90% of Americans don’t regret their home purchase

A new study released Monday by Bankrate, Inc. shows that, even with home prices sliding and mortgage rates now the lowest they’ve been in decades, the vast majority of Americans are content with their home purchases.

When asked, “Do you have any regrets about buying your current home?”, 90 percent of those polled by Princeton Survey Research Associates International on behalf of Bankrate answered “No.”

Just 9 percent of homeowners answered “yes” to the question. Among those who regret buying their homes, the most common reasons cited were because they cannot sell their home and move on under current market conditions, as well as those who say they regret their purchase since they can’t afford their monthly mortgage payments.

Greg McBride, senior financial analyst for Bankrate.com, called the survey results “surprising” and “reassuring.”

The study also found that only eight percent of Americans don’t know what type of mortgage loan they have. That stat compares to 26 percent who couldn’t pinpoint their loan type in a Bankrate poll commissioned two years ago.

“[A]ll the nasty headlines in the past two years have really moved the needle in terms of mortgage awareness, with a significant drop in the percentage of borrowers who don’t know what type of mortgage they have,” McBride said.

Bankrate also noted that its study revealed a rise in the popularity of fixed-rate mortgages, with 79 percent of those polled saying they have a fixed-rate home loan.

Wealthier Americans most overwhelmingly favored fixed-rate mortgages, according to Bankrate, with almost 90 percent of those polled who make over $75,000 answering that their home was paid for with a fixed-rate loan.

Article by DSNews.com.

Renee West
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Renee West

Broker Associate at Villa Real Estate
I'm a real estate broker associate in Newport Beach & Corona del Mar, CA, with Villa Real Estate.
Contact me at (714) 914 9060 or rwest@villarealestate.com for all your real estate wants and needs.
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