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pdfHomeowner Costs and Expectations
American Survey of Mortgage Borrowers
The best way to learn about the experiences of mortgage borrowers today is to hear
directly from you.
The survey may be completed in one of two ways, online or you can complete the
paper survey and return it in the postage paid envelope.
To complete the survey online, in English or Spanish
Go to: www.ASMBsurvey.com
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Vaya a: www.ASMBsurvey.com
Ingrese el código de acceso único que se le envió en la carta.
If you have any questions, please call us toll free 1-855-531-0724 or visit our
websites, www.fhfa.gov/ASMB or consumerfinance.gov.
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American Survey of Mortgage Borrowers
WHO ARE THE SURVEY SPONSORS?
The Federal Housing Finance Agency (FHFA) is an independent regulatory agency responsible for
the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac,
the Federal Home Loan Bank System, and the Office of Finance, and ensures a competitive, liquid,
efficient, and resilient housing finance market.
The Consumer Financial Protection Bureau (CFPB) is a Federal agency created in 2010 to make
mortgages, credit cards, automobile and other consumer loans work better and ensure that these
markets are fair, transparent, and competitive.
HOW WERE YOU SELECTED?
Survey recipients were selected at random from across the United States. Your answers will not be
connected to your name or any other identifying information.
HOW LONG WILL IT TAKE?
The time will vary based on your experiences, but you can expect to spend 15-25 minutes.
Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The
information requested on this survey is collected pursuant to 12 U.S.C. § 4544 for the purposes of gathering information for the
National Mortgage Database. Routine uses which may be made of the collected information can be found in the Federal Housing
Finance Agency’s System of Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested information is
voluntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose it as set forth in the
referenced SORN.
Paperwork Reduction Act Statement: Notwithstanding any other provision of the law, no person is required to respond to, nor
shall any person be subject to a penalty for failure to comply with, a collection of information subject to the requirements of the
Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control Number.
OMB No. XXXX-XXXX
Expires xx/xx/xxxx
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Your Mortgage Today
6. When you took out this mortgage, what was
the dollar amount you borrowed?
1. Do you currently have a mortgage loan?
$________________ . 00
Yes, I have at least one mortgage loan
No, I do not have a mortgage loan on
any property
Skip to 68 on page 7
7. What was the interest rate on this
mortgage?
______%
2. Which one of these reasons best describes
why you took out this mortgage? If you have
more than one mortgage loan, answer about the
mortgage on your primary residence. If you don’t
have a mortgage on your primary residence,
answer about a mortgage on another property.
Don’t know
8. Is the current interest rate on your
mortgage higher or lower than the mortgage
rates lenders are offering today?
To buy a property
To refinance or modify an earlier mortgage
To add/remove co-signer(s)/co-owner(s)
To finance a construction loan
To take out a new loan on a mortgage-free
property
Some other purpose (specify) _____________
_____________________________________
A lot higher
A little higher
About the same
A little lower
A lot lower
Don’t know
9. How do you think the mortgage rates
offered by lenders will change in the next
two years?
3. When did you take out this mortgage?
_______/______
month
year
4. Did we mail this survey to the address of the
property you financed with this mortgage?
Increase a lot
Increase a little
Stay about the same
Decrease a little
Decrease a lot
Don’t know
Yes
No
5. Who signed or co-signed for this mortgage?
Mark all that apply.
I signed
Spouse/partner including a former
spouse/partner
Parents
Children
Other relatives
Other (e.g., friend, business partner)
Don’t know
Property Associated with
this Mortgage
10. When did you first become the owner of
the property associated with this
mortgage?
_______/______
year
month
11. What was the purchase price of this
property, or if you built it, how much did
the construction and land cost?
$________________. 00
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Don’t know
12. Which one of the following best describes
18. In general, how satisfied are you with this
this property?
property?
