Mortgages: Additional Concepts, Analysis, and Applications 抵押贷款的其他概念，分析和应用 This chapter illustrates a number of problems concerning financing situations that borrowers and lenders might face. In today's era of creative financing, many other examples could be discussed. However, we have chosen examples that illustrate the main concepts and approaches to solving important problems. These can be applied to other situations that you might want to analyze. Thus, this chapter should be viewed as introducing various tools that can be used to handle problems relating to both residential and commercial properties. To keep our analysis as straightforward as possible and focus on the key new concepts we want to introduce, we use fixed rate mortgages in all our examples in this chapter. However, the analyses also apply to other types of mortgages, such as ARMs, and floating rate and other loans.
Adjustable and Floating Rate Mortgage Loans 可调整利率和可变付款抵押贷款 In this chapter, we will show how mortgage loan terms can be modified to incorporate variable interest rates. Loans with adjustable interest rates become necessary from time to time, depending on the rate of economic expansion and expected rates of inflation. In many situations, when the expected rate of inflation accelerates and becomes more uncertain, questions arise as to whether borrowers or lenders will bear the risk of future interest rate changes. During these times, fixed interest rate lending becomes very costly to borrowers because fixed interest rates and mortgage payments increase at a greater rate than borrower incomes. This imbalance between loan payments and borrower incomes motivates both borrowers and lenders to seek ways to modify loan agreements so that real estate purchases can be financed at loan payment levels that are commensurate with current borrower incomes. Adjustable rate mortgage (ARM) loans provide one solution to the imbalance problem. Through a variety of options, including the benchmark index chosen for ARM interest rates, the volatility of the index, frequency of payment adjustment, annual and over-the-loan-life interest rate caps, and negative amortization and other features, lenders and borrowers can negotiate loans and payment structures that result in interest rate risksharing agreements that are satisfactory to all parties.
Fixed Interest Rate Mortgage Loans 固定利率抵押贷款 In this chapter, we discuss various approaches to pricing and structuring fixed interest rate mortgage loans. We see that the price or interest rate on the loan depends on a number of factors, including various types of risk that affect mortgage lenders. It is important to keep these risk factors in mind in future chapters as we consider alternative mortgage instruments which are often designed in ways that alter risk characteristics. Although the focus of this chapter will be on residential mortgages, the concepts and calculations are equally important for commercial mortgages, which also are discussed in later chapters. We will find that the riskiness of the mortgage is also a factor in the risk and expected rate of return for investors in real estate income properties.
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