Not As Stretched As We Think We Are?

New research sponsored by shows that one homeowner in four has already paid off the mortgage. The vast majority of the rest also plan to do so within specific time frames, the Ditech-commissioned survey found.

In fact, the poll (which questioned a statistically accurate sample of U.S. homeowners) discovered that most households take a relatively sober approach to mortgages.

For example, 38 percent of those surveyed have already paid off more than half of their home’s original financing (first mortgage and any second mortgage and/or home-equity line).

Only 4 percent of respondents had no plan or expectations to ever pay off their home loans.

The poll also found mortgage levels are far lower than you might have expected.

For instance, figures show that just 12 percent of respondents currently owe more than $150,000 on their homes.

Another 19 percent are on the hook for $75,000-$150,000, while 30 percent have less than $75,000 outstanding.

Even in California, just 30 percent of homeowners owe $150,000 or more in mortgage debt.

Curious? Read more here. However, I also found something else curious. The firm who sponsored this survey happens to be a mortgage broker. Couldn't they simply access their own records for loan balances instead of interviewing people?


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