Single-family detached house
Mobile home or manufactured home
Townhouse, row house, or villa
2-unit, 3-unit, or 4-unit dwelling
Condo, co-op, or apartment in a building with 5
or more units
Unit in a partly commercial structure
Other (specify)
____________________________
19. In the last two years, have you considered
selling this property?
Yes
No
13. When was this property built?
20. Do any of the following describe why you
2020 or later
2010 – 2019
2000 – 2009
1990 – 1999
1980 – 1989
1970 – 1979
1960 – 1969
1950 – 1959
Earlier than 1950
did not sell this property?
Mortgage has a low interest rate
Happy with the property or location
Close to family and friends
Close to job
Could not find another property to buy
Difficult to qualify for new mortgage
14. How much do you think this property would
sell for today?
$________________. 00
No
21. When do you think you might sell this
Don’t know
property, if at all?
of homes in this property’s neighborhood
over the next two years?
Increase a lot
Increase a little
Stay about the same
Decrease a little
Decrease a lot
Currently trying to sell
1-2 years
3-4 years
5-6 years
7-8 years
9-10 years
More than 10 years
Do not expect to sell
22. If mortgage rates offered by lenders
16. How would you describe the physical
decreased significantly, would you be more
or less likely to:
condition of this property?
Yes
N/A – none of the above
15. What do you think will happen to the prices
Very satisfied
Somewhat satisfied
Neither satisfied nor dissatisfied
Somewhat dissatisfied
Very dissatisfied
Excellent
Very good
Good
Fair
Poor
More
No
Less
Likely Change Likely
17. How many bedrooms and bathrooms are in
this property/your unit?
_____________Bedrooms
_____________Bathrooms
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Refinance this mortgage
Borrow against this property’s
equity
Sell this property
Buy a new property
Move within the area (less
than 50 miles)
Move to a new area (more
than 50 miles)
Renovate this property
Your Mortgage Payment
Your Total Housing Costs
28. What is the annual cost for property taxes
23. What is the required monthly mortgage
on this property?
payment on this property including the
amount paid into escrow if applicable?
$________________. 00
$________________. 00
Don’t know
24. Does this monthly mortgage payment
include any of the following?
Property taxes
Homeowners insurance
Separate insurance for flood,
earthquake, or windstorm
Private mortgage insurance (PMI)
HOA/condo/coop association fees
Yes
No
29. What is the annual cost for the homeowners
insurance on this property? Do not include the
cost of flood, earthquake, or windstorm insurance
that is covered by a separate policy.
$________________. 00
the following with your homeowners
insurance on this property?
Yes
Got price quotes to consider changing
insurance providers
Changed insurance providers
Reduced my coverage or increased my
deductible
Filed a claim
Got a discount for making retrofits or
property improvements that reduce risk
this property changed in the last two years?
Yes, it increased
Yes, it decreased
Skip to 28
26. In the last two years, how much was the
change in your required monthly mortgage
payment for this property?
Don’t know
27. In the last two years, has your mortgage
payment changed for any of the following
reasons?
No
Don’t
Increased Change Decreased Know N/A
any of the following challenges with your
homeowners insurance on this property?
Yes
No
31. In the last two years, have you encountered
Less than $100
$100-$199
$200-$299
$300-$399
$400-$499
$500 or more
Interest rate
Private Mortgage
Insurance (PMI)
Property taxes
Homeowners
insurance
Don’t know
30. In the last two years, have you done any of
25. Has your required mortgage payment for
No
Don’t know
Don’t know
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Difficulty finding an insurance company
that would cover this property
Could only get insurance from a statesponsored plan or insurer of last resort
Insurance company canceled my policy
Claim was rejected
Claim did not cover the full cost of repairs
Difficulty getting assistance or poor
customer service
Documents or assistance were not available
in my preferred language
No
32. Do you have a separate policy for flood,
36. Is this property part of a condo, co-op, or
homeowners association (HOA)?
earthquake, or windstorm insurance in
addition to homeowners insurance?
