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United States Home Loan Market By Type (Home Purchase, Refinance, Home Improvement, Construction, Others (Re-Sale etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneurs, 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, 2028F
Market Report I 2023-08-01 I 78 Pages I TechSci Research
The United States home loan market is expected to experience significant growth in the forecast period due to several factors. These include the increasing number of potential home loan buyers, automation of the loan process, and the growing trend of digitalization.
Home loans, provided by financial institutions, are used to purchase residential properties. These properties can be either finished and ready to move into or still under construction. Home loans are offered by both banks and non-banking financial companies (NBFCs), with interest rates often based on the borrower's credit score. Typically, these loans have terms of up to 30 years and require repayment in equated monthly installments (EMIs).
The demand for mortgages in the United States has seen a significant surge in the past two years, primarily driven by increased home buying during the COVID-19 pandemic. This has resulted in strong demand from the purchase market for banks, nonbank lenders, and mortgage sector investors.
Furthermore, the desire for homeownership in the United States remains strong despite the economic impact of the COVID-19 outbreak. The overall expansion of the economy and the growth in households contribute to the increasing rate of homeownership. In 2020, there was a 2.6% annual growth in homeownership, with over 2.1 million new homeowners. The Midwest and South regions of the United States have higher homeownership rates compared to the Northeast and West. With the rise in homeownership, there will be a significant increase in the demand for home loans.
Automation has played a crucial role in streamlining the home loan process, leading to improved customer experience. The mortgage industry has been adopting technology to speed up and simplify the mortgage application process, resulting in increased access to home financing and home-buying services. Digitalization has been a key driver in this regard, with the U.S. digital payments business expanding at a rate of 23%. These technological advancements aim to accelerate the mortgage application process, reduce costs, and enhance overall client experience. Consequently, increasing digitalization will further boost the United States home loan market.
The growth of nonbank lenders has also had a significant impact on the market. Nonbank lenders have emerged as a viable alternative, particularly for borrowers seeking refinancing. Over the past decade, nonbank mortgage lenders have gained market share, surpassing traditional banks. In 2020, seven out of the top ten mortgage lenders in the United States were nonbanks. These lenders have invested in various technologies to support their operations, ranging from platform modernization to automated compliance. As a result, the growth of nonbank lenders will continue to fuel the expansion of the home loan market.
Overall, the United States home loan market is poised for robust growth, driven by factors such as increasing demand, automation, and the rise of nonbank lenders.
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 others (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
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. are the main players in the market and further strengthening the market growth.
Report Scope:
In this report, United States home loan market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- United States Home Loan Market, By Type:
o Home Purchase
o Refinance
o Home Improvement
o Construction
o Others
- United States Home Loan Market, By End User:
o Employed Individuals
o Professionals
o Students
o Entrepreneurs
o Others
- United States Home Loan Market, By Tenure Period:
o Less than 5 years
o 6-10 years
o 11-24 years
o 25-30 years
- United States Home Loan Market, By Region:
o South
o Midwest
o Northeast
o West
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in United States Home Loan Market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Voice of Customer Analysis
4.1. Sample Size Determination
4.2. Respondent Demographics
4.2.1. By Gender
4.2.2. By Age
4.2.3. By Occupation
4.3. Brand Awareness
4.4. Factors Influencing Loan Availing Decision
4.5. Sources of Information
4.6. Challenges Faced
5. United States Home Loan Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Home Purchase, Refinance, Home Improvement, Construction, Others (Re-Sale etc.))
5.2.2. By End User Market Share Analysis (Employed Individuals, Professionals, Students, Entrepreneurs, Others (Homemaker, Unemployed, Retired, etc.))
