,999 104 94 0 10 0
$60,000 to $79,999 61 48 4 9 0
$80,000 to $99,999 27 27 0 0 0
$100,000 to $124,999 24 20 0 4 0
$125,000 to $149,999 5 5 0 0 0
$150,000 to $174,999 13 13 0 0 0
$175,000 to $199,999 11 6 0 5 0
$200,000 to $249,999 8 8 0 0 0
$250,000 to $299,999 6 6 0 0 0
$300,000 or more 0 0 0 0 0
Median 22213 22488 23082 20482 17219
Mean 31592 32733 23593 29242 14773
Properties that refinanced
and did not receive cash back
1240 1037 61 131 11
Properties that refinanced
and did not report if received
cash back
230 195 8 28 0
Properties that did not
refinance
6456 5164 378 822 92
Not available 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
1116 896 67 144 9
For additions, improvements or repairs
to this property
620 501 25 94 0
To consolidate debts 481 390 22 60 9
For investment in other real estate 72 67 0 5 0
For other types of investments 52 47 0 5 0
For educational or medical expenses 76 64 5 7 0
To start a business 30 19 11 0 0
To settle a divorce 54 38 5 10 0
To pay taxes 37 28 5 4 0
To purchase an automobile, truck, or
other vehicle
94 76 4 14 0
To purchase consumer product other than
automobile, truck, or other vehicle
33 20 4 9 0
Other 21 15 6 0 0
Not reported 9 4 5 0 0
Properties that refinanced
and did not receive cash back
1240 1037 61 131 11
Properties that refinanced
and did not report if received
cash back
230 195 8 28 0
Properties that did not
refinance
6456 5164 378 822 92
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
3641 2860 253 476 53
1997 and 1998 2214 1842 110 239 23
1995 and 1996 872 708 47 92 25
1990 to 1994 1409 1183 61 160 3
1985 to 1989 441 365 5 64 7
1980 to 1984 159 107 6 46 0
1979 or earlier 306 227 31 48 0

First Mortgage Insurance Status

FHA-insured first mortgage
815 705 15 84 11
VA-guaranteed first mortgage 200 165 14 17 4
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
157 120 4 22 12
Other federal, state, or local
government-insured or guaranteed
first mortgage
182 137 6 39 0
Insured conventional first mortgage 997 847 30 120 0
Uninsured conventional first mortgage 6690 5316 445 843 85
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
383 287 39 58 0
$20,000 to $29,999 572 406 37 104 24
$30,000 to $39,999 772 580 48 133 11
$40,000 to $49,999 845 680 34 114 16
$50,000 to $59,999 793 619 79 94 0
$60,000 to $79,999 1506 1249 107 138 13
$80,000 to $99,999 1168 958 48 154 7
$100,000 to $149,999 1752 1489 68 164 31
$150,000 to $199,999 558 489 12 53 4
$200,000 to $249,999 301 249 11 36 5
$250,000 to $299,999 110 78 13 19 0
$300,000 or more 141 90 13 39 0
Not reported 142 118 5 18 0
Median 74417 76255 63170 67268 65691
Mean 92613 93777 83029 91204 75442

Total Mortgage Loan

Less than $20,000
333 242 39 53 0
$20,000 to $29,999 520 381 32 87 21
$30,000 to $39,999 695 497 49 141 8
$40,000 to $49,999 766 605 34 114 13
$50,000 to $59,999 787 610 79 94 4
$60,000 to $79,999 1405 1192 81 116 17
$80,000 to $99,999 1238 1020 55 156 7
$100,000 to $149,999 1888 1583 91 184 30
$150,000 to $199,999 661 575 12 67 7
$200,000 to $249,999 298 246 11 36 5
$250,000 to $299,999 138 109 13 16 0
$300,000 or more 171 116 13 43 0
Not reported 142 118 5 18 0
Median 79196 81191 65154 71099 72965
Mean 97938 99457 85870 95452 79962

