This study estimates the potential impact of a recent Financial Portability Law in Chile on the households’ mortgage refinancing probability. I show that mortgage refinancing is positively associated with financial education, liquidity needs, plus the value and timing for optimal refinancing. A counterfactual exercise shows the new legislation can substantially increase the refinancing probability and bring welfare gains, especially if it lowers the cognitive costs of the process. The refinancing probability may increase from 18% to 21.1% and create a welfare gain of 202 USD per borrower if only the pecuniary cost channel of the law is accounted for. However, the refinancing probability and welfare gains may increase to 29.2% and 902 USD, respectively, if the law can also significantly reduce the cognitive-education costs of refinancing. Welfare gains are larger for higher income households and owners of top valued homes. The refinancing gains could also boost the potential impact of monetary policy on consumption.

本研究估计了智利最近的金融流通法对家庭抵押贷款再融资概率的潜在影响。我表明抵押贷款再融资与金融教育、流动性需求以及最佳再融资的价值和时机呈正相关。一个反事实的练习表明，新立法可以大大增加再融资的可能性并带来福利收益，特别是如果它降低了过程的认知成本。如果仅考虑法律的金钱成本渠道，再融资概率可能会从 18% 增加到 21.1%，并为每个借款人创造 202 美元的福利收益。然而，如果法律也能显着降低再融资的认知教育成本，再融资概率和福利收益可能分别增加到 29.2% 和 902 美元。高收入家庭和高价房屋业主的福利收益更大。再融资收益也可能会提升货币政策对消费的潜在影响。