What? You Don't Know What Type of Mortgage You've got?
In one of the most shocking survey results I've ever seen, a Bankrate.com survey released yesterday found that over 30% of U.S. mortgage holders were unaware of what type of mortgage they had. You've got to be kidding! How could anyone enter into a contract of that magnitude, with their residence and possibly financial future on the line, and be unaware of the terms of their mortgage? I can hear consumers now: "What do you mean our mortgage payment's going up $300? Why? Oh, the interest rate changes! How does that work?"
That really shows the need for consumers to have at least a smattering of financial education these days. It's not like the information's not out there on the Internet, just waiting for people to find. There are probably 1,000 PF blogs and countless other financial websites where one could go to find out a little nbit of information about something as important as a mortgage. These are probably the same people that check the receipt at the grocery store to make sure they didn't cheated out of $1.00.
I can't imagine how such people are ever going to get debt free, when their largest debt is such a mystery to them. Other findings in the survey included this gem; 34% of those who knew they had an ARM admitted they didn't know what they'd do when it adjusted! Excuse me, I've got to sit down now.
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