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Do you know your mortgage terms?

New studies by the AFL-CIO and Bankrate, Inc. have found that borrowers are not very informed about their mortgage terms.

49 percent, say they aren’t very informed about their mortgage’s terms and conditions.

18 percent don’t know their current interest rate.

73 percent, don’t know how much their monthly mortgage payment will increase the next time their rate rises.

47 percent, don’t know what factors determine the amount of their rate adjustment.

60 percent don’t know how their rate is determined.

56 percent do not recall their lender telling them how much they would be paying with their rate resets.

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