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.