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Debt Usage and Mortgage Choice: Sensitivity to Default Insurance Costs / Patric H. Hendershott, William C. LaFayette.
- Format:
- Book
- Author/Creator:
- Hendershott, Patric H.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w5069.
- NBER working paper series no. w5069
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Debt Usage and Mortgage Choice
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1995.
- Summary:
- Purchase of a house requires three interrelated household financial decisions: what level of debt to obtain, whether to select an adjustable or fixed rate mortgage (ARM or FRM) and whether to choose an FHA or a conventional loan. While some have analyzed the mortgage debt decision and the ARM/FRM choice, virtually no one has studied the FHA/conventional mortgage choice or the interrelation among the mortgage debt and instrument decisions. In our sample of 819 young home purchasers, debt and mortgage choice is driven by a need to finesse the downpayment and payment constraint ratios and to lower mortgage insurance costs.
- Notes:
- Print version record
- March 1995.
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