Homeowners Taken by Surprise
Diana Heeb Bivona
A recent Bankrate.com survey reveals that many homeowners are clueless about the details of their mortgage obligations. In fact, 34% of those surveyed didn’t know what kind of mortgage they had and 28% worry how they will afford their payments.
Bankrate.com officials say the results of the survey points to the confusion and anxiety that many homeowners are experiencing today as a result of the issues being raised by the subprime market.
The poll also found that 36% of owners who now have an adjustable mortgage plan to refinance to a fixed-rate loan and that 57% of owners have a fixed-rate mortgage.
Popularity: 11%