Yes
No
Mark all that apply.
Skip to 40
Flood insurance
Earthquake insurance
Windstorm insurance
37. What is the monthly association fee?
No
Don’t know
38. In the last 12 months, has your association
$________________ . 00
Skip to 36
required any special assessments or
additional payments?
33. What is the total annual cost for your flood,
earthquake, and/or windstorm insurance?
$________________. 00
Yes
No
Don’t know
Skip to 40
39. What was the total amount of the special
34. In the last two years, have any of the
following happened with your flood,
earthquake, and/or windstorm insurance on
this property?
Got price quotes to consider changing
insurance providers
Changed insurance providers
Reduced my coverages or increased my
deductible
Filed a claim
Got a discount for making retrofits or
improvements that reduce risk
Don’t know
Yes
No
assessments and additional payments?
$________________ . 00
40. In the last two years, how did the cost of the
following change for this property?
Increased Increased Same or Don’t
A Lot
A Little Decreased Know N/A
Property taxes
Homeowners
insurance
Flood insurance
Earthquake
insurance
Windstorm
insurance
HOA/condo/
coop fees
35. In the last two years, have you encountered
any of the following challenges with your
flood, earthquake, and/or windstorm
insurance on this property?
Yes
Difficulty finding an insurance company
that would cover this property
Could only get insurance from a statesponsored plan or insurer of last resort
Insurance company canceled my policy
Claim was rejected
Claim did not cover the full cost of repairs
Difficulty getting assistance or poor
customer service
Documents or assistance were not
available in my preferred language
No
Don’t know
41. In the next two years, how do you expect the
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cost of the following to change for this
property?
Increase Increase
A Lot
A Little
Property taxes
Homeowners
insurance
Flood insurance
Earthquake
insurance
Windstorm
insurance
HOA/condo/
coop fees
Same or Don’t
Decrease Know N/A
42. Do you currently have an escrow account
46. What was the total amount you borrowed?
If a cashout refinance, how much cash did you
get?
for this property?
Yes
No escrow account
Don’t know
Skip to 45
43. In the last two years, did your servicer
notify you of a shortage of funds or
deficiency in your escrow account?
Don’t know
Yes, I paid a lump sum to resolve it
Yes, monthly payment was increased
No
47. Did you use the money you borrowed for
any of the following?
Yes
Don’t know
College expenses
Auto or other major purchase
Buy out co-signer(s)/co-owners(s)
Pay off other bills or debts
Home repairs, renovations, or
Improvements
Savings
Closing costs of new mortgage
Business or investment
Routine living expenses
Other (specify)_____________________
44. In the last two years, have you had any of
the following challenges with the escrow
account for this property?
Servicer made delayed or incorrect
payments for taxes, insurance etc.
Servicer made other mistakes
Paid added fees or costs due to mistakes
made by the servicer
Did not receive advanced notice about
a change to required escrow payment
Servicer purchased insurance for me
(force-placed insurance)
Had difficulty getting assistance or
poor customer service
Documents or assistance were not
available in my preferred language
Less than $5,000
$5,000-$9,999
$10,000-$19,999
$20,000-$49,999
$50,000-$99,999
$100,000 or more
Yes
No
No
Property Repairs & Improvements
48. In the last two years, have you done repairs
or home improvements to any of the
following for this property? HOA/condo/coop:
do not include repairs to shared spaces.
Accessing This Property’s Equity
Yes
45. In the last two years, have you borrowed
against the equity in this property using any
of the following? Mark all that apply.
Home equity loan or line of credit
Cashout refinance
Did not borrow against the equity Skip to 48
Building systems: plumbing, heating, etc.
Kitchen or bathrooms
Other interior living spaces
Foundation, roof, or home exterior
Deck, porch, or yard
Built new addition or added living space
Energy efficiency upgrades (solar
panels, heat pump, etc.)
