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Consumer trade-offs among mortgage instrument variables

Article Information:

Title:

Consumer trade-offs among mortgage instrument variables

Author(s):

James A. Talaga, Joshua Buch

Journal:

International Journal of Bank Marketing

Year:

1998

Volume:

16

Issue:

6

Page:

264 - 270


ISSN:

0265-2323


DOI:

10.1108/02652329810241401

Publisher:

MCB UP Ltd

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Abstract:

With the development of increasingly complex mortgage instruments, the process by which consumers choose among these instruments also increases in importance. The real estate literature does not address how consumers of mortgage instruments make tradeoffs among the different instruments. The study controlled for interest rates, and looked at five variables: number of points, additional fees, reputation of lender, type of mortgage (FRM vs. ARM), and term in years of mortgage. Using conjoint analysis it is found that consumers do indeed have different preferences for different mixes of mortgage instruments. It is suggested that mortgage instruments can be tailored to different market segments of borrowers.

Keywords:

Conjoint analysis, Consumer behaviour, Financial services, Mortgage companies, Mortgages


Article Type:

Research paper


Article URL:

http://www.emeraldinsight.com/10.1108/02652329810241401

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