Source: SWNS Digital —
Half of America has no idea what a mortgage actually is, new research suggests.
That’s according to a recent survey that asked 2,000 Americans, 73% of them homeowners, to test their knowledge of both the housing market and financial lending industry.
Only 49% chose the correct definition of “mortgage” from a list of options, although homeowners got it right at a higher rate (54%) than renters (40%).
And almost one in five (18%) admitted they weren’t sure what kind of minimum down payment is needed to purchase a home.
Despite this, 80% of respondents felt they received a passing score on the knowledge test, with 12% believing they answered every question correctly.
And likely the largest portion of those who have not the ambition to buy a house or fail to live with a plan for much in life rather live irresponsibly day to day in their views of life either being intimidated by money handling and taking responsibilities, or instead desiring more to let the another take care of those responsibilities such as the government or relative. This is the melt down of our American heritage of Liberty whose entire foundation rests upon citizen responsibility and freedom from a highly tyrannical infringing government to regulate most every aspect in their life and as we can see our government is literally bullying up to armor themselves against all those who oppose tyranny of big government. It is sad that real estate organizations, businesses and lenders do not value or promote ownership and the participation of the free enterprise system, teaching the ways that bring dignity of ownership, responsibility good work and reward for it. This group should be taught that keeping what they earn to rely on their own decisions instead of those who will gladly tax and take those freedoms and rights away who falsely promise a better way. Property ownership and wise stewardship of money, personal accountability, opportunity, achieving personal dreams without worry of theft of rights and ownership by others in a system of justice is a fundamental course of the only lasting way of individualism, family and faith. The smothering way of never ending spending, increasing taxation of government to cover mistakes of those politicians in power or to enrich themselves within government only fuels the demise and destruction of those tenants of truth and principles in the normal course of economy and civil peace.