According to a Bankrate poll, only 34% of home owners know what type of loan they have. Furthermore, 28% of those polled said they worry about how they will make their mortgage payments next year. These stats can be a little disturbing seeing as home ownership is one of the biggest purchases' a consumer will ever make. Traditionally, this would lead most people to believe home owners just don't pay attention... in actuality, it probably relates to the lack of resources available for first time home owners. As a first time home owner, it seems increasingly important to know what's happening. So, for all first time home owners - don't forget to study the process to keep your head above water.
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