U.S. Banking, Mortgages & Credit Industry Overview
Amount
Units
Year
Source
Total Number U.S. FDIC-Insured Banks & Savings Assocs.
8,451
Companies
2008 (Q2)
FDIC
Commercial Banks
7,203
Companies
2008 (Q2)
FDIC
Total Offices
83,360
Offices
2007 (Q2)
FDIC
Total Assets
11.43
Tril. US$
2008 (Q2)
FDIC
Total Deposits
7.42
Tril. US$
2008 (Q2)
FDIC
Total Liabilities
10.27
Tril. US$
2008 (Q2)
FDIC
Equity Capital
1.16
Tril. US$
2008 (Q2)
FDIC
Savings Associations
1,248
Companies
2008 (Q2)
FDIC
Total Offices
13,903
Offices
2007 (Q2)
FDIC
Total Assets
1.87
Tril. US$
2008 (Q2)
FDIC
Total Liabilities
1.68
Tril. US$
2008 (Q2)
FDIC
Total Deposits
1.15
Tril. US$
2008 (Q2)
FDIC
Number of U.S. Credit Unions
8,101
Companies
2007
NCUA
Total Assets
758.7
Bil US$
2007
NCUA
Total Liabilities
688.2
Bil US$
2007
NCUA
Number of Mutual Funds
8,029
Funds
2007
ICI
Total Assets
12.02
Tril US$
2007
ICI
Total Employment in the U.S. Banking & Credit Industries
2,770.0
Thous.
20081
BLS
Commercial Banks
1,355.4
Thous.
20081
BLS
Savings Institutions
217.6
Thous.
20081
BLS
Credit Unions
258.1
Thous.
20081
BLS
Nondepository credit intermediation
648.6
Thous.
20081
BLS
Total Number of ATM Terminals, U.S.
415,321
2007
ATM
ATMs at Non-Bank Locations
236,732
2007
ATM
Average Monthly ATM Transactions2 (Per Terminal), U.S.
2,974
2007
ATM
Total ATM Transactions2 Per Month, U.S.
1.2353
Billion
2007
ATM
Total Consumer Credit Outstanding, U.S.
2.56
Tril. US$
20083
FRB
U.S. Homeownership Rate
68.1
%
2007
FRB
Total Housing Starts, U.S. (Single & Multi-Family)
808
Thousand
20084
Census
New Single Family Home Starts (Units), U.S.
561
Thousand
20084
Census
Total Mortgages Outstanding, U.S.
14.80
Tril. US$
2008 (Q2)
Fed
1-4 Family Home Mortgages Outstanding, U.S.
11.25
Tril. US$
2008 (Q2)
Fed
Existing Single Family Home Sales (Units), U.S.
5.03
Million
20075
NAR
Avg. Purchase Price, New Conventional Single-Family Home
311.6
Thous. US$
2007
Census
Total Mortgage Delinquency Rate, U.S.
6.41
%
Q2 20086
MBA
1Preliminary numbers as of September 2008. 2Total network transactions include all deposits, withdrawals, transfers, payments, and balance inquiries performed on ATMs in the network, whether or not those transactions are switched through the network data center, as well as point of sale transactions on network terminals. Total numbers are adjusted to eliminate double-counting caused by two networks reporting a transaction. 3As of August 2008. 4Last four quarters ending 2nd quarter 2008. 5Seasonally Adjusted Annual Rate; 12 Months March 1 2007 through February 29, 2008. 6Seasonally adjusted annual rate.
FDIC = Federal Deposit Insurance Company; NCUA = National Credit Union Association; ICI = Investment Company Institute; BLS = U.S. Bureau of Labor Statistics; ATM = ATM & Debit News; FRB = Board of Governors of the Federal Reserve System; Census = U.S. Census Bureau; NAR = National Association of Realtors; Fed = U.S. Federal Reserve Board; FHFB = Federal Housing Finance Board; MBA = Mortgage Bankers Association.
You will have 300 payments of $1,072.74 a month for 25 years to payout a $200,000 loan with a rate of 4.19%.
Mortgage balance remaining at end of term is $174,679.61.
By switching your payment schedule from monthly to weekly or biweekly you are able to shorten the mortgage amortization period and save a substantial amount on interest payments.
Calculation Results
Mortgage payments:
$1,072.74
monthly
Mortgage balance:
$174,679.61
at end of term
Number of payments:
60
at end of term
(12 payments per year)
Total payment:
$64,364.40
at end of term
(over 5 years)
Total interest:
$39,044.01
at end of term
(based on 4.19%)
Number of payments:
300
over amortization
(12 payments per year)
Total payment:
$321,822.00
over amortization
(25 years)
Total interest:
$121,822.00
over amortization
(based on 4.19%)
Amortization and Payment Summary
The amortization of a mortgage refers to the total number of years required to pay back the entire amount borrowed. While the most common (and maximum) amortization period is 25 years, you can accelerate it to a shorter period of time in order to save on interest charges as long as you are comfortable with the larger payments.
