Actuarial Science II - Mortgages
6 important questions on Actuarial Science II - Mortgages
What is a collateral?
What is a annuity mortgage?
- Every month part of mortgage is redeemed
- Every month interest on remainder is paid
- These combined are fixed.
- monthly payments fixed
- Payment each month equals: A*(i)/(1-(1+i)^-n
What is Redemption free/interest-only mortgage?
- Only interest is paid every month
- Life-long
- Redeemed when house is sold or loanholder passes away
- No mortgage interest relief
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Name two arguments for and against mortgage interest relief
- Ruch people profit more because they pay more tax and have bigger(more expensive) houses
- Stimulates to make debt or not redeem
Keep:
- House prices will drop causing problems for homeowners and banks
- Stimulates to buy instead of rent a rhouse
What is an endowment mortgage?
Combination of:
- Redemption-free mortgage
- Savings account: part of monthly payment deposited in savings account in order to repay sum at full maturity
- Life insurance: mortgagee passes away: insurance covers remainder
Write down a mortgage scheme of linear, annuity, redemp free and endowment.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
