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Residential Finance Survey

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Residential Finance Survey: 2001 - Northeast
Table 3-2b. Type of First Mortgage, 2- to 4-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

2- to 4-housing-unit properties
with traditional first mortgage
234 178 5 44 7

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
229 173 5 44 7
Placed one new mortgage 214 160 3 44 7
Placed two or more new mortgages 11 10 2 0 0
Assumed mortgage(s) already on property 0 0 0 0 0
Assumed mortgage(s) already on property
and placed new mortgage
0 0 0 0 0
Borrowed using assets other than this
property as collateral
0 0 0 0 0
Paid all cash-no borrowing 3 3 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 0 0 0 0 0
By divorce 3 3 0 0 0
By some other manner 0 0 0 0 0
Not reported 2 2 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
122 94 5 15 7
Sale of previous home 7 7 0 0 0
Sale of other real property or other
investments
3 1 0 2 0
Savings 90 75 2 6 7
Borrowing from a retirement plan 17 12 0 5 0
Borrowing using assets other than this
property as collateral
7 7 0 0 0
Proceeds from an insurance policy 1 1 0 0 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 4 4 0 0 0
From a non-profit organization 0 0 0 0 0
From parents or relatives 19 14 3 0 2
Other 0 0 0 0 0
No downpayment required 7 4 0 3 0
Not reported 1 0 0 1 0
Other properties 111 82 0 29 0
Not reported 2 2 0 0 0

Year Property Acquired

1999 to 2001 (part)
46 38 3 3 2
1997 and 1998 38 36 0 2 0
1995 and 1996 42 25 2 10 6
1990 to 1994 48 34 0 15 0
1985 to 1989 23 17 0 6 0
1980 to 1984 15 9 0 6 0
1975 to 1979 4 4 0 0 0
1970 to 1974 11 9 0 3 0
1969 or earlier 7 7 0 0 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
229 173 5 44 7
New 14 12 0 2 0
Previously occupied by someone else 210 160 5 37 7
Converted from non-residential use 0 0 0 0 0
Other 2 1 0 2 0
Not reported 3 1 0 3 0
Other properties 3 3 0 0 0
Not reported 2 2 0 0 0

Year Structure Built

1999 to March 2000
5 5 0 0 0
1997 and 1998 2 2 0 0 0
1995 and 1996 1 0 0 1 0
1990 to 1994 8 3 0 5 0
1980 to 1989 4 4 0 0 0
1970 to 1979 10 8 0 0 2
1960 to 1969 15 12 0 0 2
1950 to 1959 16 12 0 4 0
1940 to 1949 20 15 0 5 0
1939 or earlier 154 116 5 29 3

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
80 69 3 6 2
Less than $20,000 9 3 0 6 0
$20,000 to $39,999 24 21 3 0 0
$40,000 to $59,999 21 21 0 0 0
$60,000 to $79,999 10 10 0 0 0
$80,000 to $99,999 1 1 0 0 0
$100,000 to $124,999 4 4 0 0 0
$125,000 to $149,999 1 1 0 0 0
$150,000 to $174,999 1 1 0 0 0
$175,000 to $199,999 8 6 0 0 2
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 0 0 0 0 0
Median 46038 49259 30000 20000- 187500
Mean 61722 63536 28248 17570 184500
Other properties 154 108 2 38 6

Value

Less than $20,000
0 0 0 0 0
$20,000 to $39,999 11 8 0 3 0
$40,000 to $59,999 17 17 0 0 0
$60,000 to $79,999 19 12 2 2 3
$80,000 to $99,999 22 14 1 7 0
$100,000 to $124,999 36 25 0 11 0
$125,000 to $149,999 9 9 0 0 0
$150,000 to $174,999 26 18 0 8 0
$175,000 to $199,999 16 13 0 3 0
$200,000 to $249,999 21 19 0 0 2
$250,000 to $299,999 12 11 0 1 0
$300,000 to $499,999 40 31 2 6 2
$500,000 or more 4 1 0 2 0
Median 152342 154571 90787 122847 211043
Mean 224720 180689 197608 411029 193273

Value Per Housing Unit@8

Less than $20,000
13 9 0 4 0
$20,000 to $39,999 48 37 3 5 3
$40,000 to $59,999 45 35 0 10 0
$60,000 to $79,999 34 21 0 13 0
$80,000 to $99,999 21 18 0 3 0
$100,000 to $124,999 23 20 0 1 2
$125,000 to $149,999 10 9 0 1 0
$150,000 to $174,999 9 8 0 1 0
$175,000 to $199,999 3 1 0 0 2
$200,000 to $249,999 26 21 2 3 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 2 0 0 2 0
Median 66577 67615 37388 65096 105521
Mean 106774 84227 93425 201105 96636

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
152 118 3 24 7
Less than $500 0 0 0 0 0
$500 to $999 0 0 0 0 0
$1,000 to $2,499 12 10 1 1 0
$2,500 to $4,999 31 20 0 7 5
$5,000 to $7,499 17 13 0 4 0
$7,500 to $9,999 17 13 0 3 0
$10,000 to $14,999 19 12 0 4 2
$15,000 to $19,999 16 13 0 2 0
$20,000 to $29,999 17 17 0 0 0
$30,000 or more 24 20 2 3 0
Median 9886 11292 30000+ 7926 4338
Mean 16340 18153 19858 9889 6949
Properties with no capital
improvements between 1998 and 2000
60 43 2 15 0
Capital improvements not
reported
21 17 0 5 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
152 118 3 24 7
Less than $500 0 0 0 0 0
$500 to $999 11 9 1 1 0
$1,000 to $2,499 36 24 0 7 5
$2,500 to $4,999 33 24 0 9 0
$5,000 to $7,499 19 12 0 5 2
$7,500 to $9,999 15 15 0 0 0
$10,000 to $14,999 22 20 0 2 0
$15,000 to $19,999 5 2 2 1 0
$20,000 to $29,999 4 4 0 0 0
$30,000 or more 8 8 0 0 0
Median 4731 5392 15991 3737 2102
Mean 7493 8365 9688 4169 3475
Properties with no capital
improvements between 1998 and 2000
60 43 2 15 0
Capital improvements not
reported
21 17 0 5 0

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
0 0 0 0 0
Property located in subdivision not
restricted to people age 55 or older
223 170 5 40 7
Not reported 11 7 0 4 0

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
32 28 0 3 0
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
147 101 2 36 7
Don't know or not reported 56 48 3 5 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
15 6 0 6 3
Other government grant or subsidy 2 0 0 2 0
Property tax relief 24 21 0 3 0
Subsidy from a non-profit corporation 1 1 0 0 0
None of the above benefits 148 119 2 22 4
Not reported 44 31 3 10 0

Source of Property Benefits@1

With property benefits
42 27 0 12 3
Federal government 8 3 0 5 0
State government 20 14 0 6 0
Local government 13 9 0 4 0
Non-profit corporation 1 1 0 0 0
Not reported 6 2 0 0 3
With no property benefits 148 119 2 22 4
Not reported 44 31 3 10 0

Reason for Benefits@1

With property benefits
42 27 0 12 3
Occupied by low- or moderate-income
individuals
12 4 0 5 3
Occupied by elderly or disabled
individuals
9 9 0 1 0
A historic structure 3 0 0 3 0
Located in a community development or
economic development area
5 3 0 2 0
Covered by a Homestead Exemption 3 3 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 19 13 0 6 0
Not reported 0 0 0 0 0
With no property benefits 148 119 2 22 4
Not reported 44 31 3 10 0

OWNER CHARACTERISTICS


Owner Status

1 owner
113 95 2 13 3
2 owners 116 80 3 28 4
3 or more owners 5 2 0 3 0

Age of Owner

Under 25
3 3 0 0 0
25 to 34 52 38 3 6 4
35 to 44 37 25 0 8 3
45 to 54 61 55 2 5 0
55 to 64 31 23 0 7 0
65 to 74 22 16 0 6 0
75 and over 9 8 0 1 0
Not reported 19 8 0 11 0
Median 47 48 32 49 33

Race of Owner

White alone
205 157 3 38 7
Black or African American alone 24 18 0 6 0
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 3 1 2 0 0
Native Hawaiian or Other Pacific
Islander alone
0 0 0 0 0
Two or more races 2 2 0 0 0

