抵押信贷市场.ppt

The Mortgage Markets
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Main Contents
What Are Mortgages?
Secondary Mortgage Market
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What Are Mortgages?
A long-term loan secured by real estate to mainly finance residential home purchases
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Mortgage Interest Rates
The stated rate on a mortgage loan is determined by three factors:
Market Rates: general rates on Treasury bonds
Term: longer-term mortgages have higher rates
Discount Points: a lower rates negotiated for cash upfront
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Current mortgage interest rates
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Figure Mortgage Rates and Long-Term Treasury Interest Rates, 1985–2004
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Mortgage: Loan Terms
Collateral: usually the real estate being finance
Down payment: a portion of the purchase price paid by the borrower
PMI: insurance against default by the borrower
Qualifications: includes credit history, employment history, etc., to determine the borrowers ability to repay the mortgage as specified in the contact
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Mortgage: Loan Amortization
Calculations
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Questions 1
Using equal principal method instead of equal principal and interest method to calculate
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Questions 2
If the loan had been financed for 15 years instead of 30, how much would the borrower pay monthly?
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