'Location efficient mortgages' may be the way to go

Should you get a better mortgage loan rate depending upon whether you need a car to get around or can take mass transportation?

One recent study suggests the answer, surprising to some, is yes. And, there is even a name for such a loan: location efficient mortgage.

Simply put, it means that when a lending institution figures out how much your loan ought to be, it should take into account the cost of your daily transportation needs. The thinking is, a household with say two or maybe three autos, considering the current price of gas and upkeep, is going to need more money to function than a household that uses buses and trains -- and, therefore, would be more likely to face foreclosure.