Home Owners Worry About Paying the Mortgage

According to a new poll conducted for Bankrate.com, about one-third of homeowners don’t know what kind of mortgage they have – a fixed rate or an adjustable rate.

In addition, 34 percent of home owners with adjustable rate mortgages (ARMs) don’t have a plan for when their loan adjusts, while 36 percent expect to refinance into a fixed-rate loan. About 28 percent of those who responded say they worry about how they will afford their payments.

Among renters, 40 percent consider affordability the biggest obstacle to buying a house. About 12 percent don’t believe their credit rating is high enough for them to qualify.