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Author : László Szerb
Publisher :
ISBN 13 :
Total Pages : 412 pages
Book Rating : 4.:/5 (384 download)
Download or read book The Borrowers' Choice Between Fixed and Adjustable Rate Mortgages written by László Szerb and published by . This book was released on 1994 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Christopher Lino
Publisher :
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.E/5 ( download)
Download or read book Factors Affecting Borrower Choice Between the Fixed and Adjustable Rate Mortgages written by Mark Christopher Lino and published by . This book was released on 1987 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hsiu-Wen Wu
Publisher :
ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.E/5 ( download)
Download or read book Consumer Mortgage Choice Between Fixed-rate Mortgages and Adjustable-rate Mortgages written by Hsiu-Wen Wu and published by . This book was released on 1992 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laacute;szloacute Szerb
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Borrower's Choice of Fixed and Adjustable Rate Mortgages in the Presence of Nominal and Real Shocks written by Laacute;szloacute Szerb and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper concerns the conditions under which borrowers select fixed and adjustable rate mortgages. The novelty of the paper lies in its capability to analyze the effect of nominal and real shocks separately. The fixed rate mortgage (FRM) versus the adjustable rate mortgage (ARM) choice is determined by the expected real interest rate differential, initial wealth, income, expected real and nominal income risk exposure measured by different parameters the value of the house, the appreciation of the house and the influence of the variance of nominal and real shocks. Results differ according to whether or not borrowers are restricted by the loan-to-value constraint.
Author : William K. Templeton
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book A Simulation Approach to the Choice between Fixed and Adjustable Rate Mortgages written by William K. Templeton and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mortgage borrowers appear to have a difficult time evaluating the costs and risks associated with the choice between a fixed rate mortgage and an adjustable rate mortgage (ARM). This study uses a simulation approach to model the choice. We represent the risk of the ARM with distributions of present value cost differentials for a variety of mortgage life periods. We provide insight on the financial planning aspect by modeling the impact of mortgage rate changes on the size of payments for ARMs. Simulation can yield non-intuitive results that may lead to better decision making by borrowers.
Author : Mark Christopher Lino
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.:/5 (217 download)
Download or read book Factors Affecting Borrower Choice Between the Fixed and Adjustable Rate Mortgage written by Mark Christopher Lino and published by . This book was released on 1987 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Monica Paiella
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Choosing Between Fixed and Adjustable Rate Mortgages written by Monica Paiella and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the determinants of households' choice between fixed rate (FRM) and adjustable rate mortgage (ARM) contracts, using the Bank of Italy's Survey of Household Income and Wealth. Contrary to the predictions of the theoretical literature, the analysis shows that most household characteristics proxying for exposure to other, non-mortgage-related risks and for individual risk aversion are irrelevant for the choice. This, in turn, crucially depends on the relative price of the mortgages and on whether the household is liquidity constrained. Liquidity constrained households find ARMs particularly attractive because their initial payments are generally lowest. This is so despite some evidence that the premium that lenders charge over their cost of funds is substantially higher on ARMs than on FRMs. Taken together, the evidence suggests that ARM holders do not fully take into account the risk of a rise of the reference interest rates. On the other hand, lenders price quite expensively this risk and borrowers end up paying a high price for the benefit of low initial payments.
Author : Yevgeny Mugerman
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (13 download)
Download or read book How Homeowners Choose Between Fixed and Adjustable Rate Mortgages? written by Yevgeny Mugerman and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing is the most important asset in the portfolio of most households. Understanding the households' decision on housing finance has important implications from a policy perspective, due to the effects it may have on the housing prices, on the housing market stability and on household welfare. The theoretical literature on housing finance focused on figuring out the optimal choice between Fixed Rate Mortgages (FRM) and Adjustable Rate Mortgages (ARM). We argue that the standard economic criteria are sometimes inadequate to explain household's choices, which may be motivated by psychological factors. In other words, we claim that household's choice depends only partially on the findings of the theoretical literature. We examine the effect of changes in the short term market interest rate on the households' choice between fixed rate mortgages (FRM) and adjustable rate mortgages (ARM). We test this effect using a unique data provided to us by the Bank of Israel, which contains detailed information on the household's decision between fixed and adjustable rate mortgage contracts in Israel in the past decade. The results of our analysis demonstrate a significant association between FRM preference and short term interest rate reduction. Moreover, we find that the change in the short term interest rate is more salient to the borrowers in periods of a high interest rate environment. We attribute these findings to Tversky and Kahneman (1974) availability and representativeness heuristics.
