Industry News

Most Americans lack real estate loan savvy

Homeowners in Northeast, West most knowledgeable

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More than half (52 percent) of all U.S. homeowners said they were not at all or only somewhat knowledgeable about the mortgage options available to them at the time they purchased their homes, according to a survey conducted by Harris Interactive on behalf of Radian Guaranty, a provider of mortgage insurance products and services. "These survey results suggest that lenders and others in the financial services arena have a real opportunity to help Americans by educating them about their personal finances, particularly the many mortgage options available to home buyers," said Mark Casale, executive vice president, Radian Mortgage Insurance. "A home is generally the largest purchase individual Americans will ever make, and they have a right to know how to find and negotiate the best deal they can make for themselves," he added.  According to the survey, two-thirds (66 percent) of Americans own their homes and nearly half (47 percent) have a home mortgage. Among all homeowners, onl...