The vast majority of Americans do not regret buying their current home, according to a new poll by Bankrate Inc.

The poll, conducted by Princeton Survey Research Assoc. International, showed that 90 percent of homeowners said they don’t regret their purchase decision. Among those who regret buying their homes, the most common reasons cited were because they cannot sell their home and move on or because they can’t afford their monthly mortgage payments.

The survey also revealed that 8 percent of Americans don’t know what type of mortgage loan they have down from 26 percent who didn’t in a Bankrate poll commissioned two years ago.

Fixed-rate mortgages are rising in popularity with 79 percent of those polled saying they have a fixed-rate mortgage on their home. Wealthier Americans most overwhelmingly favored fixed-rate mortgages, with almost 90 percent of those polled who make over $75,000 saying that their home was paid for with a fixed-rate mortgage.

"It’s surprising – and reassuring – to hear 90 percent of homeowners say they don’t regret the purchase of their current homes," said Greg McBride, senior financial analyst for Bankrate.com. "And all 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."

 

Poll: Most Americans Aren’t Sorry They Bought Their Current Home

by Banker & Tradesman time to read: 1 min
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