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1、Chapter 7 Residential Financial Analysis住宅融资分析住宅融资分析How to compare two loans with different loan term如何比较具有不同条款的贷款How to decide whether to refinance or prepay a loan如何判定是否再融资How to decide whether a loan assumption is desirable贷款的代偿债务是否合理2021/9/1817.1 Incremental Borrowing Cost 增量借款成本Example: A lende
2、r willing to make a 80% first mortgage loan, or $80000,for 25 years at 12% interest. The same lender is also willing to lend 90%,or $90000, for 25 years at 13% interest. Both are CPMs. How should the borrower compare these alternatives?2021/9/182增量借款成本计算Loan Amount Loan Constant Monthly Payments Alt
3、.II at 13%90000 0.0112784= 1015.05 Alt.I at 12%80000 0.0105322= 842.58 Difference 10000Difference 172.472021/9/1837.1.1 Early RepaymentLoan Amount Monthly PaymentsLoan BalanceAfter 5 Years Alt.II at 13%90000 1015.0586639.88 Alt.I at 12%80000 842.5876522.56 Difference 10000 172.4710117.322021/9/1847.
4、1.2 Origination FeesLoan Fees Net AmountDisbursedMonthly payments Alt.II at 13% 90000 2700= 873001015.05 Alt.I at 12%80000 1600= 78400 842.58difference= 8900 172.472021/9/185Incremental Borrowing Cost versusa Second Mortgage增量借款成本与具有相同期限的第二抵押贷款利率是竞争的。增量借款成本大约同第二抵押贷款的有效成本相同2021/9/186增量借款成本与利差2021/9/1
5、877.1.4 Relationship between the incremental cost and the loan-to-value ratio增量借款成本与抵借价值比的关系增量借款成本代表了贷款人对贷出额外资金,即增加抵借价值比率在边际上所要求的收益率。2021/9/188 Effect of Loan-to-Value Ratio on Loan Cost2021/9/1897.1.5 Difference in MaturitiesLoan Amount PaymentsYear 1-25PaymentsYear 26-30 Alt.III at 13%,30ys90000 9
6、95.58995.58 Alt.I at 12%,25ys80000 842.580 Difference 10000 153.00995.582021/9/1810前提interest rates fall sufficiently决策需知1、terms on the present outstanding loan2、new loan terms being considered3、any charge associated with paying off the existing loan or acquiring the new loan.7.2 Loan Refinancing202
7、1/9/1811Example A borrower made a mortgage loan 5 years ago for $80000 at 15% interest for 30 years (monthly payment). After 5 years, interest rates fall, and a new mortgage loan is available at 14% for 25 years. The loan balance on the existing loan is $78976.50. Suppose that the prepayment penalty
8、 of 2% must be paid on the existing loan,and the lender who is making the new loan available also requires an origination fee of $2500 plus $25 for incidental closing costs if the new loan is made. Should the borrower refinance?2021/9/1812Cost to refinance: Prepayment penalty: (2% 78976.50) 1580 Ori
9、gination fee, new loan 2500 Recording, etc., new loan 25 4105Monthly savings due to refinancing: Existing loan, $80000, 15%, 30 years 1011.56 New loan, $78976.50, 14%, 25 years 950.69 Difference in monthly payments 60.872021/9/18137.2.1 Early Repayment: Loan RefinancingIf the borrower plans to hold
10、the property for only 10 more years after refinancing, is refinancing still worthwhile?Loan balance,15th yearexisting loan 72275Loan balance,10th yearnew loan 71386Difference 8892021/9/1814IRR from Saving When Refinancing053010152520-0.050.050.100.150.200Internal rate of return%Years held after refi
11、nancing2021/9/18157.2.2 Effective Cost of Refinancing通过再融资作出新贷款的费用是$4105借款人实际得到$74871.50(=78976-4105)对新贷款每月付款$950.69，共25年。v再融资的有效贷款成本2021/9/18167.2.3 Borrowing the Refinancing Cost借款人借入再融资成本，新贷款总额变为$83081.5(=78976.5+4105)是否再融资？v方法一v方法二2021/9/18177.3 Early Loan Repayment:Lender Inducements 借款人的贷款利率低于
12、市场利率时，贷款人可能向借款人提供折扣以促使借款人提前偿清贷款。2021/9/1818Suppose a borrower has a loan that was made 10 years ago. The original loan amount was $75000 to be amortized over 15 years at 8% interest. The balance of the loan is now $35348,and the payments are $716.74 per month. The current market interest is 12%. Sup
13、pose the lender discounts the loan by $2000,so that only $33348 must be paid to the lender. Is this attractive to the borrower?2021/9/18197.4 Market Value of a LoanThe market value of a loan is the amount that a new lender or investor would pay to receive the remaining payments on the loan.Example:
14、suppose a loan was made five years ago for $80000 with an interest rate of 10 percent and monthly payments over 20-year loan term. Payments on the loan are $772.02 per month.2021/9/1820Suppose that rate is currently 15% Loan balance Market value2021/9/18217.5 Effective Cost of Two or More LoansSuppo
15、se an individual bought a $100000 property and made a mortgage loan 5 years ago for $80000 at 10% interest for a term of 25 years. The market value of the property has risen in value over the past five years to $115000. The amount of cash equity required by the buyer to assume the sellers loan would
