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Mortgage Choice Tenure Choice And Housing Demand In The Presence Of Mortgage Qualifications Constraints
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Book Synopsis Mortgage Choice, Tenure Choice, and Housing Demand in the Presence of Mortgage Qualifications Constraints by : William Carl LaFayette
Download or read book Mortgage Choice, Tenure Choice, and Housing Demand in the Presence of Mortgage Qualifications Constraints written by William Carl LaFayette and published by . This book was released on 1994 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mortgage Choice, Tenure Choice, and Housing Demand in the Presence of Mortgage Qualification Constraints by : William Carl LaFayette
Download or read book Mortgage Choice, Tenure Choice, and Housing Demand in the Presence of Mortgage Qualification Constraints written by William Carl LaFayette and published by . This book was released on 1996 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision by : William C. LaFayette
Download or read book Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision written by William C. LaFayette and published by . This book was released on 1995 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical research has been based on home purchasers using an 80 percent loan-to-value (LTV) fixed-rate conventional loan. Employing the same assumption, we find that the constraints lowered the ownership rate of our 1919 young home purchasers by about 20 percentage points. However, households are not restricted to putting 20 percent down and choosing a fixed- rate loan. When we allow households to select the optimal LTV and mortgage type (adjustable or fixed-rate with Federal Housing Administration (FHA) or conventional insurance), the percentage of our sample that is credit constrained declines from 71 to 49. Moreover, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are estimated to increase homeownership by only 0.1 to 0.2 percentage points
Book Synopsis Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision by : William C. LaFayette
Download or read book Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision written by William C. LaFayette and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical research has been based on home purchasers using an 80 percent loan-to-value (LTV) fixed-rate conventional loan. Employing the same assumption, we find that the constraints lowered the ownership rate of our 1919 young home purchasers by about 20 percentage points. However, households are not restricted to putting 20 percent down and choosing a fixed- rate loan. When we allow households to select the optimal LTV and mortgage type (adjustable or fixed-rate with Federal Housing Administration (FHA) or conventional insurance), the percentage of our sample that is credit constrained declines from 71 to 49. Moreover, the measured impact on the homeownership rate of the constraints falls to only 4 percentage points. Further, FHA loans are estimated to increase homeownership by only 0.1 to 0.2 percentage points.
Book Synopsis Wealth Effects on Households' Tenure Choice, Housing Demand and Housing Finance Decisions by : Lawrence D. Jones
Download or read book Wealth Effects on Households' Tenure Choice, Housing Demand and Housing Finance Decisions written by Lawrence D. Jones and published by . This book was released on 1984 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the importance of nonhuman wealth endowments and portfolio balance objectives as determinants of a series of family housing decisions. These decisions include i) tenure choice, and for those families choosing the ownership mode, ii) the amount of housing demand and iii) the debt/equity financing structure utilized to acquire and maintain the housing asset. The presence of the study is that tenure choice, housing demand and housing finance issues cannot be understood in a format which fails to include wealth and portfolio considerations as major factors. The analysis is premised upon the a priori conceptual belief that these variables ought to dominate traditional income flow and demographic attribute variables in explaining these household decisions.
Book Synopsis The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice by : Matthew Chambers
Download or read book The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice written by Matthew Chambers and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to understand how loan structure affects (i) the borrower's selection of a mortgage contract and (ii) the aggregate economy. We develop a quantitative equilibrium theory of mortgage choice where households can choose from a menu of long-term (nominal) mortgage loans. The model accounts for observed patterns in housing consumption, ownership, and portfolio allocations. We find that the loan structure is a quantitatively significant factor in a household's housing finance decision. The model suggests that the mortgage structure preferred by a household is dependent on age and income and that loan products with low initial payments offer an alternative to mortgages with no downpayment. These effects are more important when inflation is low. The presence of inflation reduces the real value of the mortgage payment and the outstanding loan overtime reducing mobility. Changes in the structure of mortgages have implications for risk sharing.
