Owning A Home Study – Pilot Phase

Own a Home Survey Instrument
Table of Contents

Background ..................................................................................................................................... 2
Survey Flow .................................................................................................................................... 4
Module A: Screening and Background ........................................................................................... 5
Module B: Stage of the Home Buying Process ............................................................................ 10
B Sub-module: SEARCH ......................................................................................................... 13
B Sub-module: OFFER MADE ................................................................................................ 14
B Sub-module: OFFER ACCEPTED ....................................................................................... 15
B Sub-module: LENDER CHOSEN ........................................................................................ 15
B Sub-module: WRAP UP ....................................................................................................... 16
Module C: Information Sources Used .......................................................................................... 17
Module D: Empowerment............................................................................................................. 20
Module E: Knowledge of Mortgage Process ................................................................................ 21
Module F: Beliefs about the Mortgage Market............................................................................. 25
F Sub-module: BASELINE ...................................................................................................... 25
F Sub-module: OFFER MADE ................................................................................................ 26
Module G: Request for Documents .............................................................................................. 29
G Sub-module: OFFER-MADE ............................................................................................... 29
G Sub-module: POST-PURCHASE ......................................................................................... 30
Module H: Correlates .................................................................................................................... 34
Module I: Demographics .............................................................................................................. 40
I Sub-module: BASELINE ....................................................................................................... 41
Module J: Wrap-up ....................................................................................................................... 45
J Sub-module: BASELINE ....................................................................................................... 45
J Sub-module: PERIODIC ........................................................................................................ 46
J Sub-module: FINAL SURVEY.............................................................................................. 47
Appendix A: Variables ................................................................................................................. 49
Module B: Stages ...................................................................................................................... 49

Background
Note:
Comments to researchers and programmers are provided in text boxes. These comments will not
be included in the survey.
This document is organized according to the survey modules. Questions are enumerated using a
module code (A-J) and question number.
Survey Navigation and Data Storage
The survey will be formatted with multiple pages. Page breaks are designated by [next].
Participants should be able to go forward or back to change their answers. The survey should
continuously save progress (i.e., every time participants change pages), and if participants stop
and access the survey later, they should be taken to the most recent page they accessed.
If participants hit [next] without filling in an answer, they will be taken to a warning message
which will read, “Your answers are important to us. Please press the back button below to
complete a missing question, or press the next button to continue.” If they choose “back”, we
will highlight the questions that have missing responses by putting them on a background with a
different color.
We plan to work with our survey administration contractor to ensure that the survey is
compatible with both computer and mobile displays. This may result in some small changes to
formatting.
We plan to record some paradata. Specifically, each time the respondent takes the survey, record
the date and the start and end times for each module. Record the response time for each
question. Record the type of device that the respondent is using (i.e., computer, mobile phone)
and the internet browser used.
The survey will adapt to the respondent’s situation and remember their responses to questions
administered in previous surveys. We will therefore maintain a number of state variables for
each participant. These are collected in Appendix A.
Survey Display
Do not display the question number or module code.
Ensure that the survey is formatted to adapt to different browser sizes and mobile devices.
For tables, use color shading on alternating rows to assist respondents in finding the appropriate
set of answers. Do not use horizontal grid lines.
All questions that say “Mark all” should have square selection boxes; all questions with one
response requested should have radio buttons.
Reminder Emails

Background

2

Participants who have not completed a survey will receive reminder emails. Links to surveys
must include an imbedded participant identifier code so that we can determine which participants
require reminder emails.

Background

3

Survey Flow
There are two survey types: baseline and periodic.
Each survey consists of a combination of modules depending on the home buying stage the
borrower is in. The modules for each survey are designated in the table below.
The participant’s stage is determined based on their responses to questions in Module B. This
logic is explained in the preface to Module B.
The wording of specific questions may vary depending on the survey type (e.g. for periodic
surveys, we will ask “Since we last heard from you,” whereas for the baseline survey, we will
ask “Since you started searching for a home”).
Module
A: Screening and background

Baseline
X

Survey Type
Periodic

B: Stage of home buying process

X

X

X

X

C: Information and Shopping

X

Search
X

Offer-made
X

Post-purchase
X

D: Empowerment

X

X

X

E: Knowledge of mortgage market

X

X

F: Beliefs about mortgage market

X

X

X

X

X

G: Request for documents
H: Correlates

X

I: Demographics

X

J: Wrap-up

X

Survey Flow

X
X

X

X

4

Module A: Screening and Background
Survey Types
Baseline
Purpose
The primary purpose of Module A is to determine if respondents are eligible for the study.
Respondents who are ineligible are those with the following characteristics:
1) Someone who is involved in the mortgage industry
2) People who have no plans to buy a house in the next 3 months. We chose this time period in
order to avoid surveying those are unlikely to purchase during the study period.
3) Someone who is not involved in housing decisions for household
In order to reduce the number of participants who respond as ineligible in error, participants who
select a response that would mark them as ineligible are asked a follow-up question. The follow
up question asks for additional detail, giving respondents an opportunity to correct their errors
before being permanently excluded from the survey.
Module A is administered upon the participant’s arrival at the study home page. At the
conclusion of Module A, eligible participants must agree to the informed consent before
continuing with the remainder of the baseline survey.

Welcome to the CFPB home buying study
Hello! Thank you for your interest in our study. [Partner] has teamed up with the Consumer
Financial Protection Bureau (CFPB) to learn more about the experience of buying a home and
finding a mortgage.
The Consumer Financial Protection Bureau (CFPB) is a federal government agency created in
the aftermath of the 2008 financial crisis. We’re dedicated to looking out for consumers and
making sure that markets for consumer financial products and services are fair, transparent, and
competitive. Since the housing crisis, the process of buying a home and finding a mortgage has
changed a lot. Your experience, and that of others, can help us better understand today’s
mortgage market. We believe that learning directly from consumers will help us improve the
process for future home buyers.
Before we get started, we’d like to learn a bit more about you. Then we’ll tell you about what to
expect during the study and you can choose whether to continue.
Continue
[next]

Module A: Screening and Background

5

QA.1. Do you work in the mortgage or real estate industries?
___ Yes
___ No
[next]
If participants select “Yes,” display the question below. Otherwise, skip to QA.3.
QA.2. What job do you have?
___ Mortgage loan officer, originator, or broker
___ Settlement, closing, or escrow agent
___ Realtor or real estate agent
___ Appraiser, title insurer, or other service provider.
___ Other job dealing with real estate or mortgages
___ I do not work in the mortgage or real estate industries
QA.3. Have you ever bought a home and financed it with a mortgage loan?
___ Yes
___ No
[next]
If participants select “Yes,” display the question below. Otherwise, skip to QA.5.
QA.4. In which time period did you most recently buy a home?
___ 1999 or before
___ 2000-2004
___ 2005-2007
___ 2008 or after

QA.5. When do you think you will make an offer on your next home?
___ In the next 30 days
___ In 30 to 60 days
___ In 60 to 90 days
___ In more than 90 days
___ I have recently made an offer on a home
___ I do not have any plans to make an offer on a home
[next]
If participants select “In more than 90 days” or “I do not have any plans…,” then go to QA.6.
If participants select “I have recently made an offer,” skip and go to QA.7 (“Has your offer been
accepted?”).
Otherwise, skip to QA.8.

