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New Debt Survey Shows Mortgage Confusion California

The following contains housing information you should know about a new debt survey that shows mortgage confusion. Read this review if you or a loved one is interested in real estate in California.

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Community Financial
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The Mortgage Mentors
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California Mortgage Loan
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Fresno, CA

Ricoh Business Systems
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Concord, CA

U.S. Mortgage Center
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1241 East Shaw Avenue
Fresno, CA

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Cruising home listings in search of a great new home? If so, chances are you’re also shopping around for the perfect mortgage. And, according to the results of the newly released 2007 LendingTree National Smart Borrower Survey, there’s a good chance you may be confused by all of the mortgage options available -- particularly if you’re young and single. While nearly a quarter of the young singles polled said they are likely to consider taking out an adjustable rate mortgage when they purchase a home, 33 percent said they don’t understand how one works.

This finding was just one of several seemingly contradictory results that came out of the poll that surveyed 1,499 consumers nationwide about such things as their loans, credit card debt, credit scores, savings and financial plans. For example, while 48 percent of those polled said they were uncomfortable with the amount of household debt they carry and 50 percent of respondents said they were concerned or extremely concerned about the amount of credit card debt they have, 54 percent said they have no financial plan.

“There’s no question that the results indicate the need for consumers to become better educated about loan options and how to manage debt,” says Bridget Smith, editor-in-chief of the LendingTree Smart Borrower Center. She said the responses of those surveyed show that many consumers aren’t making wise choices when it comes to managing their debt, despite the fact that 74 percent said they envision themselves eventually becoming completely debt free (outside of their mortgage).

“When many people think about what they need to do to get control of their finances, they only consider their budget. But,” says Smith, “they also need to make sure they have the information they need to make smart borrowing decisions. Loans today can be very complex and there’s a lot of choice out there. It’s more important than ever to become educated about the differences between various products so you can choose the one that’s best suited to your particular needs.”

So where should you turn to get smart borrowing advice? A great place to start is the RealEstate.com Tips & Tools section. Along with numerous articles on buying and selling a home, you’ll find information about home financing, pre-qualifying for a loan, choosing the right mortgage and calculating your down payment.

Published on August 01, 2007

Read full article at realestate.com

Featured Local Company

Mission Hills Mortgage Bankers

(559) 228-6678
1312 E. Shaw Ave #101
Fresno, CA

Read more about New Debt Survey Shows Mortgage Confusion

- Mortgage tips California

Are you considering applying for a mortgage loan to purchase your first home? If so, you should read the following tips below that will make the process easier.

- Home Mortgage Loan California
- Calculating Your Debt to Income Ratio California
- Cash-out Mortgage Refinancing California
- How much home can you afford? California
- Debt to Income Ratio California
- Retirement Debt: Does a 30-year Mortgage Make Sense? California
- Private Mortgage Insurance California
- Independent Mortgage Advisors California
- Reverse Mortgage California

Regional Articles

- Home Mortgage Loan California

A home mortgage loan is the largest debt that most Americans will take on in their lifetime. As such, making the decision to take out a mortgage is not one that first-time home buyers should take lightly.

- Private Mortgage Insurance California
- Calculating Your Debt to Income Ratio California
- Retirement Debt: Does a 30-year Mortgage Make Sense? California
- Independent Mortgage Advisors California
- Debt to Income Ratio California
- Cash-out Mortgage Refinancing California
- How much home can you afford? California
- Reverse Mortgage California
- Mortgage tips California

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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History