Sex of Owner

Male/Male and female co-owners
164 120 3 37 4
Female 70 58 2 7 3

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
29 23 0 6 0
No Hispanic/Latino owner(s) 205 155 5 38 7

Veteran Status@1

Veteran
34 29 0 6 0
Active member of Reserves or National
Guard for at least 6 years
3 3 0 0 0
Persian Gulf War or after
(August 1990 to present)
0 0 0 0 0
Vietnam or after
(August 1964 to July 1990)
20 20 0 0 0
Korean conflict or after
(July 1950 to July 1964)
12 6 0 6 0
World War II or after
(September 1940 to June 1950)
4 4 0 0 0
Nonveteran 178 138 5 28 7
Not reported 21 11 0 10 0

Income

Less than $5,000
16 10 2 4 0
$5,000 to $9,999 0 0 0 0 0
$10,000 to $14,999 13 9 0 1 3
$15,000 to $19,999 10 5 2 3 0
$20,000 to $24,999 12 11 1 0 0
$25,000 to $29,999 15 12 0 3 0
$30,000 to $34,999 10 7 0 3 0
$35,000 to $39,999 11 9 0 2 0
$40,000 to $49,999 24 21 0 3 0
$50,000 to $59,999 19 8 0 10 0
$60,000 to $79,999 55 47 0 6 2
$80,000 to $99,999 22 19 0 3 0
$100,000 to $119,999 9 7 0 0 2
$120,000 or more 19 13 0 6 0
Median 53589 56188 16618 53435 65638
Mean 69545 57787 12665 125359 59262

Owned Home Previously

Previously owned home
77 65 4 8 0
Never owned home before 143 103 0 32 7
Not reported 15 10 1 4 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
0 0 0 0 0
By telephone or FAX 32 28 0 2 2
By regular mail 6 6 0 0 0
By personal visit 129 86 4 37 2
Through third party (such as real
estate agent or builder)
46 37 1 5 3
Some other way 0 0 0 0 0
Not reported 21 21 0 0 0
Not available 0 0 0 0 0

Origin of First Mortgage

Mortgage made at time property acquired
177 130 3 37 7
Mortgage assumed at the time property
acquired
0 0 0 0 0
Mortgage placed later than acquisition of
property
57 48 2 7 0
Refinanced mortgage 52 43 2 7 0
Same lender 10 10 0 0 0
Different lender 42 33 2 7 0
Mortgage placed on property
owned free and clear of debt
5 5 0 0 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
57 48 2 7 0
Obtain lower interest rate 28 22 2 4 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 5 5 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
23 20 0 3 0
Other reason 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 177 130 3 37 7
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
31 24 0 7 0
Less than $20,000 9 6 0 3 0
$20,000 to $39,999 11 9 0 3 0
$40,000 to $59,999 6 6 0 0 0
$60,000 to $79,999 4 3 0 2 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 0 0 0 0 0
$125,000 to $149,999 1 1 0 0 0
$150,000 to $174,999 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Median 31838 33942 20000- 25394 20000-
Mean 35787 37891 0 28565 0
Properties that refinanced
and did not receive cash back
24 23 2 0 0
Properties that refinanced
and did not report if received
cash back
1 1 0 0 0
Properties that did not
refinance
177 130 3 37 7
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
31 24 0 7 0
For additions, improvements or repairs
to this property
20 15 0 4 0
To consolidate debts 22 16 0 6 0
For investment in other real estate 0 0 0 0 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 1 1 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 0 0 0 0 0
To pay taxes 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle
3 3 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
24 23 2 0 0
Properties that refinanced
and did not report if received
cash back
1 1 0 0 0
Properties that did not
refinance
177 130 3 37 7
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
77 69 3 3 2
1997 and 1998 34 32 0 2 0
1995 and 1996 46 26 2 13 6
1990 to 1994 56 37 0 19 0
1985 to 1989 5 2 0 3 0
1980 to 1984 8 4 0 4 0
1979 or earlier 8 8 0 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
30 16 0 11 3
VA-guaranteed first mortgage 4 4 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
1 0 0 1 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
6 3 0 0 2
Insured conventional first mortgage 27 21 1 6 0
Uninsured conventional first mortgage 166 134 4 27 2
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
11 9 0 3 0
$20,000 to $29,999 13 6 0 6 0
$30,000 to $39,999 8 8 0 0 0
$40,000 to $49,999 19 18 0 1 0
$50,000 to $59,999 21 16 2 2 0
$60,000 to $79,999 24 11 1 8 3
$80,000 to $99,999 26 22 0 5 0
$100,000 to $149,999 52 42 0 10 0
$150,000 to $199,999 24 19 2 1 2
$200,000 to $249,999 12 10 0 1 0
$250,000 to $299,999 3 3 0 0 0
$300,000 or more 12 8 0 2 2
Not reported 9 6 0 3 0
Median 92621 96068 70787 77745 161043
Mean 118273 107644 98865 156382 169084