Module A: Screening and Background

6

QA.6. What is your primary interest in [Partner’s website name]?
___ Assessing the value of my current home.
___ Assessing the state of the mortgage market or housing market
___ Preparing to put an offer on a home sometime after 90 days from now
___ Preparing to put an offer on a home within 90 days
___ I enjoy the community
___ Other
[next]
If participants select “Preparing to buy a home within 90 days,” then go to question QA.8.
Otherwise, terminate and display the following text, “We are sorry, but our study is focused on
people who will be purchasing a home in the near future. Thank you for your interest in our
survey.”
QA.7. Has your offer been accepted?
___ Yes
___ No
___ I haven’t made an offer
[next]

If participants select “Yes” or “No” then terminate and display the following text, “We are sorry,
but our study is focused on people who are earlier in their home-buying process. Thank you for
your interest in our survey.”
Otherwise, continue.
QA.8. Once you make an offer on a home, would you be involved in decisions about
choosing a mortgage loan to buy the home?
___ Yes
___ No
[next]
If participants select “No”, display the below question.
Otherwise, skip to QA.10.
QA.9. How will your household make mortgage choices?
___ I will decide
___ Another person will decide
___ Another person and I will decide together
___ Other

Module A: Screening and Background

7

If participants select “Another person will decide” or “Other,” terminate and display the
following text, “We are sorry, but our study requires us to gather information from people who
will be involved in making mortgage loan decisions. Thank you for your interest in our survey.”
Otherwise, continue.

Module A: Screening and Background

8

If respondents have reached this point, they are eligible for the study.
Eligible participants are directed back to the informed consent opt-in page. After opt-in, they are
invited to continue with the baseline suryey.

Module A: Screening and Background

9

Module B: Stage of the Home Buying Process
Survey Types
Baseline, Periodic (all versions)
Purpose
The purpose of Module B is to assess what stage of the home buying and mortgage shopping
processes respondents are in. This set of questions will be asked in each survey to see how
respondents are moving through the home and mortgage shopping processes.
Questions in Module B will allow us to choose which version of the periodic survey to
administer and will dictate skip logic.
Questions in Module B should be distilled to build the “current-stage” and “previous-stage”
variables for each participant, where previous-stage is equal to current-stage after the previous
survey. See discussion of these variables in the appendix. For the baseline survey, both
variables take the value “search”.
current-stage can take the following: “search”, “offer-made”, “offer-accepted”, “lenderchosen”, and “post-purchase”

If Baseline survey, display the following text. Otherwise, skip.

Initial home buying survey
Before we get started, please take a moment to tell us how we can contact you in the future,
and how you would like to receive your thank-you gift.

If participants scheduled this survey and already gave us their email address during the
scheduling process, skip the first question.
QB.1. What is your email address?
[open text]
QB.2. Would you like to receive text-message reminders on your phone? We will never call
you, or share your number with anyone, except as required by law. Standard text-messaging
rates from your cellular provider will apply.
___ Yes. My number is [open text].
___ No.
QB.3. How would you like to receive your thank-you gift?

Module B: Stage of the Home Buying Process

10

___ Paypal
___ Amazon e-gift card
___ Use-anywhere e-gift card
___ Use-anywhere gift card mailed to my home
[next]
If participant selects Paypal, Amazon, or e-giftcard, display QB.4. If they select “physical gift
card”, display QB.5.
QB.4. What email address would you like us to use to send the [PayPal transfer/Amazon egift card/e gift-card]?
___ The same email address that you will use to contact me.
___ A different email address: [open text box]
QB.5. Please enter your name and home address:
First Name: [text]
Last Name: [text]
Street Address: [text]
City: [text]
State: [text]
Zip: [numeric]

[next]
Throughout this study, questions are worded as if you are the only decision-maker in your
household. However, if there is another decision-maker in your household, please answer
the questions on behalf of both you and that other person. For example, if you see the
word “you,” please treat it as if it were “you and your spouse/partner.”
If periodic survey, display the following text. Otherwise, skip.

Check-in home buying survey
Welcome back. We are interested in learning about what has happened since the last time
we heard from you, on [date of last response].
If you have any questions about the study, please contact Dustin Beckett at
[email protected]. You can always view this study’s privacy policy here [link].
Thank again for participating in this important study.
[next]

Module B: Stage of the Home Buying Process

11

QB.6. We are interested in your home search. Which of the following statements fits you
best right now?
___ I want to buy a home, but haven’t started looking yet
___ I am casually looking for a home
___ I am ready to buy, if I find the right place
___ I am going to put in an offer
___ I have an offer outstanding
___ My offer has been accepted and I am applying for mortgages
___ I am waiting for a lender to approve my mortgage
___ I am about to go to closing
___ I am finished with my home purchase
___ I decided not to buy a home at this time

QB.7. We are also interested in your mortgage search. Which of the following statements
fits you best right now?
___ I haven’t thought at all about mortgages
___ I have done background research on mortgages, but haven’t talked with a lender
___ I have talked with at least one lender or broker
[next]
If participant selects “I have talked with at least one lender,” then ask the following question.
Otherwise, skip.
QB.8. What kind of contact have you had with a lender or mortgage broker? (Mark all that
apply)
___ I have asked for information
___ I have gotten pre-approved or pre-qualified
___ I have applied for a loan
___ I have accepted an official loan offer from a lender or broker
___ My lender approved my mortgage
[next]

If this is the baseline survey, skip to sub-module “SEARCH”
Else, if previous-stage == “search”, display the following question (QB.4).
Else, if previous-stage == “offer made”, skip to sub-module “OFFER MADE”
Else, if previous-stage == “offer accepted”, skip to sub-module “OFFER ACCEPTED”
Else, if previous-stage == “lender chosen”, skip to sub-module “LENDER CHOSEN”.
QB.9. Since we last heard from you, did you make an offer on a home?
___ Yes
___ No

Module B: Stage of the Home Buying Process

12

[next]
If “No,” go to sub-module “SEARCH”.
If “Yes”, ask the following question and then go to sub-module “OFFER MADE”.
QB.10. About how many days ago did you make your initial offer?
___ [text box] day(s) ago
[next]

B Sub-module: SEARCH
QB.11. Are you still searching for a home?
___ Yes
___ No
[next]
If “No,” ask the following question.
Otherwise, skip to CB.9.
QB.12. Why have you stopped searching for a home? (Mark all that apply)
___ I need time to save for a down payment.
___ I need time to improve my credit score.
___ I cannot find any homes that I like in my price range.
___ I have had a change in my financial circumstances.
___ I am too busy right now, but I plan to search again in a few weeks.
___ Other (please specify): [open-text box]
[next]
If respondent chooses anything other than “I am too busy…,” ask the following question.
Otherwise, skip to QB.9.
QB.13. When do you think you will make an offer on your next home?
___ In the next [number of days left in the study period, rounded up to the nearest 5] days
___ Sometime after [number of days left in the study period, rounded up to the nearest 5]
day[s] from now
___ I do not have any plans to make an offer on a home
[next]

