서울시 은행권 주택담보대출에서 소비자의 금융조건 선택
Consumer Choice for the Loan Terms of Banks' Residential Mortgages in Seoul
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The purpose of this study is to examine the determining factors of consumers' choice for the loan terms in Seoul residential mortgages, based on a bank's dataset of 19,204 loans closed between June 2011 and May 2013. Dependents are the key loan terms, i.e. interest rate type (fixed versus floating), repayment type (principal amortization versus interest-only) and maturity. Research model includes 9 independent variables: CD (Certificate of Deposit) rate at drawdown, the spread between the 10-year and 1-year Korean Treasury Bonds, the LTV (Loan-to-Value) ratio, deal type and residence type as well as borrower characteristics including gender, age, income and other financial debt service. We have the evidence that lower spread (between the long- and short-term Treasury Bond interest rates), higher LTV ratio, younger age, new loan origination and apartment type residence are significantly correlated with the long-term fixed-rate amortization mortgages. Considering the high portion of apartment loans in housing mortgages (nearly 60%), our results imply that banks’ mortgage portfolios have become less vulnerable to the interest rate risk during the data period than before.
Abstract
The purpose of this study is to examine the determining factors of consumers' choice for the loan terms in Seoul residential mortgages, based on a bank's dataset of 19,204 loans closed between June 2011 and May 2013. Dependents are the key loan terms, i.e. interest rate type (fixed versus floating), repayment type (principal amortization versus interest-only) and maturity. Research model includes 9 independent variables: CD (Certificate of Deposit) rate at drawdown, the spread between the 10-year and 1-year Korean Treasury Bonds, the LTV (Loan-to-Value) ratio, deal type and residence type as well as borrower characteristics including gender, age, income and other financial debt service. We have the evidence that lower spread (between the long- and short-term Treasury Bond interest rates), higher LTV ratio, younger age, new loan origination and apartment type residence are significantly correlated with the long-term fixed-rate amortization mortgages. Considering the high portion of apartment loans in housing mortgages (nearly 60%), our results imply that banks’ mortgage portfolios have become less vulnerable to the interest rate risk during the data period than before.
참고문헌 (16)
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