All Topics > Real Estate Resources > Lifestyle > Buzzworthy > New Debt Survey Shows Mortgage Confusion >

New Debt Survey Shows Mortgage Confusion Michigan

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 Michigan.

Local Companies

Able Mortgage Group
313-340-1090
18984 Livernois Ave
Detroit, MI

Amstar Mortgage Corp
313-420-0223
950 Marston St
Detroit, MI

Bretlin Home Mortgage
313-864-0963
7631 W Mcnichols RD
Detroit, MI

First Mortgage Fund
313-872-6242
2843 E Grand Blvd
Detroit, MI

Sagetips LLC
231 759 1229
2380 Estes Street
Muskegon, MI

Todd Strobel CMPS
616-464-4400
2828 Kraft Ave SE
Grand Rapids, MI

American Mortgage Centers
517-586-4030
5840 Sterling Drive
Howell, MI

Infinity Mortgage
313-245-9931
11175 Balfour RD
Detroit, MI

American Nationwide Mortgage Company
231-421-3200
104 South Union Street
Traverse City, MI

provided by:

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

Able Mortgage Group

313-340-1090
18984 Livernois Ave
Detroit, MI

Read more about New Debt Survey Shows Mortgage Confusion

- 5 Useful Tips In Selling House Michigan

Selling your house can be the worst nightmare you will ever have since this is not an easy job. But if you know how to do it right and you have a guide to follow, then everything will be manageable.

- 1031 Exchange Michigan
- 21 Ways to Enjoy Your New Home Michigan
- 10 Easy Ways to Update Your Home Michigan
- 5 tips to get your home ready for sale Michigan
- 7 tips to sell your home Michigan
- 5 Tips for an Easy Local Move Michigan
- 5 Home Buying Mistakes Michigan
- 5 Ways to Help Your REALTOR® Michigan
- 8 Reasons to Get Pre-Approved for a Home Loan Michigan

Regional Articles

- 21 Ways to Enjoy Your New Home Michigan

Move-in day is the perfect time to create some very special memories.

- 5 tips to get your home ready for sale Michigan
- 10 Easy Ways to Update Your Home Michigan
- 5 Ways to Help Your REALTOR® Michigan
- 5 Home Buying Mistakes Michigan
- 7 tips to sell your home Michigan
- 1031 Exchange Michigan
- 5 Tips for an Easy Local Move Michigan
- 5 Useful Tips In Selling House Michigan
- 8 Reasons to Get Pre-Approved for a Home Loan Michigan

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

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