QB.14. Do you have a real estate agent?
___ Yes

Module B: Stage of the Home Buying Process

13

___ No, but I plan to get one
___ No, and I do not plan to get one
If “Yes,” ask the following question.
Otherwise, skip to next question.
QB.15. How often do you speak with your real estate agent?
___ Everyday
___ Many times per week
___ Once or twice a week
___ Rarely
[next]
QB.16. Have you decided on the neighborhood where you want to live?
___ Yes
___ No, but I have narrowed it down to just a few
___ No, I have not decided

The next question is about the intensity of the respondent’s home search. If this is a periodic
survey, use time since last heard from language.
QB.17. [Since we last heard from you,] Have you viewed any homes or gone to any open
houses?
___ Yes
___ No
QB.18. Do you feel that you are ready to buy, if you find the right home?
___ Yes
___ No
[next]
QB.19. Have you decided on what kind of mortgage you want (30-year vs. 15-year, fixed
rate vs. adjustable rate, FHA vs. conventional etc.)?
___ Yes
___ No, but I have thought about it
___ No, and I have not thought about it at all

B Sub-module: OFFER MADE
If previous-stage == “search” (i.e., participant just answered QB.4), exclude bracketed clause.
Otherwise, if previous-stage == “offer-made”, include bracketed clause.

Module B: Stage of the Home Buying Process

14

QB.20. [Since we last heard from you,] [W/w]as your offer accepted?
___ Yes
___ No, but we are still negotiating or awaiting a response
___ No, and we are moving on
[next]
If “No, and we are moving on”, return to sub-module “SEARCH”
If “No, but we are still negotiating or awaiting a response”, continue to sub-module “WRAP
UP;”
If “Yes”, ask the following question and then continue to sub-module “OFFER ACCEPTED”
QB.21. About how many days ago was your offer accepted?
___ [text box] day(s) ago
[next]

B Sub-module: OFFER ACCEPTED
QB.18 Have you accepted a lender or broker’s official mortgage offer?
___ Yes
___ No
If “No” continue to sub-module “wrap-up”
If “Yes,” ask the following question and then continue to sub-module “lender chosen”
QB.22. About how many days ago did you accept this offer?
___ [text box] day(s) ago
[next]

B Sub-module: LENDER CHOSEN
QB.19 Have you closed on your home?
___ Yes
___ Not yet
___ No, the deal fell through
If “Yes,” ask the following question, then continue to sub-module “WRAP UP”
If “No, the deal fell through,” then return to sub-module “SEARCH”
Otherwise, continue to sub-module “WRAP UP”
QB.20 About how many days ago did you close on your home?
Module B: Stage of the Home Buying Process

15

___ [text box] days ago
[next]

B Sub-module: WRAP UP
Responses to questions in this Module must enable us to accurately encode current-stage into
one of: “search”, “offer-made”, “offer-accepted”, “lender-chosen”, and “post-purchase”.
If responses justify current-stage being set to “offer-made” for the first time (this excludes
participants who made an offer, had it fail, and are now offering on another home), then
administer the “offer-made” version of the periodic survey.
If responses justify current-stage being set to “post-purchase,” then administer the “postpurchase” version of the periodic survey.
If this is the final survey, and responses in this module do not justify current-stage being set to
“post-purchase,” then terminate this survey (proceed to Module J, “Wrap Up”).
Otherwise, administer the “search” version of the periodic survey.

Module B: Stage of the Home Buying Process

16

Module C: Information Sources Used
Survey Types
Baseline, Periodic (all versions)
Purpose
In this module, we want to learn:
1) Which information sources respondents have used to learn about their housing and mortgage
options and the general frequency of usage.
2) What mortgage shopping respondents have conducted
We are asking about both housing options and mortgage options because we expect that 1)
answering questions about housing will be easier for respondents, and give them a way to engage
with the survey and 2) such data are also useful on their own.
The sources of information are based on Loibl and Hira (2009) and the NSMB Questionnaire.
This module will be administered in two formats. For the baseline survey, display “Since you
started searching for a home…” and for subsequent surveys, display “Since we last heard from
you…”

If previous-stage is one of: “search”, “offer-made”, ask the following question Show options in
a grid with multiple columns. Label these “Never,” “Once or twice,” “Three or more times.”
Randomize the order of the options, but keep “Other” last.
Otherwise, skip to the next question
QC.1. Since [you started searching for a home / we last heard from you], how often [have
you used] the following sources to learn about available homes?
___ A home buying website (e.g., [partner website name])
___ A mortgage lender or broker
___ A real estate agent or builder
___ A government website
___ A print advertisement
___ An online advertisement
___ A housing counselor
___ A friend, relative, or colleague
___ Exploring a target neighborhood, looking for for-sale signs
___ Other (please specify): [open-text box]
[next]

If previous-stage is one of: “search”, “offer-made”, “offer-accepted”, ask the following
question. Show options in a grid with multiple columns. Label these “Never,” “Once or twice,”

Module C: Information Sources Used

17

“Three or more times.” Randomize the order of the options, but keep “Other” last.
Otherwise, skip to the next question
QC.2. Since [you started searching for a home / we last heard from you], how often [have
you used] the following sources to learn about your mortgage options?
___ Home buying website (e.g., [partner website name])
___ A mortgage lender or broker
___ A real estate agent, realtor, or builder
___ A government website
___ A print advertisement
___ An online advertisement
___ A housing counselor
___ A friend, relative, or colleague
___ Other (please specify): [open-text box]
[next]
If participants select either “Once or twice,” or “Three or more times,” for the option “A
government website,” ask the following question.
Otherwise, skip to the next question.
QC.3. Which government websites did you use?
___ Consumer Financial Protection Bureau (CFPB)
___ Department of Housing and Urban Development (HUD)
___ Federal Reserve Board (FRB)
___ My state’s website
___ Other (please specify): [open-text box]
[next]

If previous-stage is one of: “search”, “offer-made”, or “offer-accepted”, continue.
Otherwise, skip to next question
QC.4. Since [you started searching for a home / we last heard from you], how many preapproval or pre-qualification letters have you obtained?
___ 0
___ 1
___ More than 1 (please specify): [open-text box]
[next]
QC.5. Since [you started searching for a home / we last heard from you], how many
mortgage loan applications have you completed?
___ 0

Module C: Information Sources Used

18

___ 1
___ More than 1 (please specify): [open-text box]
[next]
If response to QC.5 is “1” or “More than 1”, continue to the next question.
Otherwise, skip to next Module
QC.6. From these [number of applications] applications, how many lenders gave you a
Good Faith Estimate (GFE)?
___ 0
___ 1
___ [continue list, by 1, until “number of applications”]
[next]

