第4章 节 固定利率抵押贷款 房地产金融与投资 .pptVIP

Fixed Rate Mortgage Loan;与抵押贷款相关的重要问题;房地产抵押贷款与按揭贷款的区别;4.1 抵押贷款利率的决定因素Determinants of Mortgage Interest Rates;抵押贷款市场利率;10000元贷款，名义利率为10%，贷款人一年后得11000元。如果通货膨胀率为6%，则实际价值为10377元（11000÷1.06），即抵押贷款的实际利率为3.77%，低于4%。;4.1.3 利率和风险Interest Rates and Risk;4、法规风险Legislative risk 指市场运行法规环境的变化。;4.1.4 A Summary of Factors Important in Mortgage Pricing(定价);n年期贷款;4.2 抵押贷款付款模式的发展Development of mortgage payment patterns;4.2.2 分期偿还固定本金式抵押贷款CAMthe Constant Amortization Mortgage Loan;CAM的计算;CAM的特点;Example ;Solution ;4.2.3 充分摊销.等额还款CPMFully Amortizing,Constant Payment Mortgage Loan;CPM的特点;CPM的特点;Example . Solution;Analysis of Principal and Interest;Monthly Interest and Principal;未清偿贷款余额Outstanding loan balance;Outstanding loan balance;4.3 CAM与CPM的比较;付款比较;贷款余额比较;;4.3.2 贷款余的计算Determining Loan Balance;2、贷款余额因子MBLF法Monthly Loan Balance Factor;4.3.2 充分摊销贷款的签约费用和有效贷款成本Loan Closing Costs and Effective Borrowing Costs ;3、附加筹资费Additional Finance Charges;2、贷款折扣费用loan discount fees;贷款折扣存在的原因;贷款费用和借款成本Loan Fees and Borrowing Costs;4.3.3 年百分比利率APRannual percentage rate;4.3.4 贷款费用和提前清偿Loan fees and Early Repayment;收益率和提前偿还时间的关系Relationship between Yield and Time;不同偿还时间收益率与筹资费用之间的关系;提前清偿罚款Prepayment Penalties;4.3.5 CPM 的定价Pricing CPMs;折扣点数计算;4.4 通货膨胀与抵押贷款定价问题Inflation an Mortgage Pricing Problems;4.4.1 对贷款人和借款人的影响Effects on Lenders and Borrowers;抵押贷款付款的真实和名义价值;倾斜效应tilt effect;;4.4.2 累进还款式抵押贷款GPMThe Graduated Payment Mortgage;GPM示例;GPM与CPM付款的比较;抵押贷款付款模式比较;GPM的未清偿贷款余额Outstanding Loan Balance:GPMs;CPMGPMCAM的贷款余额与预期房屋价值比较;GPM和有??借款成本;;