关于抵押贷款的文献翻译Word文档下载推荐.docx

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Ahomebuyerorbuildercanobtainfinancing（aloan）eithertopurchaseorsecureagainstthepropertyfromafinancialinstitution,suchasabank,eitherdirectlyorindirectlythroughintermediaries.Featuresofmortgageloanssuchasthesizeoftheloan,maturityoftheloan,interestrate,methodofpayingofftheloan,andothercharacteristicscanvaryconsiderably.

Inmanyjurisdictions,thoughnotall（Bali,Indonesiabeingoneexception[2]）,itisnormalforhomepurchasestobefundedbyamortgageloan.Fewindividualshaveenoughsavingsorliquidfundstoenablethemtopurchasepropertyoutright.Incountrieswherethedemandforhomeownershipishighest,strongdomesticmarketshavedeveloped.

Mortgageloanbasics

Basicconceptsandlegalregulation

AccordingtoAnglo-Americanpropertylaw,amortgageoccurswhenanowner（usuallyofafeesimpleinterestinrealty）pledgeshisorherinterest（righttotheproperty）assecurityorcollateralforaloan.Therefore,amortgageisanencumbrance（limitation）ontherighttothepropertyjustasaneasementwouldbe,butbecausemostmortgagesoccurasaconditionfornewloanmoney,thewordmortgagehasbecomethegenerictermforaloansecuredbysuchrealproperty.Aswithothertypesofloans,mortgageshaveaninterestrateandarescheduledtoamortizeoverasetperiodoftime,typically30years.Alltypesofrealpropertycanbe,andusuallyare,securedwithamortgageandbearaninterestratethatissupposedtoreflectthelender'

srisk.

Mortgagelendingistheprimarymechanismusedinmanycountriestofinanceprivateownershipofresidentialandcommercialproperty.Althoughtheterminologyandpreciseformswilldifferfromcountrytocountry,thebasiccomponentstendtobesimilar:

∙Property:

thephysicalresidencebeingfinanced.Theexactformofownershipwillvaryfromcountrytocountry,andmayrestrictthetypesoflendingthatarepossible.

∙Mortgage:

thesecurityinterestofthelenderintheproperty,whichmayentailrestrictionsontheuseordisposaloftheproperty.Restrictionsmayincluderequirementstopurchasehomeinsuranceandmortgageinsurance,orpayoffoutstandingdebtbeforesellingtheproperty.

∙Borrower:

thepersonborrowingwhoeitherhasoriscreatinganownershipinterestintheproperty.

∙Lender:

anylender,butusuallyabankorotherfinancialinstitution.Lendersmayalsobeinvestorswhoownaninterestinthemortgagethroughamortgage-backedsecurity.Insuchasituation,theinitiallenderisknownasthemortgageoriginator,whichthenpackagesandsellstheloantoinvestors.Thepaymentsfromtheborrowerarethereaftercollectedbyaloanservicer.[3]

∙Principal:

theoriginalsizeoftheloan,whichmayormaynotincludecertainothercosts;

asanyprincipalisrepaid,theprincipalwillgodowninsize.

∙Interest:

afinancialchargeforuseofthelender'

smoney.

∙Foreclosureorrepossession:

thepossibilitythatthelenderhastoforeclose,repossessorseizethepropertyundercertaincircumstancesisessentialtoamortgageloan;

withoutthisaspect,theloanisarguablynodifferentfromanyothertypeofloan.

Manyotherspecificcharacteristicsarecommontomanymarkets,buttheabovearetheessentialfeatures.Governmentsusuallyregulatemanyaspectsofmortgagelending,eitherdirectly（throughlegalrequirements,forexample）orindirectly（throughregulationoftheparticipantsorthefinancialmarkets,suchasthebankingindustry）,andoftenthroughstateintervention（directlendingbythegovernment,bystate-ownedbanks,orsponsorshipofvariousentities）.Otheraspectsthatdefineaspecificmortgagemarketmayberegional,historical,ordrivenbyspecificcharacteristicsofthelegalorfinancialsystem.

Mortgageloansaregenerallystructuredaslong-termloans,theperiodicpaymentsforwhicharesimilartoanannuityandcalculatedaccordingtothetimevalueofmoneyformulae.Themostbasicarrangementwouldrequireafixedmonthlypaymentoveraperiodoftentothirtyyears,dependingonlocalconditions.Overthisperiodtheprincipalcomponentoftheloan（theoriginalloan）wouldbeslowlypaiddownthroughamortization.Inpractice,manyvariantsarepossibleandcommonworldwideandwithineachcountry.

Lendersprovidefundsagainstpropertytoearninterestincome,andgenerallyborrowthesefundsthemselves（forexample,bytakingdepositsorissuingbonds）.Thepriceatwhichthelendersborrowmoneythereforeaffectsthecostofborrowing.Lendersmayalso,inmanycountries,sellthemortgageloantootherpartieswhoareinterestedinreceivingthestreamofcashpaymentsfromtheborrower,oftenintheformofasecurity（bymeansofasecuritization）.

