Home Buyer Can Choose Among Financing Options
The days of simple mortgage financing are long gone in Orange County. Where as prospective home buyer once had only to visit the local savings and loan to apply for a standard fixed-rate loan, today’s consumer has half a dozen potential funding sources and at least that many loan options.
Less than half of the first trust deeds recorded in the county last year were issued by thrifts. Mortgage companies, banks and individual investors claimed significant shares of the pie
Conventional fixed-rate mortgages made up less than half of the loans taken on single-family homes. Most buyers of lower-priced condominiums, however, were able to qualify for fixed-rated loans.
Rising prices pushed more than 20% of the loans for single-family homes into the “jumbo” category of amounts greater than $250,000. In 1989, the average mortgages were $128,196 for a condo and $205,104 for a house.
TOP 10 LENDERS FOR SINGLE-FAMILY HOME LOANS, 1989 Listed by total amount loaned and market share: 1) Great Western Savings 2,185 / $373.6 million 8.01% 2) World S & L 1,427 / $290.8 million 6.43% 3) Home Savings of America 1,494 / $290.8 million 6.23% 4) Security Pacific Nat. Bank 732 / $187.0 4.01% 5) Bank of America 645 / $172.8 million 3.7% 6) American Savings Bank 681 / $155.3 million 3.33% 7) Home Federal 647 / $133.6 million 2.86% 8) Citicorp Savings 395 / $98.1 million 2.10% 9) Western Federal 439 / $94.9 million 2.03% 10) Weyerhaeuser Mortgage 451 / $90.3 million 1.93% AVERAGE PRICE AND LOAN AMOUNTS, 1989
Average price Average loan House 205,104 282,196 Condo 128,196 163,522
PRICE DISTRIBUTION OF FIRST TRUST DEEDS, 1989 By amount of money loaned, in thousands of dollars: 1-74: 368 75-99: 531 100-124: 1,763 125-149: 3,608 150-174: 4,144 175-199: 3,772 200-249: 3,736 250-299: 2,102 300-399: 1,702 400 or more: 1,024 LENDERS ON FIRST TRUST DEEDS, 1989 Savings & Loan: 20,927 Mortgage Co.: 11,688 Bank: 4,189 Indiv. Financed: 912 Seller Financed: 202 Insurance Co.: 107 All Others: 7,408 FIRST TRUST DEEDS BY TYPE OF LOAN, 1989 CONDOMINIUM: Other: 2,105** Variable Rate: 4,506 Conventional: 5,587 ** Includes FHA 1,211, VA 40, Foreclosure 81, other 773 SINGLE-FAMILY RESIDENCE Other: 726* Variable Rate: 11,652 Conventional: 10,485 * Includes FHA 75, VA 13, Foreclosure 113, other 525
