Union homeowners know too little about their mortgage payment, survey says

The phone survey, based on interviews with 500 borrowers who took out adjustable mortgages between 2002 and 2006, was conducted Sept. 13-25 by Democratic pollster Peter D. Hart Research Associates; 25 percent at most had a household income of more than $100,000. The poll’s error margin is plus or minus 4.4 percent, and is larger for subgroups. The source of the loan appeared to make a difference.

About 45 percent of borrowers who obtained a loan from a mortgage broker and 61 percent of those who went to a bank reported knowing their mortgage’s terms, the survey found. About 37 percent of borrowers with incomes greater than $50,000 and 57 percent of those with incomes less than $50,000 say they will likely have to sell or refinance their home as a result of increases in their mortgage payments.

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