Mortgagelendingwillalsotakeintoaccountthe（perceived）riskinessofthemortgageloan,thatis,thelikelihoodthatthefundswillberepaid（usuallyconsideredafunctionofthecreditworthinessoftheborrower）;

thatiftheyarenotrepaid,thelenderwillbeabletoforecloseandrecoupsomeorallofitsoriginalcapital;

andthefinancial,interestrateriskandtimedelaysthatmaybeinvolvedincertaincircumstances.

Mortgageloantypes

Therearemanytypesofmortgagesusedworldwide,butseveralfactorsbroadlydefinethecharacteristicsofthemortgage.Allofthesemaybesubjecttolocalregulationandlegalrequirements.

interestmaybefixedforthelifeoftheloanorvariable,andchangeatcertainpre-definedperiods;

theinterestratecanalso,ofcourse,behigherorlower.

∙Term:

mortgageloansgenerallyhaveamaximumterm,thatis,thenumberofyearsafterwhichanamortizingloanwillberepaid.Somemortgageloansmayhavenoamortization,orrequirefullrepaymentofanyremainingbalanceatacertaindate,orevennegativeamortization.

∙Paymentamountandfrequency:

theamountpaidperperiodandthefrequencyofpayments;

insomecases,theamountpaidperperiodmaychangeortheborrowermayhavetheoptiontoincreaseordecreasetheamountpaid.

∙Prepayment:

sometypesofmortgagesmaylimitorrestrictprepaymentofalloraportionoftheloan,orrequirepaymentofapenaltytothelenderforprepayment.

Thetwobasictypesofamortizedloansarethefixedratemortgage（FRM）andadjustable-ratemortgage（ARM）（alsoknownasafloatingrateorvariableratemortgage）.Inmanycountries（suchastheUnitedStates）,floatingratemortgagesarethenormandwillsimplybereferredtoasmortgages.Combinationsoffixedandfloatingratearealsocommon,wherebyamortgageloanwillhaveafixedrateforsomeperiod,andvaryaftertheendofthatperiod.

∙Inafixedratemortgage,theinterestrate,andhenceperiodicpayment,remainsfixedforthelife（orterm）oftheloan.Thereforethepaymentisfixed,althoughancillarycosts（suchaspropertytaxesandinsurance）cananddochange.Forafixedratemortgage,paymentsforprincipalandinterestshouldnotchangeoverthelifeoftheloan,

∙Inanadjustableratemortgage,theinterestrateisgenerallyfixedforaperiodoftime,afterwhichitwillperiodically（forexample,annuallyormonthly）adjustupordowntosomemarketindex.Adjustableratestransferpartoftheinterestrateriskfromthelendertotheborrower,andthusarewidelyusedwherefixedratefundingisdifficulttoobtainorprohibitivelyexpensive.Sincetheriskistransferredtotheborrower,theinitialinterestratemaybefrom0.5%to2%lowerthantheaverage30-yearfixedrate;

thesizeofthepricedifferentialwillberelatedtodebtmarketconditions,includingtheyieldcurve.

Thechargetotheborrowerdependsuponthecreditriskinadditiontotheinterestraterisk.Themortgageoriginationandunderwritingprocessinvolvescheckingcreditscores,debt-to-income,downpayments,andassets.Jumbomortgagesandsubprimelendingarenotsupportedbygovernmentguaranteesandfacehigherinterestrates.Otherinnovationsdescribedbelowcanaffecttheratesaswell.

Loantovalueanddownpayments

Uponmakingamortgageloanforthepurchaseofaproperty,lendersusuallyrequirethattheborrowermakeadownpayment;

thatis,contributeaportionofthecostoftheproperty.Thisdownpaymentmaybeexpressedasaportionofthevalueoftheproperty（seebelowforadefinitionofthisterm）.Theloantovalueratio（orLTV）isthesizeoftheloanagainstthevalueoftheproperty.Therefore,amortgageloaninwhichthepurchaserhasmadeadownpaymentof20%hasaloantovalueratioof80%.Forloansmadeagainstpropertiesthattheborroweralreadyowns,theloantovalueratiowillbeimputedagainsttheestimatedvalueoftheproperty.

Theloantovalueratioisconsideredanimportantindicatoroftheriskinessofamortgageloan:

thehighertheLTV,thehighertheriskthatthevalueoftheproperty（incaseofforeclosure）willbeinsufficienttocovertheremainingprincipaloftheloan.

Value:

appraised,estimated,andactual

Sincethevalueofthepropertyisanimportantfactorinunderstandingtheriskoftheloan,determiningthevalueisakeyfactorinmortgagelending.Thevaluemaybedeterminedinvariousways,butthemostcommonare:

1.Actualortransactionvalue:

thisisusuallytakentobethepurcha