Do homeowners know their house values and mortgage terms?

Brian Bucks and Karen Pence

No 2006-03, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the share of SCF respondents who report not knowing these variables. We find that most homeowners appear to report their house values and broad mortgage terms reasonably accurately. Some adjustable-rate mortgage borrowers, though, and especially those with below-median income, appear to underestimate or not know how much their interest rates could change.

Keywords: Housing - Prices; Home ownership; Mortgage loans (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-geo and nep-ure
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Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2006-03

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