United States Home Loan Market to be Dominated by Home Purchase Segment During the Forecasted Period
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.
A home loan is a 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
loan: Secured Home loans and Unsecured Home loans. In secured home loans, banks
and other financial institutions consider 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.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on the "United States Loan Market"
There are 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 loan will be in demand
in theforecasted period in United States.
Based
on end user, the market is segmented into employed individuals, professionals,
students, entrepreneur, and others (homemaker, unemployed, retired, etc.). This
segment is mostly dominated by employed individuals.
Based on
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 United States home loan
market.
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