- 1、本文档共64页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
Chapter_4 Fixed Rate Mortgage Loans(内含中文笔记)概要1
Chapter 4 Fixed Rate Mortgage Loans Contents Determinants of Mortgage Interest Rate Development of Mortgage Loan Payment Patterns CPM vs. CAM Determining a Loan Balance Lender’s Yield Borrower’s Borrowing Costs Other Loan Patterns Objectives of this chapter Pricing and structuring FIR mortgage loans Rate of interest, fees, and other terms Techniques for determining the lender’s yield and the borrower’s cost Loan discounts, origination fees, prepayment penalties, prepaid interest 1. Determinants of Mortgage Interest Rates Sources of funds, economic growth, inflation, etc. Market rate of interest What will borrowers pay for the use of funds? What are lenders willing to accept for lending the funds? Derived demand: Demand for mortgage loans derived from demand for housing按揭贷款需求源自对房屋的需求 Demand supply of mortgage funds Housing Demand Factors: Number of households desiring housing Income Demographics (size, age, tastes, preference…)人口统计数据 Mortgage Funds Supply Factors Cost of attracting funds from savers 吸引资金的成本 Cost of managing and originating loans 管理组织成本 Risk of potential losses 潜在损失风险 Return and risk on alternative investment opportunities: stock, bonds, etc. 别的机会更好 Components of the Mortgage Interest Rate A one-year mortgage loan r = Real Rate of interest f = Inflation Rate p = Risk Premiums 抵押贷款利率=通胀利率+风险溢价+利率 2.Mortgage Payment Patterns Early loan payment (1930s-1940s) Large proportion of down payment requirement e.g. maximum loan: 50% of housing price Short term: maximum 5 yrs “Interest only”: with full loan balance due after 5 yrs, so another loan of lesser amount would be made 5年后可以收回贷款 CAM vs. CPM Constant Amortization Mortgage (CAM) 等额本金还贷 loan amortization (principal amortization) remains the same 每期偿还的本金一样 monthly payment changes Constant Payment Mortgage (CPM) 等额本息还贷 loan amortization changes monthly payment remains the same 每期偿还的金额一样 mortgage loan constant 抵押贷款常数 monthly payment/ loan amount Mortgage Payment Patterns Example 4-1
您可能关注的文档
- Chapter13 Overall Audit Planand Audit Program(审计学英文版)概要1.ppt
- Chapter15 Audit Sampling for Tests of Controls and (审计学英文版)概要1.ppt
- Chapter16 Usinging the computer用电脑概要1.ppt
- chapter15 International Economic Policy(宏观经济学加州大学詹姆斯·布拉德福特·德隆)概要1.ppt
- chapter2 各类化合物的制备方法概要1.ppt
- chapter22概要1.ppt
- chapter19 having a party派对概要1.ppt
- Chapter20 Completing the Tests in the Acquisition and Payment Cycle (审计学英文版)概要1.ppt
- Chapter1概要1.ppt
- Chapter1BasicKnowledgeofEngineeringDrawing概要1.ppt
文档评论(0)