International Comparison of Mortgage Product Offerings
Open accessAbstract
This comparison of mortgage product offerings in developed countries reveals significant differences in the dominant product offerings. Countries differ in terms of the market share of adjustable versus fixed-rate mortgages, the use of pre-payment penalties, maximum term and the offering of features such as interest-only payments and assumability. Our findings suggest that the United States is internationally unusual in several respects.
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In most countries other than the United States, mortgage contracts have some degree of assumability or portability, such that households can move without having to prepay their current loan.
“In most countries other than the United States, mortgage contracts have some degree of assumability (allowing buyers to assume an existing mortgage on the same property), or portability (allowing borrowers to transfer their mortgage to a new property), such that households can move without having to prepay their current loan (Lea (2010)).”
From Mortgage Lock‐In, Mobility, and Labor Reallocation (2024) · cites this paper as Lea (2010)
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References 16 · Cited by 90
- Authors
- Lea, M.
- Affiliations
- San Diego State University (US)
- Corresponding author
- Lea, Michael
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2010
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W1528036195
- Cited by
- 90
- References
- 16
- Citations by year
- 2026: 2 · 2025: 1 · 2024: 4 · 2023: 4 · 2022: 4 · 2021: 5 · 2020: 3 · 2019: 4 · 2018: 7 · 2017: 3 · 2016: 7 · 2015: 8 · 2014: 5 · 2013: 7 · 2012: 9
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Keywords
- mortgage products, cross-national comparison, adjustable-rate mortgages, fixed-rate mortgages, prepayment penalties, interest-only mortgages, United States mortgage market
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