Total Mortgage Loan

Less than $20,000
11 9 0 3 0
$20,000 to $29,999 8 4 0 4 0
$30,000 to $39,999 8 8 0 0 0
$40,000 to $49,999 20 18 0 1 0
$50,000 to $59,999 21 14 2 5 0
$60,000 to $79,999 22 13 1 6 3
$80,000 to $99,999 27 21 0 7 0
$100,000 to $149,999 48 38 0 10 0
$150,000 to $199,999 30 26 0 2 2
$200,000 to $249,999 11 8 2 1 0
$250,000 to $299,999 5 5 0 0 0
$300,000 or more 12 8 0 2 2
Not reported 9 6 0 3 0
Median 96106 99421 70787 85477 161043
Mean 123211 112039 131862 161007 169084

Traditional First Mortgage Outstanding
Debt

Less than $10,000
10 6 0 3 0
$10,000 to $19,999 7 7 0 0 0
$20,000 to $29,999 11 5 0 6 0
$30,000 to $39,999 12 10 0 1 0
$40,000 to $49,999 25 25 0 0 0
$50,000 to $59,999 28 12 2 11 3
$60,000 to $79,999 12 7 1 4 0
$80,000 to $99,999 31 25 0 5 0
$100,000 to $149,999 51 41 2 5 2
$150,000 to $199,999 20 17 0 2 0
$200,000 to $249,999 5 5 0 0 0
$250,000 to $299,999 2 2 0 0 0
$300,000 or more 12 8 0 2 2
Not reported 9 6 0 3 0
Median 85037 89877 70787 59101 111043
Mean 105305 99331 94419 121613 161723

Total Mortgage Outstanding Debt

Less than $10,000
10 6 0 3 0
$10,000 to $19,999 7 7 0 0 0
$20,000 to $29,999 10 4 0 6 0
$30,000 to $39,999 12 10 0 1 0
$40,000 to $49,999 26 23 0 3 0
$50,000 to $59,999 27 11 2 11 3
$60,000 to $79,999 15 10 1 4 0
$80,000 to $99,999 26 24 0 2 0
$100,000 to $149,999 54 43 0 9 2
$150,000 to $199,999 19 16 0 3 0
$200,000 to $249,999 10 8 2 0 0
$250,000 to $299,999 2 2 0 0 0
$300,000 or more 12 8 0 2 2
Not reported 6 6 0 0 0
Median 86413 92125 70787 57510 111043
Mean 105853 100077 127416 117231 161723

Current Interest Rate on First Mortgage

Less than 6.0 percent
84 51 3 26 4
6.0 percent 1 1 0 0 0
6.1 to 6.4 percent 5 5 0 0 0
6.5 to 6.9 percent 28 21 0 3 3
7.0 percent 23 18 0 5 0
7.1 to 7.4 percent 16 13 0 3 0
7.5 to 7.9 percent 24 20 2 2 0
8.0 percent 12 12 0 0 0
8.1 to 8.4 percent 0 0 0 0 0
8.5 to 8.9 percent 13 13 0 0 0
9.0 percent 2 2 0 1 0
9.1 to 9.4 percent 2 2 0 0 0
9.5 to 9.9 percent 0 0 0 0 0
10.0 percent 0 0 0 0 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 4 4 0 0 0
11.0 percent 0 0 0 0 0
11.1 to 12.9 percent 3 0 0 3 0
13.0 percent 3 3 0 0 0
13.1 percent or more 15 14 0 1 0
Not reported 0 0 0 0 0
Median 7.0 7.1 4.7 5.2 5.3

