More than half (52%) of all U.S. homeowners in a recent survey said they were not at all or only somewhat knowledgeable about their mortgage options when they bought their homes, according to Radian Guaranty, Philadelphia.Of the 48% who said they were knowledgeable or very knowledgeable about mortgage options, 55% were homeowners over the age of 55, 54% were divorced, widowed, or separated, and 51% had at least a college education, Radian reported. Homeowners said prospective homebuyers should understand how much of a home they can afford to buy (55% mentioned this as their first or second piece of advice), should research the best mortgage options for their needs (45%), and should get pre-approved for a mortgage before searching for a home (36%). Harris Interactive conducted the survey for Radian Guaranty, a provider of mortgage insurance products and services and a subsidiary of Radian Group Inc. Radian can be fund online at http://www.radian.biz.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry