房地产金融2009 Chapter 3 Fixed Rate Mortgage课件.pptVIP

住房抵押贷款内涵 ;;;住房抵押贷款发放渠道 ;对抵押贷款的审查 ;;;按抵押贷款的信用等级分类 ;（2）次级抵押贷款（Subprime Mortgage） 次级抵押贷款的借款人：①信用分数低于660分；②在过去的12个月里有2次及2次以上30天的拖欠，或在过去的24个月里有1次及1次以上的60天拖欠；③在过去24个月里曾丧失赎回权，又重新恢复或被作为损失；④过去5年内曾经破产；⑤DTI超过50%。 借款人在申请次级贷款时，不必向房地产金融机构出具收入证明文件 次级抵押贷款要收取更高的贷款利率和贷款费用。;（3）ALT-A (Alternative A)抵押贷款 泛指面向那些信用记录不错或很好，但却缺少或完全没有固定收入、存款、资产等合法证明文件的借款人发放的抵押贷款 既包括信用分数在640到700之间的主流阶层，也包括分数高于700的高信用度客户中的相当一部分人 ALT-A抵押贷款的LTV一般在70%～100%之间，通常刚好低于80%，其利率普遍比优质贷款产品高75到125个基点。 ;Chapter 3 Fixed Rate Mortgage;1. History of mortgage nonamortizing amortizing;2. Mechanics of Fixed Rate Mortgage; 2.1 the mortgage payment loan=present value of annual payments =;; Monthly payments:; eg: loan=$100,000, i=10%, n=30, monthly payments loan=monthly payments/MC(10%,30) monthly payments=loan MC(10%,30) =877.57; 2.2 amortization of the mortgage ;amount;2.2.2 after-tax cost eg: a borrower in a 28% marginal tax bracket, monthly payments=877.57 A. the first month: principal repayment=44.24 interest repayment=833.33 after-tax cost=44.24+833.33(1-28%)=644.24;B. the 360th month principal repayment=870.32 interest repayment=7.25 after-tax cost=870.32+7.25(1-28%) =875.54 ;2.3 outstanding balance of mortgage ;eg: the 6th month outstanding balance =877.57/MC(10,29.5) =99,729 ;2.4 the effective cost of the mortgage APR 2.4.1 APR with no points or fee eg: 100,000-0=877.57/MC(i,360) APR=10% 2.4.2 APR with two discount points eg: 100,000-2,000 =877.57/MC(i,360) APR=10.24% ;2.5 effective cost and early repayment prepayment without penalty eg: pay off at the end of the 5th year ;A. APR without points and fee 100,000-0=877.57/MC(i,60) ;