If response to QC.6 is less than the response to QC.5, continue to the next question.
Otherwise, skip to next Module
QC.7. You indicated that 1 or more lenders where you had applied for a mortgage did not
give you a GFE. Please tell us to the best of your knowledge why this happened.
[free response]

Module C: Information Sources Used

19

Module D: Empowerment
Survey Types
Baseline, Periodic: search, Periodic: offer-made
Purpose
The purpose of Module D is to assess respondents’ subjective ability to navigate the mortgage
process.
We expect that empowerment will increase for those who use the Owning a Home tool, and
those who have more knowledge of the mortgage process.
Some of these questions are adapted from the financial ability scale, part I, from CEE’s Financial
Well-Being Survey, modified to address mortgage shopping explicitly. Other statements come
from qualitative research on mortgage shopping.
Administer in a grid with a 5-point scale, with labels “Strongly disagree,” “Disagree,” “Neither
agree nor disagree,” “Agree,” and “Strongly agree.” (Code these statements from 1 to 5. Do not
display the text “(reverse coded)” on the survey. During data cleaning we will reverse the
coding of these items (“strongly disagree” will become 5).
Randomize the order of statements during the baseline treatment. Keep that order for all
subsequent surveys.
Please indicate the extent to which you agree or disagree with the following statements.
QD.1. I know the right questions to ask when looking for mortgage information.
QD.2. I can find reliable information to help me make a decision about a mortgage.
QD.3. I understand the long-term effects of the mortgage decisions I will make [have
made].
QD.4. I can tell the difference between trustworthy and untrustworthy sources of
information about mortgages.
QD.5. I know when a mortgage offer is a bad deal.
QD.6. I feel confident when talking to lenders.
QD.7. Some mortgage terms are confusing for me. (reverse-coded)
[next]

Module D: Empowerment

20

Module E: Knowledge of Mortgage Process
Survey Types
Baseline, Periodic: offer-made
Purpose
The purpose of Module E is to assess knowledge of the mortgage process.
First, we have objective knowledge questions. Correct answers are marked with an asterisk. Do
not display this asterisk in the survey.
Next, we’d like to know if homebuyers are getting enough information to help them choose
a good mortgage. Please answer the following questions to the best of your knowledge.
QE.1. When a mortgage includes “discount points,” what does that mean?
___ It is cheaper overall
___ It is more expensive overall
___ * Upfront costs are higher, but the interest rate is lower
___ Upfront costs are lower, but the interest rate is higher
___ I don’t know
QE.2. Can monthly payments on a fixed-rate mortgage change?
___ No, the payments will always be the same
___ * Yes, because property taxes and insurance can change
___ Yes, because mortgage companies can change payments if the borrower’s credit
changes
___ I don’t know
QE.3. How do monthly payments on a 30-year mortgage compare with monthly payments
on a 15-year mortgage, if the mortgages are the same size and have the same interest rate?
___ Monthly payments on the 30-year mortgage are higher than the 15-year mortgage
___ Monthly payments on the 30-year mortgage are the same as the 15-year mortgage
___ * Monthly payments on the 30-year mortgage are lower than the 15-year mortgage
___ I don’t know
QE.4. How do total costs on a 30-year mortgage compare with total costs on a 15-year
mortgage, if the mortgages are the same size and have the same interest rate?
___ * Total costs on the 30-year mortgage are higher than the 15-year mortgage
___ Total costs on the 30-year mortgage are the same as the 15-year mortgage
___ Total costs on the 30-year mortgage are lower than the 15-year mortgage
___ I don’t know
QE.5. If a mortgage lender offers a “lender credit,” they are giving a borrower…
___ Free money for closing costs
___ * Money for closing costs in exchange for a higher interest rate
___ Money that the borrower can apply towards a future refinance
___ Money that the borrower can give to the seller lower the purchase price
___ I don’t know

Module E: Knowledge of Mortgage Process

21

[next]
QE.6. If you pay extra on your mortgage each month, how does that affect your overall
mortgage costs?
___ * The overall costs are lower
___ The overall costs are the same
___ The overall costs are higher
___ I don’t know
QE.7. When a borrower can’t pay their mortgage, which of the following benefits does
“mortgage insurance” provide for the borrower?
___ Protection from foreclosure
___ Protection from bankruptcy
___ Lenders must renegotiate mortgage terms
___ * None of the above
___ I don’t know
QE.8. What is most likely to happen if a borrower cannot make a 20% down payment?
___ The borrower cannot get a mortgage
___ * The borrower will have to pay for mortgage insurance
___ The borrower will have to get an adjustable-rate mortgage
___ I don’t know
QE.9. Over time, how much of a mortgage payment will go to interest (versus principal)?
___ * The amount going to interest starts high and gets lower over time
___ The amount going to interest stays the same over time
___ The amount going to interest starts low and gets higher over time
___ The amount going to interest varies depending on financial markets
___ I don’t know
QE.10. What happens to a borrower’s credit when they apply for a mortgage with more
than one lender?
___ The borrower’s credit score will get worse
___ The borrower’s credit score will improve
___ * The borrower’s credit score will stay the same
___ Borrowers are not allowed to apply to more than one lender at the same time
___ I don’t know
[next]
QE.11. Which of the following best describes “home equity”?
___ It is the total amount of money paid so far towards a mortgage
___ It is the total amount of principal paid so far towards a mortgage
___ * It is the amount the home is worth today minus the amount owed on the mortgage
___ I don’t know

Module E: Knowledge of Mortgage Process

22

QE.12. If home prices fall, what happens to your home equity?
___ * Home equity will fall
___ Nothing. Home equity is always the same
___ Home equity will increase
___ I don’t know
QE.13. What is the relationship between a real estate agent and a homebuyer?
___ Agents are paid by sellers, and homebuyers are not affected
___ Agents are paid a flat fee for every buyer they help
___ * Agents make more money when homebuyers pay more
___ I don’t know

The following question comes from Lee and Hogarth (1999).
QE.14. How does the interest rate on a mortgage loan compare with the loan’s APR?
___ The interest rate is higher than the APR
___ The interest rate is the same as the APR
___ * The interest rate is lower than the APR
___ Mortgage loans don’t have an APR
___ I don’t know
[next]
In the second half, the questions don’t have strictly “correct” answers, and these questions will
be used to qualitatively assess the feasibility of stories/hypotheses surrounding the agent-buyer
and lender-borrower relationships. While it is possible that OaH may affect responses to these
questions, these questions do not necessarily directly reflect hypotheses behind OaH..
Randomize the order of the statements the first time they are shown for each respondent. Keep
that order on subsequent iterations.
Administer in a grid with a 5-point scale, with labels “Strongly disagree,” “Disagree,” “Neither
agree nor disagree,” “Agree,” and “Strongly agree.” Code these statements from 1 to 5. Do not
display the text “(reverse coded)” on the survey. During data cleaning we will reverse the
coding of these items (“strongly disagree” will become 5).
Please indicate the extent to which you agree or disagree with the following statements.
QE.15. Typically, the more money someone spends on a home, the more money their real
estate agent makes.
QE.16. My mortgage broker or loan officer is required to give me the best deal possible.
(reverse-coded)
QE.17. I will follow my real estate agent’s recommendation when it comes to choosing a
mortgage lender. (reverse-coded)
QE.18. All mortgage lenders charge about the same rates. (reverse-coded)