Retrofits to better protect against
natural disasters
Other (specify)____________________
No repairs/improvements made
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No
Skip to 54
49. What was the total cost of all repairs and
54. Does this property currently need any
improvements to this property in the last
two years?
repairs?
Yes
$100 or less
$100-$999
$1,000-$4,999
$5,000-$9,999
$10,000-$19,999
$20,000-49,999
$50,000 or more
No
Don’t know
55. What is your best guess of what those
repairs would cost?
50. Compared to prior years, was the total
amount spent for this property…
A lot higher
A little higher
About the same
A little lower
A lot lower
Less than $100
$100-$999
$1,000-$4,999
$5,000-$9,999
$10,000-$19,999
$20,000-$49,999
$50,000 or more
56. Are any of the following reasons you have
not made those repairs?
N/A – owned less than two years
Could not afford it
Could not find a contractor
Waiting for the cost or materials or labor
to come down
Could not get approved for financing
Waiting for the interest rate on financing
to come down
Haven’t had time
Waiting a little longer, repairs aren’t urgent
51. Did you use any of the following to pay for
the repairs and improvements?
Yes
Savings or cash
Loan from family or friends
Credit card paid off over time
Home equity loan or line of credit
Financing through the contractor
Reimbursements from an insurance claim
Other loan or financing
No
No
57. Which one of the following best describes
how you use this property today?
unexpected repairs?
Primary residence (where you spend
the majority of your time)
Skip to 61
All
Most
Some
None
53. Were any of these costs because of damage
from a major weather event or natural
disaster?
Yes
Property Uses
52. How much of these costs were due to
Skip to 57
Seasonal or second home
Home for other relatives
Rental or investment property
Vacant or currently for sale
Other (specify) _______________________
58. Have you previously lived in this property
as your primary residence?
Yes
No
Yes
No
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Skip to 60
59. When did you move out of this property?
66. Do any of the following describe why you
did not sell that property?
Within the last 2 years
3-4 years ago
5-6 years ago
7-8 years ago
9-10 years ago
More than 10 years ago
Mortgage has a low interest rate
Happy with the property or location
Close to family and friends
Close to job
Could not find another property to buy
Difficult to qualify for a new mortgage
60. Do you own or rent your current primary
residence?
Own with a mortgage
Own free and clear (no mortgage)
Rent
Other _______________
67. If the mortgage rates offered by lenders
decreased significantly, would you be more
or less likely to:
properties as your primary residence?
Yes
No
Refinance the mortgage
Sell the property
Skip to 68
62. Have you previously lived in any of these
68. What is your current marital status?
Married
Skip to 64
you use that property today?
Seasonal or second home
Home for other relatives
Rental or investment property
Vacant or currently for sale
Other (specify)_____________________
65. In the last two years, have you considered
Separated
Never married
Divorced
Widowed
69. Do you have a partner who shares the
Within the last 2 years
3-4 years ago
5-6 years ago
7-8 years ago
9-10 years ago
More than 10 years ago
64. Which of the following best describes how
More
No
Less
Likely Change Likely
You and Your Household
63. How long ago did you move out of that
property? If multiple properties, answer for the
property you lived in most recently.
No
N/A – none of the above
61. Do you own any other properties?
Yes
No
Yes
decision-making and responsibilities of
running your household but is not your
legal spouse?
Yes
No
Please answer the following questions for you
and your spouse or partner, if applicable.
70. Age at last birthday:
Spouse/
You
Partner
____years ____years
71. Highest level of education:
selling that property?
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
Yes
No
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You
Spouse/
Partner
72. Race and/or ethnicity: Mark all that apply.
You
White
Hispanic or Latino
Black or African American
Asian
Middle Eastern or North African
American Indian or Alaska Native
Native Hawaiian or Pacific Islander
Spouse/
Partner
78. Have you teleworked or worked from home
in the last month?