Book Synopsis Simultaneous Estimation of Housing Demand and Mortgage Demand by : Man Cho
Download or read book Simultaneous Estimation of Housing Demand and Mortgage Demand written by Man Cho and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper establishes an econometric model for analyzing four inter-related decisions at the time of home purchase, including tenure choice, demand for housing services, choice of mortgage instrument, and decision on the amount of borrowed funds. The modeling approach employed by the study is a switching-simultaneous equation model. First, we model two sequential decisions of tenure choice and choice of mortgage type (between fixed-rate (FRM) and adjustable-rate (ARM) mortgages). Second, we specify the demand for housing services and the decision on loan-to-value (LTV) ratios as a regime-switching simultaneous model by controlling for the selectivity biases caused by the two choice factors. The empirical estimates from the model are based on two data sources: the American Housing Survey and a sample of Fannie Mae loan acquisition data. The Fannie Mae data are compiled through a synthetic matching sampling method. Our results indicate that the patterns of housing and mortgage demand are noticeably distinct between borrowers choosing ARMs versus borrowers choosing FRMs. For example, the LTV ratios significantly raise the levels of housing demand for FRM borrowers, but not for ARM borrowers, thus implying that the ARM contract tends to mitigate the effect of the wealth constraint in mortgage borrowing.
Book Synopsis Borrowing Constraints and the Tenure Choice of Young Households by : Donald R. Haurin
Download or read book Borrowing Constraints and the Tenure Choice of Young Households written by Donald R. Haurin and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze the factors that affect the tenure choice of young adults, highlighting the impact of mortgage lender imposed borrowing constraints. The data set is a panel of youth age 20-33 for the years 1985-90. Our methods differ from most prior studies in many ways including consideration of possible sample selection bias, a richer model of the stochastic error structure, better measurement of which households are bound by borrowing constraints, and a fuller consideration of the endogeneity of wealth and income. Once all changes are implemented, we find ownership tendencies to be quite sensitive to economic variables. Specifically, potential earnings, the relative cost of owning a home, and especially borrowing constraints affect the tendency to own a home. In our sample of youth, 37% of households are constrained even after choosing their loan-to-value ratio to minimize the impact of the separate wealth and income requirements. The constraints reduce the probability of ownership of these households by 10 to 20 percentage points (a third to a half) depending on the particular characteristics of the household.
Book Synopsis Tenure Choice, Mortgage Choice, and Lender Behaviour in the Housing Market of England and Wales by : Philomena M. Bacon
Download or read book Tenure Choice, Mortgage Choice, and Lender Behaviour in the Housing Market of England and Wales written by Philomena M. Bacon and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Housing Choices and Consumer Behavior by : Li Ma
Download or read book Essays in Housing Choices and Consumer Behavior written by Li Ma and published by . This book was released on 2012 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third chapter "The Impact of Borrowing Constraints on the Homeownership of Chinese Households" addresses the effect of borrowing constraints in the mortgage market on the tenure choice of Chinese households. The termination of housing allocation system in 1994 is one of the most important reforms in Chinese economy during past decades. Millions of Chinese households became homeowners after this housing reform, and a market-based housing system was established. Since then, Chinese housing mortgage market has boomed and by 2005 China had become the largest residential mortgage market in Asia. This chapter examines the effect of borrowing constraints in mortgage market on the tenure choice of Chinese households. The result shows that few Chinese households are constrained by the down payment criterion. With limited lending sources and a relatively high housing price-to-income ratio, they are more likely to be constrained by the income criterion. Empirical work indicates that a one thousand dollar increase in the family's permanent income increases the likelihood of owning a housing unit by 11.8%. Moreover, highly income-constrained households are 8.6% less likely to become homeowners.
Book Synopsis Equilibrium Mortgage Choice and Housing Tenure Decisions With Refinancing by : Matthew Chambers
Download or read book Equilibrium Mortgage Choice and Housing Tenure Decisions With Refinancing written by Matthew Chambers and published by . This book was released on 2015 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of the paper is to understand the determinants and implications of mortgage choice in the context of general equilibrium model with incomplete markets. The equilibrium characterization allows us to study the impact of mortgage financing = decisions in the productive economy. We show the influence of different contract characteristics such as the downpayment requirement, repayment structure, and the amortization schedule for mortgage choice. We find that loan products that allow for low or no downpayment or an increasing repayment schedule increase the participation of young and lower income households. We find evidence that the volume of housing transactions increase when the payment profile is increasing and households have little housing equity. In contrast, we show that loans that allow for a rapid accumulation of home equity can still have positive participation effects without increasing the volatility of the housing market. The model predicts that the expansion of mortgage contracts and refinancing improves risk sharing opportunities for homeowners but the magnitude varies with each contract.
