whether in the United States or China, the composition of housing mortgage loan usually includes down payment ratio, interest rate and expenses, repayment method, term, loan amount, collateral and so on. The down payment ratio is equivalent to a deposit and can reflect the borrower's ability, because it is hard to believe that people who don't even have the down payment ability still have the ability to repay in the future. Interest rates and fees reflect the bank's capital cost and service cost, or the bank's requirements for income. Due to the large loan amount, the repayment method generally adopts installment payment. Among the six elements, the different provisions of down payment ratio, interest rate and expenses, and repayment methods are the main differences between bank housing mortgage loans in different countries.

From a big perspective, there is no difference between China and the United States in terms of bank housing mortgage loans, but after careful analysis, there are great differences: the biggest feature of American bank housing consumer credit is also that consumers can choose. Taking the mortgage loan design of banks in China and the United States as an example, this paper analyzes the similarities and differences in loan design between the two countries.

(1) down payment ratio. The down payment ratio of housing mortgage loans in China is not less than 2%, which makes no difference to different consumers. This seems fair, but in fact there is a serious unfairness. Because people of different ages and income levels have different down payment ability. This feature should be considered in the design of bank loan products. The down payment ratio in the United States is a range, from 5% to 3% or more, and consumers can choose according to their own situation.

(2) interest rates and fees. When consumers get housing mortgage loans, on the one hand, they get bank funds, on the other hand, they will get non-capital services from banks, such as agency insurance, housing quality evaluation, property rights transfer and so on. Because banks provide funds and related services in this process, banks have to charge interest and non-interest fees. At this point, it seems that there is no difference between China and the United States.

(3) repayment method. In China, the mortgage loan is repaid by equal monthly repayment. This seemingly fair design actually fails to consider the specific differences of different borrowers. The repayment methods in the United States are flexible and optional, such as equal monthly repayment, incremental monthly repayment and decreasing monthly repayment.

From the above analysis, we can draw the following conclusions: American deposit and loan products are different. First, the products of different banks are not exactly the same, and they are different from each other. Second, the products of the same bank can meet the requirements of consumers' personalized choice.