Mar

27

Mystery Mortgages

March 27, 2007 |

I just read a very interesting article from Bankrate.com they had polled american households and found that a whopping 34% of mortgage holders had no idea about what type of mortgage they had.

Of those polled;

  • 57% had a fixed rate
  • 6% adjustable rate
  • 3% interest only
  • 34% don’t know

Another stat from the website was of those holding an adjustable rate loan, when asked what they would do when the rate adjusts, many did not know what they would do with it.

  • 36% will refi to a fixed rate.
  • 24% planning on not having the loan or plan to sell to to get out of the loan.
  • 2% will get another ARM.
  • 4% plan to move [this category reason matches the 24% category]
  • 34% have no clue what they’ll do with the loan.

This article really shows the sign of the times, when many buyers rushed in without much thought to the future and apparentlymany of them, by these numbers seem downright clueless.

If you’d like to read the entire article visit: BankRate.com


Comments

Name (required)

Email (required)

Website

Speak your mind