Module E: Knowledge of Mortgage Process

23

QE.19. Comparing mortgage lenders is worth the time it takes.
QE.20. Shopping around for a mortgage won’t hurt my credit.
QE.21. If I spend time shopping for a mortgage, I will lose the home I want to buy. (reversecoded)
QE.22. It would be wrong to shop around for mortgages after all the work that a loan
officer has done for me. (reverse-coded)
[next]

Module E: Knowledge of Mortgage Process

24

Module F: Beliefs about the Mortgage Market
Survey Types
Baseline, Periodic: offer-made
Purpose
The purpose of Module F is to assess participants’ beliefs about the mortgage market, that is, the
price they expect to pay for a home and the terms that they believe they will receive.
If this is the baseline survey, ask questions in “Sub-module: BASELINE” only
If this is the “offer made” version of the periodic survey, ask questions in “Sub-module: OFFER
MADE” only
Otherwise, continue to next module

F Sub-module: BASELINE
Next, we would like to ask you for information about the home you plan to purchase.
QF.1. Approximately how much do you expect to pay for your home?
___ <50k
___ 50-75k
___ 75-100k
___ 100-125k
___ 125-150k
___ 150-175k
___ 175-200k
___ 200-225k
___ 225-250k
___ 250-300k
___ 300-350k
___ 350-400k
___ 400-450k
___ 450-500k
___ >500k
___ I don’t know
QF.2. How much do you expect to you pay for closing costs (not including your down
payment)?
$[open-text box].00 or ___ I don’t know
QF.3. How much do you think your total monthly mortgage payments will be?
$[open-text box].00 or ___ I don’t know
QF.4. Approximately what interest rate do you think you will get?
[open-text box]% or ___ I don’t know
[next]

Module F: Beliefs about the Mortgage Market

25

QF.5. What type of mortgage do you think you will get?
___ Fixed rate
___ Variable rate
___ I don’t know
QF.6. How long do you think the mortgage will last?
___ 15 years
___ 30 years
___ Other, please specify: [open-text box] years
___ I don’t know
QF.7. How many discount points do you expect to pay?
[open-text box] or ___ I don’t know
QF.8. Are you sure about what kind of mortgage you want?
___ Yes, very
___ Yes, somewhat
___ No, not at all
[next]
Show a grid with three columns, “Very,” “Somewhat,” and “Not at all.”
QF.9. When thinking about a mortgage, how important are each of the following to you?
___ Low interest rate
___ Low APR (annual percentage rate)
___ Low closing fees
___ Low down payment
___ Low monthly payment
___ Low overall (total) costs
___ A fixed interest rate
___ A term of less than 30 years
___ No mortgage insurance
[next]
This set of questions is for those who are in the “offer made” stage.

F Sub-module: OFFER MADE
Next, we would like to ask you for information on your home purchase offer.
QF.10. How much did you offer to pay for your home?
$[open-text box; restrict numeric].00 or ___ I don’t know

Module F: Beliefs about the Mortgage Market

26

QF.11. How much do you expect to you pay for closing costs (not including your down
payment)?
$[open-text box].00 or ___ I don’t know
QF.12. How much do you think your total monthly mortgage payments will be?
$[open-text box].00 or ___ I don’t know
QF.13. Approximately what interest rate do you think you will get?
[open-text box]% or ___ I don’t know
[next]
QF.14. What type of mortgage do you think you will get?
___ Fixed rate
___ Variable rate
___ I don’t know
QF.15. How long do you think the mortgage will last?
___ 15 years
___ 30 years
___ Other, please specify: [open-text box] years
___ I don’t know
QF.16. How many discount points do you expect to pay?
[open-text box] or ___ I don’t know
QF.17. Are you sure about what kind of mortgage you want?
___ Yes, very
___ Yes, somewhat
___ No, not at all
[next]
Show a grid with three columns, “Very,” “Somewhat,” and “Not at all.”
QF.18. When thinking about a mortgage, how important are each of the following to you?
___ Low interest rate
___ Low APR (annual percentage rate)
___ Low closing fees
___ Low down payment
___ Low monthly payment
___ Low overall (total) costs
___ A fixed interest rate
___ A term of less than 30 years
___ No mortgage insurance

Module F: Beliefs about the Mortgage Market

27

[next]
If response to QC.6 (did they apply for any mortgages) was something other than “0”, then
continue to module G.
If response to QC.6 was 0, then continue to next module: H (if baseline) or J (if periodic).

Module F: Beliefs about the Mortgage Market

28

Module G: Request for Documents
Survey Types
Periodic: offer-made, Periodic: post-purchase
Purpose
The purpose of Module G is to collect participants’ mortgage documents. These questions will
be administered after one of two events:
1) If respondents have contacted a lender and received a GFE or
2) If participants have indicated that they finished their purchase and in Module F, question
QF.19, they responded “Skip questions and send in mortgage documents”.

Choose the module that is appropriate

G Sub-module: OFFER-MADE
QG.1. Earlier you said that you had applied for at least one mortgage since the last time we
heard from you. We would like to see copies of any Good Faith Estimates (GFEs) that you
received in response to your application(s). As a thank you for providing your documents,
we will send you an additional $5 [to your PayPal account/Amazon e-giftcard/egiftcard/deposit to your giftcard].
All information on your documents will be kept private except where required by law, and
we will remove any information that directly identifies you.
How would you like to provide your documents?
___ Upload documents from your computer
___ Take a picture with your phone or tablet
___ Fax your documents
___ I do not want to provide documents
[next]
If respondents choose “I do not want to provide…” then ask the following question.
Otherwise, skip to next module.
QG.2. Please indicate why you do not want to send in documents. (mark all that apply)
___ I am worried about privacy
___ Sending in the documents sounds like too much work
___ The payment is not high enough
___ Other (please specify): [open-text box]
[next]

Module G: Request for Documents

29

Document Capture. This language is illustrative only. The precise language on this screen.
will depend on the contractor’s capability.

Upload: Show participants a box where they can browse to the appropriate documents. Allow
them to select multiple documents at once.
Browse to the documents you have received and hit “upload.”
Picture:
Please take a picture of each page of the document with your mobile device in clear
lighting. Include all four corners of the page. [Instructions for where/how to send the
photo].
Fax:
Click here to print a cover sheet for your fax. Send your fax to [number].
[next]
Continue to next module

G Sub-module: POST-PURCHASE
QG.3. Next, we would like to learn about your home purchase. We would like to see a copy
of the final mortgage document (HUD-1 form) that you received at closing. As a thank you
for providing your documents, we will send you an additional $10 [to your PayPal
account/Amazon e-giftcard/e-giftcard/deposit to your giftcard].
All information on your documents will be kept private except where required by law, and
we will remove any information that directly identifies you.
How would you like to provide your documents?
___ Upload documents from your computer
___ Take a picture with your phone or tablet
___ Fax your documents
___ I do not want to provide documents, I prefer to enter my mortgage information
manually.
[next]
If respondents choose “I do not want to provide documents” then display the next question.
Otherwise, skip to next screen.