Author : Hsiu-Wen Wu
Publisher :
ISBN 13 :
Total Pages : 764 pages
Book Rating : 4.E/5 ( download)
Download or read book Housing Financing Behavior written by Hsiu-Wen Wu and published by . This book was released on 1997 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sven Damen
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (931 download)
Download or read book The Myopic Choice Between Fixed and Adjustable Rate Mortgages in Flanders written by Sven Damen and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Barry Leonard
Publisher : DIANE Publishing
ISBN 13 : 9781422317532
Total Pages : 42 pages
Book Rating : 4.3/5 (175 download)
Download or read book Consumer Handbook on Adjustable-Rate Mortgages written by Barry Leonard and published by DIANE Publishing. This book was released on 2007-10 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adjustable-rate mortgages (ARMs) are loans with interest rates that change. ARMs may start with lower monthly payments than fixed-rate mortgages, but your monthly payments could change & go up -- sometimes by a lot; they may not go down much, or at all -- even if interest rates go down; you could end up owing more money than you borrowed; & if you want to pay off your ARM early to avoid higher payments, you might have to pay a penalty. The handbook explains how ARMs work & discusses some of the issues that borrowers may face. It includes ways to reduce the risks & gives some pointers about advertising & other ways you can get info. from lenders. This handbook can help you ask the right questions & figure out whether an ARM is right for you. Illus.
Author : Lisa Lipowski Posey
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Adjustable and Fixed Rate Mortgages as a Screening Mechanism for Default Risk written by Lisa Lipowski Posey and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how borrowers with different levels of default risk would self-select between Fixed Rate Mortgages (FRMs) and Adjustable Rate Mortgages (ARMs). We show that under asymmetric information, where the risk type of a borrower is private information to the borrower and not known by the lender, the unique equilibrium may be a separating equilibrium in which the high-risk (low-risk) borrowers choose ARMs (FRM's). Thus, the borrower's mortgage choice will serve as a signal of default risk, enabling lenders to screen high-risk and low-risk borrowers. It is possible for the separating equilibrium to yield positive economic profits for lenders in a competitive market. It is also possible to have a unique pooling equilibrium where all borrowers choose either FRMs or ARMs. The model implies that an increase in the proportion of high risks will increase the likelihood of a separating equilibrium where both mortgage types are offered. Also a uniform downward shift in the expected change in the interest rate or an increase in borrowers' current or future incomes make ARMs more attractive for both types of borrowers.
Author : Upinder Dhillon
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Choosing between Fixed and Adjustable-Rate Mortgages written by Upinder Dhillon and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports on the determinants of the ARM choice for commercial real estate projects. The theoretical literature suggests that commercial real estate projects are more likely to be financed with an adjustable-rate mortgage (ARM) if the project's income stream or value is expected to rise with inflation over time. The empirical model estimated is a structural probit probability model of the ARM choice. Our results demonstrate that commercial borrowers typically place great emphasis on relative interest rate differentials when deciding which mortgage is best. We also find that commercial mortgage borrowers will ordinarily be reluctant to issue an ARM when the fixed interest rate is low.
Author : Jarjisu Sa-Aadu
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (214 download)
Download or read book The Choice Between Fixed and Adjustable Rate Mortgages written by Jarjisu Sa-Aadu and published by . This book was released on 1987 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard K. Green
Publisher : Academic Press
ISBN 13 : 0124045936
Total Pages : 249 pages
Book Rating : 4.1/5 (24 download)
Download or read book Introduction to Mortgages and Mortgage Backed Securities written by Richard K. Green and published by Academic Press. This book was released on 2013-11-21 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Introduction to Mortgages & Mortgage Backed Securities, author Richard Green combines current practices in real estate capital markets with financial theory so readers can make intelligent business decisions. After a behavioral economics chapter on the nature of real estate decisions, he explores mortgage products, processes, derivatives, and international practices. By focusing on debt, his book presents a different view of the mortgage market than is commonly available, and his primer on fixed-income tools and concepts ensures that readers understand the rich content he covers. Including commercial and residential real estate, this book explains how the markets work, why they collapsed in 2008, and what countries are doing to protect themselves from future bubbles. Green's expertise illuminates both the fundamentals of mortgage analysis and the international paradigms of products, models, and regulatory environments. Written for buyers of real estate, not mortgage lenders Balances theory with increasingly complex practices of commercial and residential mortgage lending Emphasizes international practices, changes caused by the 2008-11 financial crisis, and the behavioral aspects of mortgage decision making
Author : Gene Amromin
Publisher : DIANE Publishing
ISBN 13 : 1437987850
Total Pages : 57 pages
Book Rating : 4.4/5 (379 download)
Download or read book Complex Mortgages (CM) written by Gene Amromin and published by DIANE Publishing. This book was released on 2011 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: CM became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans (interest only, negative amortization, and teaser mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints. But, they increase household leverage and heighten dependence on mortgage refinancing. CM were chosen by prime borrowers with high income levels seeking to purchase expensive houses relative to their incomes. Borrowers with CM experience substantially higher ex post default rates than borrowers with traditional mortgages with similar characteristics. Illus. This is a print on demand report.
Author :
Publisher :
ISBN 13 :
Total Pages : 416 pages
Book Rating : 4.F/5 ( download)
Download or read book Rates & Terms on Conventional Home Mortgages written by and published by . This book was released on 1990 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:
