Mortgage Innovation, Mortgage Choice, and Housing Decisions

This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment requirement, repayment structure, and amortization schedule. The paper also presents a model with the potential to analyze the implications for various mortgage contracts for individual households, as well as to address many current housing market issues. The authors use the model to examine the implications of alternative mortgages for homeownership and to show that interest rate-adjustable mortgages and combo loans can help explain the rise-and fall-in homeownership since 1994.

本文探讨了当前可供借款人选择的多款新型按揭贷款产品。作者阐述了这类产品在首付要求、还款结构以及分期还款计划表等关键特征上的差异。本文还提出了一款模型，该模型既可用于分析各类按揭贷款合同对个体家庭的影响，亦能针对诸多当前住房市场议题展开研究。作者借助该模型探讨了另类按揭贷款对住房自有率的影响，并证实可调利率抵押贷款（interest rate-adjustable mortgages）与组合贷款（combo loans）能够有效解释1994年以来住房自有率的升降走势。