5.2.3. By Tenure Period Market Share Analysis (Less than 5 years, 6-10 years, 11-24 years, and 25-30 years)
5.2.4. By Regional Market Share Analysis
5.2.4.1. South Market Share Analysis
5.2.4.2. Midwest Market Share Analysis
5.2.4.3. Northeast Market Share Analysis
5.2.4.4. West Market Share Analysis
5.2.5. By Top 5 Companies Market Share Analysis, Others (2022)
5.3. United States Home Loan Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By End User Market Mapping & Opportunity Assessment
5.3.3. By Tenure Period Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6. United States Home Purchase Home Loan Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By End User Market Share Analysis
6.2.2. By Tenure Period Market Share Analysis
7. Unites States Refinance Home Loan Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By End User Market Share Analysis
7.2.2. By Tenure Period Market Share Analysis
8. Unites States Home Improvement Home Loan Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By End User Market Share Analysis
8.2.2. By Tenure Period Market Share Analysis
9. Unites States Construction Home Loan Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By End User Market Share Analysis
9.2.2. By Tenure Period Market Share Analysis
10. Market Dynamics
10.1. Drivers
10.1.1. Increasing home ownership
10.1.2. Automation in loan process
10.1.3. Growth of nonbank lenders
10.2. Challenges
10.2.1. Security concerns
10.2.2. Surging competition
11. Impact of COVID-19 on United States Home Loan Market
11.1. Impact Assessment Model
11.1.1. Key Segments Impacted
11.1.2. Key Regions Impacted
12. Market Trends & Developments
12.1. Increasing number of fintech companies
12.2. Rising focus towards loan sector by Bank and NBFCs
12.3. Increasing construction activities
12.4. Rapid urbanization
12.5. Attractive marketing strategies
13. Porter's Five Forces Model
13.1. Competitive Rivalry
13.2. Bargaining Power of Buyers
13.3. Bargaining Power of Suppliers
13.4. Threat of New Entrants
13.5. Threat of Substitutes
14. SWOT Analysis
14.1. Strengths
14.2. Weakness
14.3. Opportunities
14.4. Threats
15. Policy & Regulatory Landscape
16. United States Economic Profile
17. Competitive Landscape
17.1. Company Profiles
17.1.1. Bank of America Corporation
17.1.1.1. Company Details
17.1.1.2. Products
17.1.1.3. Financials (As Per Availability)
17.1.1.4. Key market Focus & Geographical Presence
17.1.1.5. Recent Developments
17.1.1.6. Key Management Personnel
17.1.2. JPMorgan Chase & Co.
17.1.2.1. Company Details
17.1.2.2. Products
17.1.2.3. Financials (As Per Availability)
17.1.2.4. Key market Focus & Geographical Presence
17.1.2.5. Recent Developments
17.1.2.6. Key Management Personnel
17.1.3. Citigroup, Inc.
17.1.3.1. Company Details
17.1.3.2. Products
17.1.3.3. Financials (As Per Availability)
17.1.3.4. Key market Focus & Geographical Presence
17.1.3.5. Recent Developments
17.1.3.6. Key Management Personnel
17.1.4. Wells Fargo & Co.
17.1.4.1. Company Details
17.1.4.2. Products
17.1.4.3. Financials (As Per Availability)
17.1.4.4. Key market Focus & Geographical Presence
17.1.4.5. Recent Developments
17.1.4.6. Key Management Personnel
17.1.5. U.S. Bancorp
17.1.5.1. Company Details
17.1.5.2. Products
17.1.5.3. Financials (As Per Availability)
17.1.5.4. Key market Focus & Geographical Presence
17.1.5.5. Recent Developments
17.1.5.6. Key Management Personnel
17.1.6. PNC Financial Services Group, Inc.
17.1.6.1. Company Details
17.1.6.2. Products
17.1.6.3. Financials (As Per Availability)
17.1.6.4. Key market Focus & Geographical Presence
17.1.6.5. Recent Developments
17.1.6.6. Key Management Personnel
17.1.7. American Express Company
17.1.7.1. Company Details
17.1.7.2. Product & Services
17.1.7.3. Financials (As Per Availability)
17.1.7.4. Key market Focus & Geographical Presence
17.1.7.5. Recent Developments
17.1.7.6. Key Management Personnel
17.1.8. Ally Financial Inc.
17.1.8.1. Company Details
17.1.8.2. Products
17.1.8.3. Financials (As Per Availability)
17.1.8.4. Key market Focus & Geographical Presence
17.1.8.5. Recent Developments
17.1.8.6. Key Management Personnel
17.1.9. Truist Financial Corporation
17.1.9.1. Company Details
17.1.9.2. Products
17.1.9.3. Financials (As Per Availability)
17.1.9.4. Key market Focus & Geographical Presence
17.1.9.5. Recent Developments
17.1.9.6. Key Management Personnel
17.1.10. Goldman Sachs & Co. LLC.
17.1.10.1. Company Details
17.1.10.2. Products
17.1.10.3. Financials (As Per Availability)
17.1.10.4. Key market Focus & Geographical Presence
17.1.10.5. Recent Developments
17.1.10.6. Key Management Personnel
18. Strategic Recommendations/Action Plan
18.1. Key Focus Areas
18.2. Target Type
18.3. Target Tenure Period
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