Traditional First Mortgage Outstanding
Debt

Less than $10,000
365 286 19 61 0
$10,000 to $19,999 617 466 45 96 10
$20,000 to $29,999 644 486 36 104 18
$30,000 to $39,999 894 680 61 133 20
$40,000 to $49,999 731 608 29 90 4
$50,000 to $59,999 744 587 83 69 4
$60,000 to $79,999 1424 1169 85 158 12
$80,000 to $99,999 1098 884 42 151 21
$100,000 to $149,999 1475 1284 64 114 13
$150,000 to $199,999 503 436 7 51 9
$200,000 to $249,999 216 162 20 34 0
$250,000 to $299,999 74 59 4 11 0
$300,000 or more 114 66 13 35 0
Not reported 142 118 5 18 0
Median 66384 68114 57727 60024 58177
Mean 83352 84184 77718 81987 69065

Total Mortgage Outstanding Debt

Less than $10,000
294 222 19 53 0
$10,000 to $19,999 556 414 44 91 7
$20,000 to $29,999 634 481 34 101 18
$30,000 to $39,999 799 595 53 135 16
$40,000 to $49,999 688 568 29 83 7
$50,000 to $59,999 742 578 78 81 4
$60,000 to $79,999 1383 1164 77 129 12
$80,000 to $99,999 1175 938 51 164 21
$100,000 to $149,999 1590 1363 80 134 13
$150,000 to $199,999 595 517 7 58 13
$200,000 to $249,999 230 180 20 30 0
$250,000 to $299,999 91 77 4 11 0
$300,000 or more 132 80 13 39 0
Not reported 133 113 5 15 0
Median 70725 72557 59653 61627 64674
Mean 87003 88092 79513 84762 72936

Current Interest Rate on First Mortgage

Less than 6.0 percent
2232 1580 248 351 53
6.0 percent 79 74 0 5 0
6.1 to 6.4 percent 201 154 7 39 0
6.5 to 6.9 percent 1082 934 23 112 14
7.0 percent 751 643 23 76 8
7.1 to 7.4 percent 893 787 12 90 4
7.5 to 7.9 percent 964 801 52 100 10
8.0 percent 273 230 15 27 0
8.1 to 8.4 percent 271 219 20 28 4
8.5 to 8.9 percent 357 276 38 40 3
9.0 percent 108 85 6 16 0
9.1 to 9.4 percent 99 62 23 13 0
9.5 to 9.9 percent 154 130 13 7 4
10.0 percent 24 24 0 0 0
10.1 to 10.4 percent 63 46 4 9 4
10.5 to 10.9 percent 101 58 5 37 0
11.0 percent 98 89 0 9 0
11.1 to 12.9 percent 147 99 19 28 0
13.0 percent 24 24 0 0 0
13.1 percent or more 1122 976 3 135 7
Not reported 0 0 0 0 0
Median 7.2 7.2 6.5 7.1 6.6

Type of Interest Rate Buydown

Properties with interest rate
buydown
196 178 0 18 0
Constant payment 25 25 0 0 0
3-2-1 buydown 7 7 0 0 0
Other 16 11 0 5 0
Not reported 148 135 0 13 0
Properties without interest
rate buydown
4509 3715 228 533 34
Not reported 4337 3399 286 574 78

Term of First Mortgage

Less than 5 years
69 20 46 0 3
5 years 99 45 50 3 0
6 to 9 years 101 42 41 13 5
10 years 233 205 18 0 11
11 to 14 years 53 30 15 8 0
15 years 1247 1118 21 91 17
16 to 19 years 17 17 0 0 0
20 years 280 221 12 43 3
21 to 24 years 4 0 0 4 0
25 years 105 69 0 36 0
26 to 29 years 19 15 0 4 0
30 years 3308 2792 51 446 18
More than 30 years 50 50 0 0 0
No stated term 3458 2669 260 476 53
Median 30 30 9 30 16

Unexpired Term of First Mortgage

Less than 5 years
355 201 125 21 9
5 to 9 years 674 578 31 58 7
10 to 14 years 945 779 42 99 24
15 to 19 years 449 364 8 73 4
20 to 24 years 513 457 0 56 0
25 to 29 years 2082 1757 25 285 15
30 or more years 567 487 22 58 0
No stated term or not computed 3458 2669 260 476 53
Median 24 24 5 25 13

