United States Home Loan Market Share, Trends, Analysis, Opportunity, Size, Demand & Forecast

Increasing homeownership in the United States and the growth of non-bank lenders will fuel the development of the United States home loan market through 2028. According to TechSci Research report, “United States Home Loan Market – By Region, Competition, Forecast & Opportunities, 2028F”, The United States home loan market is anticipated to project robust growth in the forecast period due to attractive marketing strategies, rise in the number of homeowners, increasing online portals, and increasing support from chatbots. For most customers, owning a home is one of the most important goals, but is also expensive. Giving such a dream life demands a lot of work on the buyer's part, and the only way to fit the home into their budget is by taking a home loan. A home loan can be used to purchase a new home or apartment, the land on which to build it, or even for home renovations, additions, and repairs. 

The Important Factors of the United States Home Loan Market

A home loan is money borrowed by a person from a financial institution, like a housing finance company, to purchase a new or used home, build a home, or repair or expand an existing one. The funds are borrowed at a particular interest rate and repaid in a set amount of time in smaller installments known as EMIs (Equated monthly installments).

There are two types of home loans: Secured Home loans and Unsecured Home loans. In secured home loans, banks and other financial institutions consider a home as a guarantee. The secured home loan has a higher loan amount and fixed interest rate, and the payback time is usually between 10-15 years. Unsecured home loans typically don't have any collateral, and the loan amount is smaller and also has higher interest rates than secured ones.

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There is various type of home loans available in the United States. The most popular home loan used to buy a house is a home purchase loan. Customers can borrow money to buy the home of their choice and return the loan in monthly installments through any number of housing financing businesses, state banks, or private banks. Financing options for customers range from 80% to 90% of the market price of a home. The house is held in exchange until the borrower fully repays the loan.

Those who already own a piece of land and require financing to build a house on it, apply for a home construction loan. If there is a problem with the current structure, a home improvement loan can be used to finance the renovation or repair of the home. Examples of projects include:

Painting the interior or exterior of the home, installing new plumbing, upgrading the electrical system, waterproofing the ceiling, and more.

Getting a new loan from a new lender to pay off an old mortgage is known as refinancing. Customers may seek to refinance their home loan for several reasons. Customers might refinance a house loan if it offers a cheaper interest rate to reduce their interest costs.

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.). Home purchase loans will be in demand in the forecasted period in the United States.

Based on end-user, the market is segmented into employed individuals, professionals, students, entrepreneurs, and others (homemakers, unemployed, retired, etc.). This segment is mostly dominated by employed individuals.

Based on the tenure period, the market is segmented into less than 5 years, 6-10 years, 11-24 years, and 25-30 years. On the basis of region, the market is divided into South, West, Midwest, and Northeast.

 

Key market players in the United States loan market include:

• 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
• Goldman Sachs & Co. LLC.

 

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"Increasing support from digital lenders and using chatbots with AI features are significant trends expected to impact growth over the forecasted period. The increasing number of potential loan buyers, development of nonbank lenders, rise in homeownership, and attractive marketing strategies are the leading factors that will positively impact the United States Home Loan Market. Due to the wide range of loans available to meet the specific needs of customers and the growing popularity of the internet channel, the market is growing.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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, 2028F, has evaluated the future growth potential of United States home loan market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the United States home loan market.

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