Every day
Most days
Some days
No days
Male
Female
You
74. Gender: Mark all that apply.
Male
Female
Transgender, non-binary, or
another gender
75. Sexual Orientation: Mark all that apply.
Gay or lesbian
Straight, that is not gay or lesbian
Bisexual
Use a different term
(specify)__________________
You
Never served in the military
Only on active duty for training in
the Reserves or National Guard
Now on active duty
On active duty in the past, but
not now
You
Spouse/
Partner
Self-employed full time
Self-employed part time
Employed full time
Employed part time
Retired
Unemployed, temporarily
laid-off, furloughed
Not working for pay (student,
homemaker, disabled)
Less than 15 minutes
15-29 minutes
30-59 minutes
An hour or longer
N/A – no commute
You
Mark all that apply.
Children/grandchildren 12 and under
Children/grandchildren 13 -18
Children/grandchildren aged 19 or older
Parents of you or your spouse/partner
Other relatives like siblings or cousins
Non-relatives
No one else
82. In the last two years, did any of the
following happen?
77. How long does it usually take to commute
from home to work (one-way)?
81. Besides you (and your spouse/partner), who
else permanently lives in your home?
Spouse/
Partner
Spouse/
Partner
Yes
No
You
80. Do you speak a language other than English
at home?
76. Current work status: Mark all that apply.
You
Forces, Reserves or National Guard?
Spouse/
Partner
Spouse/
Partner
79. Ever serve on active duty in the U.S. Armed
73. What sex were you (or your spouse/partner)
assigned at birth?
Spouse/
Partner
You
Spouse/
Partner
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Married, remarried or new partner
Separated, divorced or partner left
Disability of a household member
Serious illness of a household member
Had a baby or added a new person to
household (not spouse/partner)
Death of household member
Person left household (not
spouse/partner)
Yes
No
83. In the next two years, do you expect any of
the following to happen?
Have a baby or add new person to
household
Decrease in household members
Move more than 50 miles away
Retirement (you or spouse/partner)
Change jobs (you or spouse/partner)
Telework less (you or spouse/partner)
Yes
No
84. Approximately how much is your total
annual household income from all sources
(wages, salaries, tips, interest, child support,
investment income, retirement, social security, and
alimony)?
Less than $35,000
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $174,999
$175,000 or more
87. Which one of the following statements best
describes the amount of financial risk you
are willing to take when you save or make
investments?
Take substantial risks expecting to earn
substantial returns
Take above-average risks expecting to earn
above-average returns
Take average risks expecting to earn average
returns
Not willing to take any financial risks
88. In the last 12 months, how often have you
struggled to pay all your bills on time?
89. If your household faced an unexpected
personal financial crisis in the next couple
of years, how likely is it you could…
Not
Very Somewhat At All
85. Does your total annual household income
include any of the following sources?
Wages or salary
Business or self-employment
Interest or dividends
Alimony or child support
Social Security, pension or
other retirement benefits
Yes
Yes
No
Pay your bills for the next 3
months without borrowing
Get significant financial help
from family or friends
Borrow a significant amount
from a bank or credit union
Significantly increase your
income
No
86. Do you or anyone in your household have
any of the following?
401(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposit
Investment real estate
Cryptocurrencies
Almost every month
Some months
A couple of months
Never
90. In the last two years, how have the
following changed?
Significant Little/No Significant
Increase
Change Decrease
Household income
Housing expenses
Non-housing expenses
91. Over the next two years, how do you expect
the following to change?
Significant Little/No Significant
Increase
Change Decrease
Household income
Housing expenses
Non-housing expenses
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If you wish to add comments or further explain any of your answers, please do that here.
Do not put your name or address on the questionnaire.
Thank you for completing our survey!
Please use the enclosed business-reply envelope to return your completed questionnaire.
FHFA
1600 Research Blvd, RC B16
Rockville, MD 20850
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| File Type | application/pdf |
| Author | ted |
| File Modified | 2024-06-18 |
| File Created | 2024-06-18 |