Module G: Request for Documents

30

QG.4. Please indicate why you do not want to send in documents. (mark all that apply)
___ I am worried about privacy
___ Sending in the documents sounds like too much work
___ The payment is not high enough
___ Other (please specify): [open-text box]
Skip next screen and continue to QG.5.
[next]

Document Capture. This language is illustrative only. The precise language on this screen.
will depend on the contractor’s capability.
Upload: Show participants a box where they can browse to the appropriate documents. Allow
them to select multiple documents at once.
Browse to the documents you have received and hit “upload.”
Picture:
Please take a picture of each page of the document with your mobile device in clear
lighting. Include all four corners of the page. [Instructions for where/how to send the
photo].
Fax:
Click here to print a cover sheet for your fax. Send your fax to [number].

Skip next questions and continue to QG.12

[next]

These questions are asked only when respondents have declined to provide documents.
QG.5. What was the purchase price for your home?
$[open-text box]
QG.6. How much was your down payment?
$[open-text box]

QG.7. How much did you pay for closing costs (not including your down payment)?
Module G: Request for Documents

31

$[open-text box]
QG.8. How much will your monthly payment to be?
$[open-text box]
[next]
QG.9. What type of mortgage did you get?
___ Fixed rate
___ Variable rate
QG.10. How long will the mortgage last?
___ 15 years
___ 30 years
___ Other, please specify: [open-text box] years
QG.11. How many discount points did you pay?
[open-text box] or ___ don’t know
[next]

We have a just few more questions for you about your mortgage decision.
Show a grid with three columns, “Very,” “Somewhat,” and “Not at all.”
QG.12. How important were each of the following in your choice of broker/lender?
___ An existing social relationship with the lender/broker
___ An existing business relationship with the lender/broker
___ Broker/Lender’s reputation
___ Friend or relative recommended
___ Real estate agent recommended
___ Broker/Lender can close quickly
___ Broker/Lender offered a low interest rate
___ Broker/Lender offered a low APR (annual percentage rate)
___ Broker/Lender offered low monthly payment
___ Broker/Lender offered a loan with a low overall cost
___ Other, please specify: [open-text box]
[next]

Show a grid with three columns, “Very,” “Somewhat,” and “Not at all.”
QG.13. How important were each of the following in your mortgage choice?
___ Low interest rate

Module G: Request for Documents

32

___ Low APR (annual percentage rate)
___ Low closing fees
___ Low down payment
___ Low monthly payment
___ Low overall (total) costs
___ A fixed interest rate
___ A term of less than 30 years
___ No mortgage insurance
[next]
QG.14. We would like to make sure we have accurate information on all of the lenders that
you contacted during your home and mortgage search. First, how many lenders did you
contact in total, in any way? (Enter a number)
___ [open text box; restrict numeric]
[next]
Show a grid with the number of rows populated from QG.6.
On the left, list “Lender 1,” “Lender 2,” etc.
Also have four columns, “Talked to, but no pre-approval or pre-qualification” “Received preapproval or pre-qualification,” “Received GFE,” and “Got mortgage.”
QG.15. For each of the lenders that you contacted, please indicate what kind of contact you
had: talked to lender, received pre-approval, received GFE, or got mortgage. (Mark all that
apply)
[grid]
[next]

Module G: Request for Documents

33

Module H: Correlates
Survey Types
Baseline
Purpose
The purpose of Module H is to collect background information on respondents for use in
subsequent analyses. Questions in section H should be administered one time only.
The topics of interest are:
1) Time preference
2) Risk preference
3) Financial literacy
4) Need for cognition
5) Numeracy
6) Locus of control (internal vs external)
7) Cognitive reflection
Time preference. The values in these questions need to be pretested and calibrated, ideally to
receive an approximately 50/50 split on each. In the end, we will have four categories of time
preference.

QH.1. The next few questions will help us understand how you make tradeoffs over time.
Would you prefer to receive $20 today or $30 in two weeks?
___ $20 today
___ $30 in two weeks
If they chose $20 today, administer the first question. If they chose $30 in two weeks, administer
the second question.
QH.2. Would you prefer to receive $20 today or $40 in two weeks?
___ $20 today
___ $40 in two weeks
QH.3. Would you prefer to receive $20 today or $25 in two weeks?
___ $20 today
___ $25 in two weeks
Show as a 5-point scale, where the leftmost anchor is “Not at all patient” and the rightmost
anchor is “Extremely patient.”
QH.4. To what extent do you consider yourself to be a patient person?
[scale]
Show as a 5-point scale, where the leftmost anchor is “Almost never” and the rightmost anchor is

Module H: Correlates

34

“Almost always.”
QH.5. How often do you generally regret decisions that you’ve made?
[scale]
[next]
Risk preference. The values in these questions need to be pretested and calibrated, ideally to
receive an approximately 50/50 split on each. In the end, we will have four categories of risk
preference.
QH.6. The next few questions will help us understand how you make tradeoffs between
risks and rewards.
Would you prefer 1) A 50% chance of getting $35 or 2) A 100% chance of getting $15?
___ A 50% chance of $35
___ A 100% chance of $15
If they chose a 50% chance, administer the first question. If they chose 100% chance ,
administer the second question.
QH.7. Would you prefer 1) A 50% chance of getting $35 or 2) A 100% chance of getting
$20?
___ A 50% chance of $35
___ A 100% chance of $20
QH.8. Would you prefer 1) A 50% chance of getting $35 or 2) A 100% chance of getting
$10?
___ A 50% chance of $35
___ A 100% chance of $10
Show as a 5-point scale, where the leftmost anchor is “Not at all likely” and the rightmost anchor
is “Extremely likely.”
QH.9. How likely are you to take risks in your life, in general?
[scale]
[next]
Financial literacy. This scale is based on Lusardi (2008), with a few wording changes, plus one
question from Knoll and Houts (2012) on housing prices (the first question in the section).
Correct answers are marked with an asterisk. Do not display this asterisk in the survey.
Please indicate whether the next statements are true or false.
QH.10. Housing prices in the US can never go down.
___ True

