Multi-Family Mortgage Applications (count): The number of mortgage loan applications to financial institutions for multi-family properties in an area
Multi-Family Applications per 10,000 Units: The number of multi-family mortgage loan applications per 10,000 housing units in an area
Home Mortgage Disclosure Act (HMDA), Consumer Financial Protection Bureau
More About Mortgage Applications for Multi-Family Properties: Multi-family mortgages are loans that an individual, family, or real estate entity borrows from a financial institution in order to pay for the development of a property that houses more than one family. An individual or corporation needs to make regular payments to pay-off the principal cost or the loan, and then they also need to pay for the interest of the loan that accumulates over time. While single-family mortgages are more likely to be associated with applications by residents, multi-family mortgages are more likely to be associated with applications by landlords, trusts, or real estate corporations. These loans most often cover a larger amount of money, and have shorter life years than single family mortgages.