That is why i am offering a completely free analysis of your mortgage to help you know what you have and also offering a free ARM Analysis for anyone who has and Adjustable Rate Mortgage.
Read this great article, and later this week, I will share with you how, I save Peggy from making a horrible mistake with her mortgage!
Your friend,
Carlos Samaniego, CMPS
P.S. Call our office to get your free mortgage analysis at (909)307-0977 or email me at Carlos@CarlosSamaniego.com
American Owners Are Worried and Confused Over Their Mortgages
By Fletcher Smith
A large percentage of American homeowners don’t know what type of mortgage they have, according to a study released Monday.
When the Internet financial site Bankrate.com asked homeowners to describe their mortgage, 34 percent said they had no idea.
"Clearly, many homeowners are uninformed about their mortgages," said Greg McBride, senior financial analyst at Bankrate.com.
Ken Wade, chief executive officer at Neighborworks America, said this statistic was a reflection of how complicated the mortgage market today has become. He said while mortgages were granted almost exclusively through banks a year ago, now there are many options for consumers and they may become confused.
This may be an ever greater problem for younger consumers looking for a mortgage, said Anthony LaGiglia, managing director of financial advisory firm J.J. Burns. He said these borrowers may be less able to separate a good mortgage from a poor one.
The survey found 28 percent of respondents said they were worried about making all their mortgage payments in the next year. Price was also a concern for renters – 40 percent of respondents said price was the biggest obstacle for them before buying a house.
These percentages were higher in families with lower incomes. Forty percent of homeowners making less than $20 thousand a year said they were concerned about making payments.
LaGiglia said more impacts their worries than just mortgages. He said property taxes and homeowners insurance costs are on the rise and are a very real concern for many homeowners.
However, the study found that mortgage concerns aren’t exclusively the problem of those with lower income. More than 40 percent of those making more than $75 thousand a year still have concerns over their mortgages sometimes.
Wade said homeowners need to do more to educate themselves about their mortgage, before any papers are even signed. He said it was best to look into mortgages before talking to a realtor because there can be a lot of pressure to get a deal done, regardless of the costs involved.
McBride said it could be a good time now for homeowners to reevaluate their mortgages.
"With interest rates stabilizing, it’s a very good time to assess whether they should refinance or not. Now may be the time to lock into a mortgage with a fixed rate which remains near historic lows," he said.
The study was conducted for Bankrate by Gfk Roper Public Affairs and Media. The group surveyed 1,004 homeowners and weighted their sample to ensure a broad spectrum of economic, age, racial, and geographical differences were included. The survey has an error of plus or minus 3 percentage points.
Sources:
http://www.bankrate.com/brm/news/Financial_Literacy/March07_mortgage_loan_poll_main_a1.asp?caret=18
http://media.prnewswire.com/en/jsp/latest.jsp?beat=BEAT_FINANCIAL&view=LATEST&resourceid=3431666
