Too Many Borrowers Just Don't Know How Mortgages Work

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Experts say that a lot of people house shop and get loans before they even understand how it all works. I beleive that too because I think thats one of the many reasons so many have fallen behind on their mortgages and lost their homes. They just didn't understand what they were getting into.

According to the results of a recent Zillow Mortgage Marketplace survey, 44 percent of prospective homebuyer respondents admitted they are not confident in their knowledge of mortgages or the mortgage process, overall. The 1,005 adult surveyed incorrectly answered basic questions about mortgage information nearly half of the time. The poll also revealed that 37 percent of respondents believe pre-qualifying for a loan means they have secured financing, and 57 percent don't know how adjustable rate mortgages work.

It's kind of like getting behind the wheel of a car without knowing where the gas and brake is!

People really need to do their homework and learn about these kinds of things before commiting to anything. The internet is plum full of information on mortgages. Take advantage of it!