Holder of First Mortgage

Commercial bank or trust company
1475 978 193 282 22
Savings and loan association, federal
savings bank
967 701 17 219 30
Mutual savings bank 106 76 9 22 0
Life insurance company 135 92 13 29 0
Mortgage banker or mortgage company 511 428 16 67 0
Federally-sponsored secondary market
agency or pool
4378 3857 159 328 34
Conventional mortgage pool 149 110 5 33 0
Other federal agency 219 202 6 11 0
Real estate investment trust 16 3 0 12 0
Pension or retirement fund 14 9 5 0 0
Credit union 308 218 41 36 14
Finance company 151 124 13 14 0
State or municipal government or
housing finance agency
318 276 0 38 4
Individual or individual's estate 166 112 28 22 4
Other 128 106 7 11 4

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
6334 5063 374 813 83
Less than 40 percent 225 180 7 32 7
40 to 49 percent 177 148 5 14 9
50 to 59 percent 248 183 12 47 5
60 to 69 percent 656 533 39 77 7
70 to 79 percent 724 543 47 118 16
80 to 89 percent 1112 846 70 183 13
90 to 94 percent 552 464 32 52 4
95 to 99 percent 715 597 20 99 0
100 percent or more 1793 1456 138 177 23
Not reported 134 115 5 13 0
Median 90 90 91 86 79
Other properties 2708 2229 140 311 28
Not available 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
6334 5063 374 813 83
Less than 40 percent 263 211 12 40 0
40 to 49 percent 233 192 9 24 9
50 to 59 percent 267 200 12 45 9
60 to 69 percent 1151 927 82 124 17
70 to 79 percent 1018 800 64 138 16
80 to 89 percent 1123 868 64 178 13
90 to 94 percent 523 421 27 71 4
95 to 99 percent 613 524 19 70 0
100 percent or more 1022 812 79 115 15
Not reported 121 106 5 9 0
Median 82 82 81 82 74
Other properties 2708 2229 140 311 28
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
505 354 37 115 0
Not subprime loan 8536 6938 477 1009 112
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
1236 0 0 1124 112
Treasury security 341 0 0 341 0
Average cost of funds in bank district 31 0 0 31 0
National average cost of funds 26 0 0 26 0
OTS contract mortgage rate 12 0 0 12 0
Other method 82 0 0 82 0
No index used 46 0 0 29 17
Not reported 698 0 0 604 94
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
1236 0 0 1124 112
Monthly 25 0 0 25 0
Every 3 months 6 0 0 6 0
Every 6 months 32 0 0 32 0
Yearly 335 0 0 335 0
Every 3 years 73 0 0 59 14
Every 5 years 58 0 0 58 0
Other 12 0 0 9 3
Not reported 695 0 0 601 94
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
1236 0 0 1124 112
Less than 1 percent 7 0 0 7 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 28 0 0 28 0
2 percent 308 0 0 308 0
2.1 to 2.9 percent 7 0 0 7 0
3 percent 47 0 0 47 0
3.1 to 3.9 percent 14 0 0 14 0
4.0 percent or more 47 0 0 47 0
No caps 73 0 0 59 14
Not reported 705 0 0 607 98
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
1236 0 0 1124 112
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 28 0 0 28 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 411 0 0 411 0
No caps 61 0 0 44 17
Not reported 736 0 0 642 94
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
1236 0 0 1124 112
Yes, rate has changed 278 0 0 271 7
No change since mortgage made 276 0 0 261 16
Not reported 681 0 0 592 89
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
1236 0 0 1124 112
Less than 1 percent 4 0 0 4 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 5 0 0 5 0
2 percent 46 0 0 46 0
2.1 to 2.9 percent 274 0 0 274 0
3 percent 47 0 0 47 0
3.1 to 3.9 percent 42 0 0 42 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 83 0 0 83 0
Not reported 735 0 0 623 112
Median 2.7 0.0 0.0 2.7 0.0
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
1236 0 0 1124 112
Can be converted 75 0 0 75 0
Cannot be converted 443 0 0 426 17
Not reported 718 0 0 624 94
Other properties 7806 7292 514 0 0
Not reported 0 0 0 0 0