Module H: Correlates

35

___* False
___ I don’t know
QH.11. Buying a single company stock usually provides a safer return than a stock mutual
fund.
___ True
___* False
___ I don’t know
[next]
QH.12. Imagine that the interest rate on your savings account was 1% per year and
inflation was 2% per year. After 1 year, would you be able to buy…
___ More than today with the money in this account
___ Exactly the same as today with the money in this account
___* Less than today with the money in this account
___ I don’t know
QH.13. Suppose you had $100 in a savings account, the interest rate was 2% per year, and
you never withdraw money or interest payments. After 5 years, how much would you have
in this account in total?
___ * More than $102
___ Exactly $102
___ Less than $102
___ I don’t know
[next]
Need for cognition (NFC) scale. NFC was originally published in Cacioppo, Petty, and Kao
(1984).
Here, we use a 2-item version of the scale. It is modified from the one used in Bizer, Krosnick,
Petty, Rucker, and Wheeler (2000) to study political attitudes. NFC should be positively
correlated with search. For the second question, code complex as 1 and simple as 0. For
analysis, normalize both variables and combine them into an index.
QH.14. Some people like to have responsibility for handling situations that require a lot of
thinking, but other people don’t. How much do you like having responsibility for handling
situations that require a lot of thinking?
___ Dislike a lot
___ Dislike somewhat
___ Neither like nor dislike
___ Like somewhat
___ Like a lot

Module H: Correlates

36

QH.15. Some people prefer to solve simple problems instead of complex ones, whereas
other people prefer to solve more complex problems. Which type of problem do you prefer
to solve: simple or complex?
___ Simple
___ Complex
[next]
Subjective numeracy scale, as published in Fagerlin et al (2012).
For the first four questions, display a 6-point scale with anchors 1 = “not at all good” to 6 =
“extremely good.”
QH.16. How good are you at working with fractions?
[scale]
QH.17. How good are you at working with percentages?
[scale]
QH.18. How good are you at calculating a 15% tip?
[scale]
QH.19. How good are you at figuring out how much a shirt will cost if it is 25% off?
[scale]
For the next question, display a 6-point scale with anchors 1 = “not at all” to 6 = “extremely.”
QH.20. When reading the newspaper, how helpful do you find tables and graphs that are
parts of a story?
[scale]
For the next question, display a 6-point scale with anchors 1 = “always prefer words” to 6 =
“always prefer numbers”.
QH.21. When people tell you the chance of something happening, do you prefer that they
use words (“it rarely happens”) or numbers (“there’s a 1% chance”)?
[scale]
For the next question, display a 6-point scale with anchors 1 = “always prefer percentages” to 6
= “always prefer words”.
QH.22. When you hear a weather forecast, do you prefer predictions using percentages
(e.g., “there will be a 20% chance of rain today”) or predictions using only words (e.g.
“there is a small chance of rain today”)? (reverse-coded)
[scale]

Module H: Correlates

37

For the next question, display a 6-point scale with anchors 1 = “never” to 6 = “very often”.
QH.23. How often do you find numerical information to be useful?
[scale]
[next]
Internal vs. external control scale, as seen in Rotter (1966). In order to address time constraints,
we have chosen to ask the 4 items which correlate most highly with the full scale using the full
(male and female participants) sample. The external control score is the sum of the starred items.
For each of the pairs of statements below, choose the one that you agree with more.
QH.24. ___ * Many times I feel that I have little influence over the things that happen to
me.
___ It is impossible for me to believe that chance or luck plays an important role in
my life.
QH.25. ___ * As far as world affairs are concerned, most of us are the victims of forces we
can neither understand, nor control.
___ By taking an active part in political and social affairs the people can control
world events.
QH.26. ___ * Without the right breaks one cannot be an effective leader.
___ Capable people who fail to become leaders have not taken advantage of their
opportunities.
QH.27. ___ * Most people don’t realize the extent to which their lives are controlled by
accidental happenings.
___ There really is no such thing as “luck.”
[next]
3-item version of the Cognitive Reflection Task, as published in Frederick (2005). Correct
answers are 5 cents, 5 minutes, and 47 days.
QH.28. A bat and a ball cost $1.10 in total. The bat costs $1.00 more than the ball. How
much does the ball cost?
[open-text box] cents
QH.29. If it takes 5 machines 5 minutes to make 5 widgets, how long would it take 100
machines to make 100 widgets?
[open-text box] minutes
QH.30. In a lake, there is a patch of lily pads. Every day, the patch doubles in size. If it
takes 48 days for the patch to cover the entire lake, how long would it take for the patch to
cover half of the lake?

Module H: Correlates

38

[open-text box] days
[next]

Module H: Correlates

39

Module I: Demographics
Survey Types
Baseline; Periodic: post-purchase
Purpose
The purpose of Module I is to collect background information on respondents for use in
subsequent analyses.
The demographic characteristics we measure are: Credit score, age, education, work status, race,
income, and wealth.
QI.1. Approximately what is your current credit score? If you are applying for mortgages
with a spouse or partner, choose the lower credit score between the two of you.
___ less than 580
___ 580-599
___ 600-619
___ 620-639
___ 640-659
___ 660-679
___ 680-699
___ 700-719
___ 720-739
___ 740-759
___ 760 or above
___ I don’t know
Fernandes, Lynch, and Netemeyer (2013) cite a Lynch et al. (2010) finding that this question
correlates .85 with FICO scores. Display 10 bubbles, with the leftmost labeled “Very poor” and
the rightmost labeled “Excellent.”

If participant selects “I don’t know”, ask the following question. Otherwise, skip.

QI.2. How do you think banks or credit card companies would rate your credit?
[scale]
[next]

If this is the baseline survey, continue to the next question.
Otherwise, go to the next Module.

Module I: Demographics

40

I Sub-module: BASELINE
The following question is taken from the NSMB Questionnaire, and will be used to set marital
status.
QI.3. What is your current marital status?
___ Married
___ Separated
___ Never married
___ Engaged
___ Divorced
___ Widowed
[next]
If answer is “married,” skip the following question.
The following question is taken from the NSMB Questionnaire.
QI.4. Do you have a partner who shares the decision-making and responsibilities of
running your household but is not your legal spouse?
___ Yes
___ No
[next]

QI.5. What is your current age?
___ 18-24
___ 25-29
___ 30-34
___ 35-39
___ 40-44
___ 45-49
___ 50-54
___ 55-59
___ 60-64
___ 65+

QI.6. What is the highest level of education you have completed?
___ Less than high school
___ High school graduate or GED
___ Associate’s degree
___ Some college
___ College graduate

Module I: Demographics

41

___ Postgraduate studies
QI.7. Are you Hispanic or Latino?
___ Yes, I am
___ No

QI.8. Please indicate your race. (Mark all that apply)
___ White
___ Black or African American
___ American Indian or Alaska Native
___ Asian
___ Native Hawaiian or Pacific Islander

QI.9. What is your current zip code?
[open-text box; restrict numeric]
[next]
QI.10. What is your current work status? (Mark all that apply)
___ Self-employed
___ Employed full time
___ Employed part time
___ Retired
___ Temporarily laid off or on leave
___ Not working for pay (student, homemaker, disabled, unemployed)
QI.11. Besides you [and your spouse/partner], does anyone else live in your household or
use your house as a permanent address? (mark all that apply)
___ Yes, other adults
___ Yes, children
___ No
[next]
QI.12. Approximately how much is your total household income from all sources? Include
wages/salary, business income, interest, alimony, child support, pension income, and
income from other sources.
___ Under $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

