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Mortgage innovation, mortgage choice, and housing decisions


  • Matthew Chambers
  • Carlos Garriga
  • Don E. Schlagenhauf


This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment requirement, repayment structure, and amortization schedule. The paper also presents a model with the potential to analyze the implications for various mortgage contracts for individual households, as well as to address many current housing market issues. In this paper, the authors use the model to examine the implications of alternative mortgages for homeownership. The authors use the model to show that interest rate-adjustable mortgages and combo loans can help explain the rise-and fall-in homeownership since 1994.

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  • Matthew Chambers & Carlos Garriga & Don E. Schlagenhauf, 2008. "Mortgage innovation, mortgage choice, and housing decisions," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 585-608.
  • Handle: RePEc:fip:fedlrv:y:2008:i:nov:p:585-608:n:v.90no.6

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    Cited by:

    1. Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk, 2013. "To Rent or to Buy – Analysis of Housing Tenure Choice Determined by Housing Policy," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 33.

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