16、 be $39669 Purchase price sellers mortgage balance =115000 75331=396692021/9/1822选择方案1、20年期，12%利率，$92000的新贷款（80%的住宅价值）2、承接原贷款并接受14%的利率，20年期$16669（=92000-75331）的第二抵押贷款。Monthly payment, assume loan726.96Monthly payment,second mortgage loan207.28934.242021/9/1823Second mortgage and Shorter MaturitiesIf
17、 a five-year term were available on a second mortgage loan at 14 percent interest,would the borrower still be better off by assuming the existing and taking a second mortgage?Assume loan:($80000,10%,)20 years 726.96Second mortgage:$16669,14%,5 years 387.86Total 1114.822021/9/18247.6 Effect of below
18、market financing on house price低于市场利率融资对住宅价格的影响The price of the house would be higher with below marketing financing than market rate financing.2021/9/1825Which alternative is best for the buyer?1. Suppose a home could be purchased for $105000 subject to an assumable loan at 9% interest rate with a
19、15-year term, a balance of $70000,and payments of $709.99 per month. 2. A comparable home without any special financing costs $100000,and a loan for $70000 could be obtained at a market rate of 11% with a 15-year term.2021/9/1826vIn analyzing this problem,we must consider whether it is desirable for
20、 the buyer to pay an additional $5000 in cash for the home to receive the benefit of lower payments on the below market loan.Down PaymentPayment Market rate loan30000795.62 Loan assumption35000709.99 Difference 5000 85.632021/9/1827Assuming a Lower Loan BalanceSuppose the balance on the assumable lo
21、an in our example is only $50000 and monthly payment are $507.13. The buyer, however, needs financing of $70000,the amount that can normally be borrowed at market rates. The buyer may also obtain a second mortgage of $20000 for 15 years at a 14% rate with payments of $266.35 per month.2021/9/1828Dow
22、n PaymentMonthly PaymentMarket rate loan30000795.62Loan assumption+Second mortgage35000773.48Difference 5000 22.142021/9/18297.7 Cash EquivalenceHow much the buyer could pay to be indifferent to purchasing the home with a below market rate loan or one that must be financed at the market rate.1. $700
23、00,9%,15 years,$709.992. Market rate: 11%The cash equivalent value of the assumable loanThe net benefit that the buyer receives2021/9/18307.8 Cash Equivalency: Smaller Loan BalanceThe balance of assumable 9% loan is only $50000 (payments of $507.13 per month).The additional second mortgage of $20000
24、 could be obtained for 15 years at 14% rate.A $70000 new first mortgage (70% of the house value) could be obtained at 11% rate with a 15-year term. The home would probably sell for no more than $1019502021/9/18317.9 Cash Equivalency: Concluding CommentsAt least three additional situations could aris
25、e that would affect the analysis:1. The below market financing is not transferable to a subsequent buyer.2. Market rates at the time the property is sold are no longer greater than the contract rate on the assumable loan.3. Interest rate could drop after the loan is assumed.All of the situation disc
26、ussed above tend to reduce the premium a buyer would pay for a below market interest rate loan.2021/9/18327.10 Wraparound Loans (重叠贷款)Wraparound loans are used to obtain additional financing on a property while keeping an existing loan in place. The wraparound lender makes a loan for a face amount e
27、qual to the existing loan balance plus the amount of additional financing.2021/9/1833Example An existing loan: balance of $90000, 8%, 15 years,monthly payments of $860.09The current value of the property: $150000An additional: $30000qFirst mortgage for 15 years with an 80% loan-to-value ratio: 11.5%
28、 interest rate currentlyqSecond mortgage: 15% rate for 15 yearsvWraparound loan:$12000,10%,15 years, monthly payments of $1289.53vThe wraparound lender will make the $860.09 payment on the old loan.2021/9/1834Is the wraparound loan a desirable alternative to obtain an additional $30000?qThe incremen
29、tal cost of the additionalLoan Amount Monthly Payments Wraparound loan , 10%,15yrs120000 1289.53 Old loan, 8%,15 years 90000 860.09 Additional 30000 429.442021/9/18357.11 Buydown Loan (折扣售房贷款)With a buydown loan,the seller of the home (frequently a builder) pays an amount to a lender to buy down or
30、lower the interest rate on the loan for the borrower for a specific period of time.Suppose interest rate are currently 15% and a purchaser of a builders home has only enough income to qualify for a loan at 13% fixed rate.The loan is $75000, 30 years, monthly payments of $948.33 at 15% interest rate.2021/9/1836Suppose the builder wanted to buy down the interest rate from 15% to 13%, so that the payments are only $829.65 per month for the first five years but will increase to $948.33 for the remaining loan term.2021/9/18372021/9/1838
