A recent study by Bankrate.com shows that nearly 36% of homeowners don't know what kind of mortgage they have. Sadly, this doesn't surprise me too much. Every day we get at least one call to the office from a person who says they thought they had a fixed rate loan but it is now adjusting and payments are going too high.
The real problem is not just that these people don't know that their mortgage wasn't fixed but that in almost every instance these people really NEEDED a fixed rate loan. Most of these people are credit challenged and things really haven't changed for them in the last two or three years. It's sad to think that many people in this situation may now lose their homes because the market has changed the guidelines making these loans available have tightened.
The moral to this study is if you're not sure what type of loan you have find out ASAP! Feel free to give my office a call and I can review all of your paperwork with you.
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