Understanding mortgage termination behavior is crucial for valuating mortgage-backed securities. A study analyzed data on Korean housing loans and found that individuals with risky financial profiles are more likely to prepay their mortgages. Unlike in developed markets, high-risk borrowers in Korea have a higher prepayment risk. In regions with high housing prices, mortgage rates drive prepayment decisions, while in regions with low housing prices, housing prices play a bigger role. Mortgages for purposes other than buying or refinancing are less affected by financial incentives for prepayment. Over time, both prepayment and default behaviors have changed.