모기지 신용보증(MCG, MCI) 상품의 특성과 상품 선택에 관한 연구

The purpose of this study is to examine the theoretical and empirical characteristics of MCG(Mortgage Credit Guarantee) and MCI(Mortgage Credit Insurance) products, which makes the loan amount up to the maximized LTV rate without minimal deposit in the House Leasing Protection Act. For empirical analysis, we examined the factors and characteristics that influence the choice of MCG and MCI by using real loans. Based on the review of previous studies, this study assumes that borrowers financial situations that has lower asset or higher income increases the possibility of using the MCG and MCI. For the empirical analysis, we use data of 75,000 apartment mortgage loans handled from January 2014 to August 2015, and try to analyze the effects of loan requirements and characteristics of borrowers on the choice of MCG and MCI. The results show that the higher the asset constraint, the higher the availability of using MCG and MCI, and the higher the income constraint, the lower the possibility of using MCG and MCI. In the case of newly married couples or young people, it is difficult to get a new home because of asset constraints, but there is a high possibility of future income increase which lowering income constrain for buying a house. Therefore, it might be necessary to prepare a government support policy such as lowering fees for those groups to relieve their burden.