Year
Payments
per Year
Total
Payment
Principal
Payment
Interest
Payment
Balance
1
12 x $1,072.74
$12,872.88
$4,653.03
$8,219.85
$195,346.97
2
12 x $1,072.74
$25,745.76
$9,503.07
$16,242.69
$190,496.93
3
12 x $1,072.74
$38,618.64
$14,558.45
$24,060.19
$185,441.55
4
12 x $1,072.74
$51,491.52
$19,827.87
$31,663.65
$180,172.13
5
12 x $1,072.74
$64,364.40
$25,320.39
$39,044.01
$174,679.61
6
12 x $1,072.74
$77,237.28
$31,045.46
$46,191.82
$168,954.54
7
12 x $1,072.74
$90,110.16
$37,012.92
$53,097.24
$162,987.08
8
12 x $1,072.74
$102,983.04
$43,233.04
$59,750.00
$156,766.96
9
12 x $1,072.74
$115,855.92
$49,716.51
$66,139.41
$150,283.49
10
12 x $1,072.74
$128,728.80
$56,474.49
$72,254.31
$143,525.51
11
12 x $1,072.74
$141,601.68
$63,518.59
$78,083.09
$136,481.41
12
12 x $1,072.74
$154,474.56
$70,860.93
$83,613.63
$129,139.07
13
12 x $1,072.74
$167,347.44
$78,514.13
$88,833.31
$121,485.87
14
12 x $1,072.74
$180,220.32
$86,491.37
$93,728.95
$113,508.63
15
12 x $1,072.74
$193,093.20
$94,806.35
$98,286.85
$105,193.65
16
12 x $1,072.74
$205,966.08
$103,473.37
$102,492.71
$96,526.63
17
12 x $1,072.74
$218,838.96
$112,507.36
$106,331.60
$87,492.64
18
12 x $1,072.74
$231,711.84
$121,923.83
$109,788.01
$78,076.17
19
12 x $1,072.74
$244,584.72
$131,738.98
$112,845.74
$68,261.02
20
12 x $1,072.74
$257,457.60
$141,969.69
$115,487.91
$58,030.31
21
12 x $1,072.74
$270,330.48
$152,633.57
$117,696.91
$47,366.43
22
12 x $1,072.74
$283,203.36
$163,748.94
$119,454.42
$36,251.06
23
12 x $1,072.74
$296,076.24
$175,334.92
$120,741.32
$24,665.08
24
12 x $1,072.74
$308,949.12
$187,411.44
$121,537.68
$12,588.56
25
12 x $1,072.74
$321,822.00
$200,000.00
$121,822.00
$0
Monthly Payment and Amortization Table
Below is a breakdown of your payments each month including your accumulated payments and mortgage balance.
The numbers below represent the average income of people living in Ontario who have applied for a mortgage loan using the pre-approval application on CanEquity’s web site.
Average annual gross income for
mortgage applicants in Ontario:
$58,616.20
applicants within all of Canada:
$57,946.88
Difference:
$669.32
mortgage co-applicants in Ontario:
$42,337.89
co-applicants within all of Canada:
$40,772.00
Difference:
$1,565.89
Note: Commercial Mortgage loans were not included for this survey, only residential mortgages from Ontario were used.
Residential Status for Ontario
The following table represents the residential status of people living in Ontario who have applied for a home loan using the pre-approval application on CanEquity’s web site.
Residential Status of
Mortgage Applicant
Percentage
of Inquiries
Rent:
41.8%
Own:
47.5%
Other:
1.9%
No Comment:
3.2%
Live with parents:
5.6%
Marital Status for Ontario
The pie chart below represents the marital status of applicants from Ontario using the preapproval application located at canequity.com. 64% of the mortgage applicants are living common-law or married, while only 35% are single, separated or divorced.
Yearly Volume Comparison for Mortgage Applications from Ontario
Year
Volume
Comparison
** National
Contribution
2009:
*13.08%
*6.40%
2008:
15.78%
7.72%
2007:
14.30%
7.00%
2006:
14.65%
7.17%
2005:
13.30%
6.50%
2004:
12.69%
6.21%
2003:
10.88%
5.33%
2002:
5.32%
2.60%
Note: * These values are the percentages up to Sunday, August 9, 2009. Estimated volume targets for the entire 2009 year are 20.03% and 9.80% respectively. ** Total national contribution of Ontario mortgages in the past is currently 48.93% with a projected target of 52.33%.
Monthly Volume History of Mortgage Applications from Ontario
The graph below illustrates the individual monthly volume history for Internet applications received from Ontario.
Busy Months for Mortgages in Ontario
The 6-year bar graph below represents the volumes of online applications received by CanEquity in each month for all years combined. The busiest months for mortgages occur during our first quarter (represented by the brown bars) with 30.21% while our slowest is the fourth quarter (represented by the red bars) with 17.51%.