Change in Monthly Interest and Principal
Payments Other Than Change in Interest
Rate

Monthly payments can change
(other than change in interest
ra
44 0 0 44 0
Payments can change monthly 14 0 0 14 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 0 0 0 0 0
Payments can change yearly 24 0 0 24 0
Payments can change every 3 years 6 0 0 6 0
Payments can change every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
8301 7292 514 476 19
Not reported 697 0 0 604 92

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
44 0 0 44 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 38 0 0 38 0
Not reported 6 0 0 6 0
Monthly payments cannot change 8301 7292 514 476 19
Not reported 697 0 0 604 92

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
8792 7102 505 1074 112
Interest and principal 8785 7098 502 1074 112
Fully amortized 8019 6844 37 1050 87
Not fully amortized 766 254 465 23 24
Interest only 7 4 3 0 0
No regular payments required 0 0 0 0 0
Not reported 250 190 9 51 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
8785 7098 502 1074 112
Real estate taxes 3314 2967 59 288 0
Property insurance 2835 2575 45 215 0
Mortgage insurance 851 794 4 53 0
Other 1260 1156 31 74 0
No items included or not reported 5370 4051 437 770 112
No regular payments of interest
and principal
257 194 12 51 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
8792 7102 505 1074 112
Less than $100 41 23 4 14 0
$100 to $199 279 195 31 53 0
$200 to $299 727 588 27 92 20
$300 to $399 966 699 90 155 22
$400 to $499 1024 841 63 116 4
$500 to $599 1128 921 77 122 8
$600 to $699 926 766 52 92 16
$700 to $799 741 629 28 84 0
$800 to $899 693 608 18 58 9
$900 to $999 480 396 28 45 12
$1,000 to $1,249 784 642 34 96 13
$1,250 to $1,499 346 295 16 30 5
$1,500 or more 656 499 38 115 4
Median 625 637 550 586 616
Mean 770 767 715 806 911
No regular payments required 0 0 0 0 0
Not reported 250 190 9 51 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
9042 7292 514 1124 112
Up-to-date, ahead of schedule, or
less than 90 days past due
4999 4181 226 556 36
Delinquent by 90 days or more 47 38 6 3 0
Legal proceedings have begun 15 9 6 0 0
Legal proceedings have not begun 27 24 0 3 0
Not reported 6 6 0 0 0
Not reported 3995 3072 283 565 75
Other properties 0 0 0 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
8821 7126 505 1079 112
Less than $100 45 27 4 14 0
$100 to $199 238 162 27 50 0
$200 to $299 676 549 22 85 20
$300 to $399 863 600 94 153 15
$400 to $499 981 792 63 122 4
$500 to $599 1019 839 64 105 11
$600 to $699 904 755 44 89 16
$700 to $799 751 648 31 72 0
$800 to $899 737 635 23 70 9
$900 to $999 579 469 32 62 16
$1,000 to $1,249 841 684 43 101 13
$1,250 to $1,499 406 351 16 33 5
$1,500 or more 781 614 41 122 4
Median 665 679 566 612 638
Mean 812 811 746 839 937
No regular monthly payments
required
220 166 9 45 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
8821 7126 505 1079 112
Less than 5 percent 328 252 14 62 0
5 to 9 percent 1751 1395 112 214 30
10 to 14 percent 2380 1956 154 242 29
15 to 19 percent 1756 1445 90 199 22
20 to 24 percent 865 686 38 131 10
25 to 29 percent 443 340 35 65 3
30 to 34 percent 195 161 8 23 4
35 to 39 percent 147 112 18 17 0
40 to 49 percent 163 121 9 32 0
50 percent or more 222 190 6 22 4
Not reported or not computed 571 468 21 71 10
Median 14 14 14 15 14
No regular monthly payments
required
220 166 9 45 0

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00