Radian Guaranty, a mortgage insurer hired Harris Interactive to survey homeowners about the mortgage options at the time they purchased their homes. [Inman]. “Harris Interactive conducted the online study Oct. 25-27, 2005, among a nationwide cross section of 2,003 U.S. adults aged 18 or older, of whom 1,310 own their current residence.”
Here are the key results and its pretty ugly:
52% were not at all or only somewhat knowledgeable about the mortgage options available to them
66% own their home (Fannie Mae indicates 69%)
47% have a mortgage (I assume this must be a factor of the 66%)
49% of woman and 46% of men said they were knowledgeable about the options
47% have a mortgage (I assume this must be a factor of the 66%)
Areas with higher housing prices in the Northeast and West had more informed borrowers:
50% Northeast
50% West
46% South
45% Midwest
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