Type of Interest Rate Buydown

Properties with interest rate
buydown
4 4 0 0 0
Constant payment 0 0 0 0 0
3-2-1 buydown 2 2 0 0 0
Other 0 0 0 0 0
Not reported 2 2 0 0 0
Properties without interest
rate buydown
110 86 2 19 3
Not reported 121 88 3 25 4

Term of First Mortgage

Less than 5 years
0 0 0 0 0
5 years 3 3 0 0 0
6 to 9 years 0 0 0 0 0
10 years 6 6 0 0 0
11 to 14 years 0 0 0 0 0
15 years 16 16 0 0 0
16 to 19 years 1 1 0 0 0
20 years 10 4 0 6 0
21 to 24 years 0 0 0 0 0
25 years 2 2 0 0 0
26 to 29 years 3 1 2 0 0
30 years 86 63 0 20 3
More than 30 years 0 0 0 0 0
No stated term 108 81 3 19 4
Median 30 30 28 30 30

Unexpired Term of First Mortgage

Less than 5 years
3 2 0 1 0
5 to 9 years 2 2 0 0 0
10 to 14 years 30 21 0 9 0
15 to 19 years 8 4 0 4 0
20 to 24 years 25 14 2 10 0
25 to 29 years 46 41 0 2 3
30 or more years 12 12 0 0 0
No stated term or not computed 108 81 3 19 4
Median 23 25 22 18 27

Holder of First Mortgage

Commercial bank or trust company
38 29 1 8 0
Savings and loan association, federal
savings bank
32 23 0 8 0
Mutual savings bank 5 2 0 3 0
Life insurance company 6 3 0 3 0
Mortgage banker or mortgage company 19 19 0 0 0
Federally-sponsored secondary market
agency or pool
97 81 4 10 2
Conventional mortgage pool 3 0 0 3 0
Other federal agency 12 6 0 5 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 5 3 0 3 0
Finance company 0 0 0 0 0
State or municipal government or
housing finance agency
4 4 0 0 0
Individual or individual's estate 6 1 0 1 3
Other 8 6 0 0 2

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
173 125 3 37 7
Less than 40 percent 10 7 0 3 0
40 to 49 percent 6 6 0 0 0
50 to 59 percent 1 0 0 1 0
60 to 69 percent 17 17 0 0 0
70 to 79 percent 17 15 0 2 0
80 to 89 percent 24 15 0 6 3
90 to 94 percent 7 4 0 3 0
95 to 99 percent 20 15 3 0 2
100 percent or more 61 40 0 19 2
Not reported 10 7 0 3 0
Median 94 89 97 100+ 96
Other properties 62 53 2 7 0
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
173 125 3 37 7
Less than 40 percent 16 13 0 3 0
40 to 49 percent 0 0 0 0 0
50 to 59 percent 10 9 0 2 0
60 to 69 percent 28 25 0 3 0
70 to 79 percent 23 17 0 6 0
80 to 89 percent 20 13 0 7 0
90 to 94 percent 8 2 0 3 3
95 to 99 percent 24 16 3 2 2
100 percent or more 35 25 0 8 2
Not reported 9 6 0 3 0
Median 82 77 97 84 96
Other properties 62 53 2 7 0
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
8 4 1 3 0
Not subprime loan 227 174 4 41 7
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
51 0 0 44 7
Treasury security 17 0 0 17 0
Average cost of funds in bank district 0 0 0 0 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 6 0 0 2 3
No index used 0 0 0 0 0
Not reported 29 0 0 25 4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
51 0 0 44 7
Monthly 0 0 0 0 0
Every 3 months 0 0 0 0 0
Every 6 months 0 0 0 0 0
Yearly 15 0 0 15 0
Every 3 years 2 0 0 2 0
Every 5 years 0 0 0 0 0
Other 6 0 0 2 3
Not reported 29 0 0 25 4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
51 0 0 44 7
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 12 0 0 12 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 2 0 0 2 0
4.0 percent or more 6 0 0 2 3
No caps 2 0 0 2 0
Not reported 29 0 0 25 4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
51 0 0 44 7
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 0 3
2 percent 0 0 0 0 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 17 0 0 17 0
No caps 2 0 0 2 0
Not reported 29 0 0 25 4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
51 0 0 44 7
Yes, rate has changed 22 0 0 19 3
No change since mortgage made 0 0 0 0 0
Not reported 29 0 0 25 4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
51 0 0 44 7
Less than 1 percent 2 0 0 2 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 0 0 0 0 0
2.1 to 2.9 percent 11 0 0 11 0
3 percent 5 0 0 5 0
3.1 to 3.9 percent 0 0 0 0 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 3 0 0 0 3
Not reported 29 0 0 25 4
Median 2.8 0.0 0.0 2.7 5002.4
Other properties 183 178 5 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
51 0 0 44 7
Can be converted 5 0 0 1 3
Cannot be converted 18 0 0 18 0
Not reported 29 0 0 25 4
Other properties 183 178 5 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
0 0 0 0 0
Payments can change monthly 0 0 0 0 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 0 0 0 0 0
Payments can change every 3 years 0 0 0 0 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
205 178 5 19 3
Not reported 29 0 0 25 4

