Abstract
We develop a unique paired loan dataset containing informationon multiple conventional conforming mortgage loans to examinehome equity extraction decisions over the 2000–2006 period.The main question addressed is how much households borrowwhen refinancing their current mortgage debt in cash-outtransactions and what factors affect that decision. We alsoprovide estimates of the marginal effect of certain borrowercharacteristics. Results contribute both to the literature onrefinancing behavior and the role of house price appreciation inproviding funds that may be used for consumer spending or otherpurposes.
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