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New Debt Survey Shows Mortgage Confusion Illinois

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 Illinois.

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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

Wells Fargo Reverse Mortgages

312-919-4749
511 W North Ave
Chicago, IL
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