Module I: Demographics

42

QI.13. How does this total annual household income compare to what it is in a “normal”
year for you?
___ Higher than normal
___ Normal
___ Lower than normal
[next]
QI.14. About how much equity do you have in your home? Your home equity is the
amount your home is worth minus the amount you owe on your home.
___ I do not own my home
___ I owe more than the value of my home
___ $0 to 50,000
___ $50,000 to 75,000
___ $75,000 to 100,000
___ $100,000 to 125,000
___ $125,000 to 150,000
___ $150,000 to 175,000
___ $175,000 to 200,000
___ $200,000 to 225,000
___ $225,000 to 250,000
___ $250,000 to 300,000
___ More than $300,000
___ I don’t know
QI.15. How much do you currently pay in rent or mortgage payments each month?
Include any homeowner or condo fees that you may pay.
$[open-text box].00
QI.16. Excluding mortgage payments, how much do you currently pay in debt payments in
a typical month? Include car payments, student loan payments, credit card payments,
medical debt payments, and debt payments to other accounts.
___ $0
___ $0 to 500
___ $500 to 1000
___ $1000 to 1500
___ $1500 to 2000
___ $2500 to 3000
___ $3500 to 4000
___ More than $4000
___ I don’t know
QI.17. What is the most you could see yourself spending on a down payment?
___ Less than $5,000
___ $5,000 to 10,000
___ $10,000 to 25,000

Module I: Demographics

43

___ $25,000 to 50,000
___ $50,000 to 75,000
___ $75,000 to 100,000
___ More than $100,000
___ I don’t know
[next]

Module I: Demographics

44

Module J: Wrap-up
Survey Types
Baseline, Periodic (All versions)
Purpose
The purpose of Module J is two-fold:
1. To reinforce the treatments.
2. To give participants the opportunity to tell us anything else that they want. It is an
optional question and will be administered at the end of every survey. We will monitor
these comments and follow-up with participants as necessary.
In the final survey, we will ask some additional feedback questions from the Owning A Home
treatment group.

J Sub-module: BASELINE
Shopping Treatment
For participants in the shopping treatment, display QJ.1 and QJ.2. Otherwise, skip.
QJ.1 The first lender you talk to about getting a mortgage is probably not the best or
cheapest. Did you know that comparison shopping for your mortgage can save hundreds of
dollars each monthly and thousands over the long term?
___ Yes
___ No
QJ.2. Thank you for your participation! Do you have any questions or comments about this
research, or is there anything else you would like us to know? If so, provide your comments
in the box below. Please do not include sensitive or directly identifying information such as
your name, contact information, or account numbers. (optional)
[open-text box, multiple lines]
[finish]
Thanks again for participating!
Don’t forget to shop around for your mortgage.
[survey end]
Owning A Home Treatment
For participants in the Owning A Home treatment, display QJ.3 and QJ.4. Otherwise, skip.
QJ.3. Thank you for your participation! Do you have any questions or comments about this
research, or is there anything else you would like us to know? If so, provide your comments
in the box below. (optional)

Module J: Wrap-up

45

[open-text box, multiple lines]
QJ.4. We know buying a home can be overwhelming. Not only do you have to find your
house, but also your mortgage. There are so many unfamiliar terms, so much paperwork.
The Consumer Financial Protection Bureau’s free “Owning a Home” tools [link] will help
you get organized and help you know if you are getting a good deal. Visit now to learn
more [link].

[finish]
Thanks again for participating!
Don’t forget to visit the CFPB’s Owning A Home tools [link].
[survey end]
Control
For participants in the Control group, display QJ.5. Otherwise, skip.
QJ.5. Thank you for your participation! Do you have any questions or comments about this
research, or is there anything else you would like us to know? If so, provide your comments
in the box below. (optional)
[open-text box, multiple lines]
[finish]
Thanks again for participating!
[survey end]

J Sub-module: PERIODIC
QJ.6. Thank you for your participation! Do you have any questions or comments about this
research, or is there anything else you would like us to know? If so, provide your comments
in the box below. (optional)
[open-text box, multiple lines]
[finish]
Shopping Treatment
For participants in the shopping treatment, display the following thank-you screen.
Thanks again for participating!

Module J: Wrap-up

46

As you are shopping for your home, don’t forget to shop for your mortgage, too. You can
save a lot by comparison shopping!
[survey end]

Owning A Home Treatment
For participants in the Owning A Home treatment, display the following thank-you screen.
Thanks again for participating!
Remember – mortgages can be overwhelming, but there are tools to make the mortgage
process simpler. Make sure to visit The Consumer Financial Protection Bureau’s free
“Owning a Home” tools [link] if you haven’t already.
[next]

J Sub-module: FINAL SURVEY
Owning A Home Treatment
For participants in the Owning A Home treatment, display the following questions. Otherwise,
skip to QJ.14.
QJ.7. Please rate your overall experience using the Owning A Home website.
Did not
like it at all

Did not
like it

Neutral

Liked it

Liked it a
lot

1

2

3

4

5

Did not use
the website
N/A

QJ.8. What was your favorite part of the website?
[open text]
QJ.9. What was your least favorite part of the website?
[open text]
QJ.10. Was the site useful?
Not Useful
At All

Slightly
Useful

Moderately
Useful

Very
Useful

Extremely
Useful

1

2

3

4

5

Did not use
the site
N/A

QJ.11. What is the most helpful information on the website?

Module J: Wrap-up

47

[open text]
QJ.12. What is the least helpful information on the website?
[open text]
QJ.13. How likely would you be to recommend this site to a friend?
Not Likely
At All
1

Slightly
Likely
2

Moderately
Likely
3

Very
Likely
4

Extremely
Likely
5

[next]
QJ.14. Thank you for your participation! Do you have any questions or comments about
this research, or is there anything else you would like us to know? If so, provide your
comments in the box below. Please do not include sensitive or directly identifying
information such as your name, contact information, or account numbers. (optional)
[open-text box, multiple lines]
[finish]
Thanks again for participating!
We really appreciate the time you’ve put into this study over the last several months. Your
responses will help us make the home buying and mortgage process easier for future
homebuyers. As a thank-you, we’ve sent $[40/50] to your [PayPal account/Amazon egiftcard/e-giftcard/reusable giftcard].
[survey end]

48

Appendix A: Variables
Global
1. [Date] Date of last completed survey
2. [Date] Date of last response (complete or incomplete)
3. [Multiple Choice] Current survey status
a. completed
b. incomplete
c. actively taking survey

Module B: Stages
1. [Bool] Has participant ever made an offer?
Contractor should use responses from Module B to build the following multiple choice variable
1. [MC] current-stage
a. search
b. offer-made
c. offer-accepted
d. lender-chosen
e. post-purchase
2. [MC] previous-stage (equal current-stage at the end of the previously administered
survey)