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
0 0 0 0 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot change 205 178 5 19 3
Not reported 29 0 0 25 4

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
222 171 5 38 7
Interest and principal 222 171 5 38 7
Fully amortized 208 162 0 38 7
Not fully amortized 14 9 5 0 0
Interest only 0 0 0 0 0
No regular payments required 2 0 0 2 0
Not reported 10 7 0 3 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
222 171 5 38 7
Real estate taxes 86 67 0 15 3
Property insurance 66 54 0 9 3
Mortgage insurance 32 24 0 5 3
Other 16 10 0 7 0
No items included or not reported 134 101 5 23 4
No regular payments of interest
and principal
12 7 0 6 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
222 171 5 38 7
Less than $100 0 0 0 0 0
$100 to $199 2 2 0 0 0
$200 to $299 4 1 0 4 0
$300 to $399 30 27 0 0 3
$400 to $499 25 18 0 7 0
$500 to $599 13 7 2 4 0
$600 to $699 22 15 0 8 0
$700 to $799 15 10 1 4 0
$800 to $899 21 16 0 5 0
$900 to $999 9 9 0 0 0
$1,000 to $1,249 42 37 2 3 0
$1,250 to $1,499 9 7 0 1 0
$1,500 or more 29 23 0 2 4
Median 794 839 753 657 1500+
Mean 891 913 802 721 1329
No regular payments required 2 0 0 2 0
Not reported 10 7 0 3 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
232 178 5 42 7
Up-to-date, ahead of schedule, or
less than 90 days past due
111 89 2 17 3
Delinquent by 90 days or more 2 2 0 0 0
Legal proceedings have begun 2 2 0 0 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 0 0 0 0 0
Not reported 119 87 3 25 4
Other properties 2 0 0 2 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
222 171 5 38 7
Less than $100 0 0 0 0 0
$100 to $199 2 2 0 0 0
$200 to $299 4 1 0 4 0
$300 to $399 28 25 0 0 3
$400 to $499 24 19 0 4 0
$500 to $599 13 7 2 4 0
$600 to $699 13 11 0 2 0
$700 to $799 16 8 1 7 0
$800 to $899 26 16 0 11 0
$900 to $999 10 10 0 0 0
$1,000 to $1,249 38 35 0 3 0
$1,250 to $1,499 13 11 0 1 0
$1,500 or more 34 26 2 2 4
Median 840 876 753 778 1500+
Mean 939 954 1073 778 1329
No regular monthly payments
required
12 7 0 6 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
222 171 5 38 7
Less than 5 percent 1 0 0 1 0
5 to 9 percent 21 21 0 0 0
10 to 14 percent 31 23 0 8 0
15 to 19 percent 48 34 0 11 2
20 to 24 percent 39 33 0 6 0
25 to 29 percent 28 21 0 7 0
30 to 34 percent 24 21 0 0 3
35 to 39 percent 6 3 2 1 0
40 to 49 percent 6 3 1 0 2
50 percent or more 11 7 0 4 0
Not reported or not computed 8 5 2 1 0
Median 20.8 20.7 38.3 19.4 32.0
No regular monthly payments
required
12 7 0 6 0

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