서울시 은행권 주택담보대출에서 소비자의 금융조건 선택

The purpose of this study is to examine the determining factors of consumers' choice for the loan terms in Seoul residential mortgages, based on a bank's dataset of 19,204 loans closed between June 2011 and May 2013. Dependents are the key loan terms, i.e. interest rate type (fixed versus floating), repayment type (principal amortization versus interest-only) and maturity. Research model includes 9 independent variables: CD (Certificate of Deposit) rate at drawdown, the spread between the 10-year and 1-year Korean Treasury Bonds, the LTV (Loan-to-Value) ratio, deal type and residence type as well as borrower characteristics including gender, age, income and other financial debt service. We have the evidence that lower spread (between the long- and short-term Treasury Bond interest rates), higher LTV ratio, younger age, new loan origination and apartment type residence are significantly correlated with the long-term fixed-rate amortization mortgages. Considering the high portion of apartment loans in housing mortgages (nearly 60%), our results imply that banks’ mortgage portfolios have become less vulnerable to the interest rate risk during the data period than before.