Home buyers can learn from others’ mortgage mistakes

It’s not a crime to be confused. Lenders and brokers left a lot of people without a clear understanding of their adjustable-rate mortgages, according to a survey that Peter D. Hart Research Associates conducted for the AFL-CIO. That poll, released Oct. 15, shows that about half the borrowers don’t say they’re very informed about the terms and conditions of their mortgages. Fully a quarter don’t know when their interest rate will reset.

And a large number expect that they’ll have to cut back on everyday expenses when their monthly payments are reset.

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