NEW YORK, July 12 /PRNewswire/ -- A new study released by Bankrate, Inc. shows that, even with home prices sliding and mortgage rates the lowest in decades, the vast majority of Americans do not regret buying their current home. The poll, conducted by Princeton Survey Research Associates International, can be seen in its entirety here: http://www.bankrate.com/finance/mortgages/poll-few-homeowners-regret-purchase-1.aspx.
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Among the findings:
- Ninety percent of homeowners say they don't regret buying their home versus a mere nine percent who said they do;
- Among those who regret buying their homes, the most common reasons cited were because they cannot sell their home and move on along with those who say they regret their purchase since they can't afford their monthly mortgage payments;
- Only eight percent of Americans don't know what type of mortgage loan they have, down from 26 percent who didn't in a Bankrate poll commissioned two years ago;
- Fixed-rate mortgages are rising in popularity with 79 percent of those polled saying they have a fixed-rate mortgage on their home;
- Wealthier Americans most overwhelmingly favored fixed-rate mortgages with almost 90 percent of those polled who make over $75,000 saying that their home was paid for with a fixed-rate mortgage.
"It's surprising – and reassuring – to hear 90 percent of homeowners say they don't regret the purchase of their current homes," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "And all the nasty headlines in the past two years have really moved the needle in terms of mortgage awareness, with a significant drop in the percentage of borrowers who don't know what type of mortgage they have."
This national random-digit-dialed phone study of 1,001 adults 18 or older was conducted for Bankrate by Princeton Survey Research Associates International. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households. The overall margin of error for the survey is +/- 3.5 percentage points based on the total sample.
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMeCreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment groups, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com
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SOURCE Bankrate, Inc.
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