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Monday, Apr 15, 2024

Poll Finds Homeowners Confused About Mortgages

A survey of homeowners has found that 34 percent had no idea what type of mortgage they had. The poll, taken by Gfk Roper and published by Bankrate.com, revealed the confusion over the many different types of mortgages, Bankrate.com said. Another 57 percent of homeowners with mortgages said they had fixed-rate mortgages and 9 percent said they had an adjustable-rate mortgage. Of those respondents who knew they had an adjustable rate mortgage, 34 percent said they didn’t know what they would do when the interest rate adjusts. In 2006, California registered the second highest foreclosure rate in the nation with 142,429 home foreclosures. The rate was twice as high as the foreclosure rate in 2005.

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