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- W1581773247 abstract "We develop a model and derive optimal exercise boundaries or trigger points for default and refinancing options for a mortgage. The model predicts that a homeowner with a 15% tax rate, 80% loan-to-value ratio and $224,000 borrowed at 6.5% will not default if the home value is at-least 71% of the mortgage amount, i.e., the borrower is no more than $65,000 “under-water.” The borrower will refinance when the home appreciates by 10% and the interest rate declines by at-least 1.59%. If the interest rate remains unchanged, the borrower will take equity out of the home when the home appreciates by at-least 15.3%." @default.
- W1581773247 created "2016-06-24" @default.
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- W1581773247 date "2013-01-01" @default.
- W1581773247 modified "2023-09-23" @default.
- W1581773247 title "Optimal Exercise of Mortgage Options: Default and Refinancing" @default.
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- W1581773247 doi "https://doi.org/10.2139/ssrn.2373337" @default.
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