Rank
Month
Percentage
of Inquiries
1:
March:
11.1%
2:
April:
10.5%
3:
May:
9.9%
4:
January:
9.7%
5:
February:
9.5%
6:
July:
9.2%
7:
June:
8.5%
8:
August:
7.2%
9:
September:
7.0%
10:
October:
6.8%
11:
November:
6.0%
12:
December:
4.7%
Busy Days for Mortgages in Ontario
The bar graph listed below displays the busy days for online inquiries that were received by the CanEquity web site. A combined total of all occurrences of each day are represented for the past 5 years. In Ontario the most busy day of the week, with 18.11% of all applications, is Monday. In comparison, Saturday’s are the slowest day with only 9.15% of all inquiries.
Rank
Day of the
Week
Percentage
of Inquiries
1:
Monday:
18.1%
2:
Tuesday:
18.1%
3:
Wednesday:
16.6%
4:
Thursday:
15.0%
5:
Friday:
12.2%
6:
Sunday:
10.9%
7:
Saturday:
9.2%
Peak Hours for Ontario Mortgage Applications
Applications are received 24 hours a day via the CanEquity web site. The information shown below represents the busy hours in the day. The data is taken from all days of all years. Only 0.0% of all mortgages are received before noon, while 39.7% arrive in the afternoon.
Time Period
(24 Hour)
Percentage
of Inquiries
00:00 to 00:59:
0.7%
01:00 to 01:59:
0.4%
02:00 to 02:59:
0.3%
03:00 to 03:59:
0.4%
04:00 to 04:59:
0.7%
05:00 to 05:59:
1.4%
06:00 to 06:59:
2.9%
07:00 to 07:59:
5.0%
08:00 to 08:59:
6.5%
09:00 to 09:59:
7.1%
10:00 to 10:59:
7.5%
11:00 to 11:59:
7.2%
12:00 to 12:59:
7.0%
13:00 to 13:59:
6.9%
14:00 to 14:59:
6.5%
15:00 to 15:59:
5.3%
16:00 to 16:59:
5.0%
17:00 to 17:59:
5.5%
18:00 to 18:59:
6.0%
19:00 to 19:59:
5.7%
20:00 to 20:59:
5.1%
21:00 to 21:59:
3.7%
22:00 to 22:59:
2.1%
23:00 to 23:59:
1.3%
Ontario Mortgage Originations Compared to all other Provinces
Sandy Hutchens brings you graphs on delinquencies and foreclosures.
There are now more than 3 million mortgage loans 60+ delinquent based on the Hope Now statistics. This covers approximately 85% of the total industry.
There are far more prime loans delinquent than subprime, although a much higher percentage of subprime (18.4%) vs prime (4.24%).
The second graph shows foreclosure starts and completions.
Foreclosure starts are above 250 thousand per month, and completions close to 100 thousand per month. There is a lag between start and completion, and a number of loans cure or are modified – but it does appear completions will increase in the 2nd half of 2009 based on the surge in starts at the beginning of the year.
Nearly 20% of Orange County homes are over-assessed, a San Diego-based property tax advisory firm estimated.Thursday is the deadline to file a request for an informal property tax review.Adam Berkson, founder of EasyTaxFix.com, estimated that 115,000 Orange County homeowners should file since they could be eligible for a tax cut averaging $1,149, or nearly a third off the average tax bill.In Placentia, more than half the homes have assessments that exceed the homes’ current market values, Berkson estimated. Nearly 43% of Portola Hills homes and 35% of Aliso Viejo homes are over-assessed.
South County beach cities stand to get the biggest tax cuts, the analysis shows. The average tax savings in Laguna Beach was estimated at $4,808, or 61% of the average tax bill there. Monarch Beach taxpayers may be eligible for an average cut of 57%, while Capistrano Beach and Corona del Mar both could be eligible for more than half off their taxes. “What I tell people is they should have some say in how their property is assessed,” Berkson said. “You know your neighborhood best.”
The assessed value of your home is the basis for determining how much you pay in property taxes. Thanks to Prop. 13 — which limits tax hikes — most homeowners are ineligible for tax cuts. But if you purchased it in 2003 or later, chances are it’s worth less than what you paid — and you could be eligible for a tax cut.
The one-page form needed to request an informal tax review can be downloaded from the Internet at www.ocgov.com/assessor. O.C. Assessor Webster Guillory said you don’t even have to fill in the part requesting three comparable sales, although it’s obviously much better to do so.
Miss the deadline for an informal review, you still can file a formal tax appeal between July and mid-September, but that process takes much longer.
In his analysis, Berkson also determined that:
•Higher-priced homes have a greater tendency to be over-assessed. For homes assessed at $500,000 or more, 45% of the properties are over-assessed, he said.
•The more recent a home’s purchase, the higher the proportion of over-assessed homes (see chart above).
•For example, just 9% of the homes purchased from 2000 to 2002 were over-assessed, the analysis shows.
•That rises to 14% of homes purchased in 2003, 36% of those purchased 2004, and more than 60% for homes purchase from 2005 through 2007.
Guillory, the county assessor, said it’s likely that more than 115,000 homes will be eligible for tax breaks this year. Last year, his office lowered taxes for 147,000 homes. His office plans to review assessments for more than 300,000 properties for the current tax year.