Book Synopsis Equilibrium Mortgage Choice and Housing Tenure Decisions with Refinancing by : Matthew Chambers
Download or read book Equilibrium Mortgage Choice and Housing Tenure Decisions with Refinancing written by Matthew Chambers and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The last decade has brought about substantial mortgage innovation and increased refinancing. The objective of the paper is to understand the determinants and implications of mortgage choice in the context of general equilibrium model with incomplete markets. The equilibrium characterization allows us to study the impact of mortgage financing = decisions in the productive economy. We show the influence of different contract characteristics such as the downpayment requirement, repayment structure, and the amortization schedule for mortgage choice. We find that loan products that allow for low or no downpayment or an increasing repayment schedule increase the participation of young and lower income households. We find evidence that the volume of housing transactions increase when the payment profile is increasing and households have little housing equity. In contrast, we show that loans that allow for a rapid accumulation of home equity can still have positive participation effects without increasing the volatility of the housing market. The model predicts that the expansion of mortgage contracts and refinancing improves risk sharing opportunities for homeowners but the magnitude varies with each contract"--Federal Reserve Bank of St. Louis web site.
Book Synopsis Alternative Mortgage Instruments, Qualifications Constraints, and the Demand for Housing by : Richard Phillips
Download or read book Alternative Mortgage Instruments, Qualifications Constraints, and the Demand for Housing written by Richard Phillips and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Government-guaranteed mortgage loans (GFRMs) and adjustable- rate mortgages (ARMs) were introduced to make payment to income (PTI) and loan to value (LTV) qualification conven- tions less restrictive. This paper analyzes the effect of GFRMs and ARMs on the demand for housing. Using a large national data set for the 1988 to 1989 period, we employ a two-stage procedure to estimate housing demand. In the first stage, a multinominal logit model estimates the probability of choosing an FRM, ARM, or GFRM. Predicted values from the logit are used to construct user costs and estimate housing demand. Using the model estimates, we simulate demand under four different mortgage availability regimes: FRM, FRM and GFRM, FRM and ARM, and all three. These simulations indicate that GFRMs, by relaxing LTV constraints, increase housing demand by approximately 6.2% relative to the FRM regime; the addition of ARMs, by relaxing both PTI and LTV constraints, raises demand by an additional 6%, for a total of 12.2% with inclusion of all alternatives.
Book Synopsis Ankündung eines systematischen Werkes von den Schmetterlingen der Wienergegend by :
Download or read book Ankündung eines systematischen Werkes von den Schmetterlingen der Wienergegend written by and published by . This book was released on 1776 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mortgage Choice in the Housing Boom by : Frederick Furlong
Download or read book Mortgage Choice in the Housing Boom written by Frederick Furlong and published by . This book was released on 2014-05-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wealth Effects on Households' Tenure Choice, Housing Demand and Housing Finance Positions by : Canada Mortgage and Housing Corporation
Download or read book Wealth Effects on Households' Tenure Choice, Housing Demand and Housing Finance Positions written by Canada Mortgage and Housing Corporation and published by . This book was released on 1984 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mortgage Market, Housing Tenure Choice and Unemployment by : Gaetano Lisi
Download or read book Mortgage Market, Housing Tenure Choice and Unemployment written by Gaetano Lisi and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the evidence that housing costs may impair the proper functioning of the labour market, this paper develops a search and matching model where trading frictions in the mortgage, housing and labour markets interact with each other. Precisely, the employment status affects the probability to get a mortgage. In turn, the granting or not of the mortgage affects the housing tenure choice (tenancy or owner occupancy). Finally, the housing tenure choice affects the unemployment rate. It will show that tenants generate a greater effort in searching for a job than homeowners, since employed workers have a greater chance of getting a mortgage to buy a home. As a result, the positive correlation between the homeownership and unemployment rates emerges as quite consistent with the evidence that homeowners tend to be unemployed less often than tenants.
