National Survey of Mortgage Borrowers (NSMB)

Last update Nov 22, 2013

PLEASE TELL US ABOUT YOUR
RECENT RESIDENTIAL
MORTGAGE EXPERIENCE
A nationwide survey of mortgage borrowers
throughout the United States
Over the last few years the U.S. economy has gone
through some dramatic changes that have affected
mortgage practices. Learning directly from borrowers
about their experiences will help us improve lending
practices and the mortgage process for future borrowers.
This survey is being jointly sponsored by two Federal
agencies that are working on behalf of all consumers:
The Federal Housing Finance Agency (FHFA) created
in 2008 to oversee and insure the safety of the U.S.
housing finance system
The Consumer Financial Protection Bureau (CFPB)
created in 2011 to study consumer financial markets
and help consumers get the information they need to
make financial decisions that are best for themselves
and their families.
Together we are working to improve the safety and
transparency of the lending process for all consumers.
Thank you for your help with this important national
study.

We are interested in learning about mortgages obtained
to purchase or refinance either a personal home or a home
for someone else, including rental property.
We look forward to hearing from you.

Thank you for helping us learn more about the process of obtaining mortgages throughout the United States.
1. At any time in 2013, did you sign or co-sign mortgage loan documents?
 Yes  If you took out or co-signed more than one mortgage in 2013, please refer to your experiences with the first
mortgage you took out or co-signed in 2013 throughout this survey.
 No  You do not need to complete the rest of the survey. Please return the blank questionnaire so we know the survey
does not apply to you. The money enclosed is yours to keep.

2. Did we mail this survey to the address of the house or property you financed with the mortgage?
 Yes
 No

3. Including you, how many people signed or co-signed for this mortgage?
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One
Two
Three
Four or more

If this loan was co-signed by others, we would like you to take into account all co-signers as best you can when
answering the rest of the survey. Otherwise, it is your own situation that we want to know about.
4. When you began the process of getting your mortgage, how familiar were you (and any co-signers) with
each of the following…
Very
Familiar

Somewhat
Familiar

Not at all
Familiar

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The mortgage interest rates available at that time
The different types of mortgages available
The process of taking out a mortgage
The down payment needed to qualify for a mortgage
The income needed to qualify for a mortgage
Your credit history or credit score
The money needed at closing

5. How much did you use each of the following sources to get information about mortgages or mortgage
lenders?
A
Lot
Your lender or broker

Contact with other lenders or brokers

Real estate agents or builders

Material in the mail

Websites that provide information on getting a mortgage
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Friends/relatives/co-workers

Bankers or financial planners

Other (specify)________________________________________ 

A
Little
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Not
At All
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6. When you applied for your mortgage, how did you apply?
 Applied directly to a lender, such as a bank or credit union
 Applied through a mortgage broker that works with different lenders to get a loan
 Other (specify) ________________________________________________________________________

7. How many different lenders/brokers did you seriously consider before choosing where to apply for your
mortgage? Circle one.
1

2

3

4

5 or more

8. Thinking about the lenders/brokers you considered, were any of them…
A financial institution where you had a checking or savings account
A lender/broker from whom you had a previous mortgage
A lender/broker that, to your knowledge, operates only online
A personal friend or relative

Yes

No

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9. How many different lenders/brokers did you apply to? Circle one.
1

2

3

4

5 or more

10. Who made the first contact in the application for the mortgage you took out?
 I or my co-signers made first contact
 The lender/broker made first contact
 A third party (such as a real estate agent or home builder) made first contact

11. How important were each of the following in choosing where you applied for your mortgage?

Having an established banking relationship
Used lender/broker previously to get a mortgage
Lender/broker is a personal friend or relative
Recommendation from a friend/relative/co-worker
Recommendation from a real estate agent/home builder
Recommendation from a lending website
Reputation of the lender/broker
Interest rate and terms offered
Easier to qualify for a loan
Spoke my primary language, which is not English

Very
Important

Somewhat
Important

Not
Important

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12. Which of the following best describes how you (and any co-signers) felt before applying for your mortgage?
 Had a firm idea of the mortgage you wanted
 Had some idea of the mortgage you wanted
 Had little idea of the mortgage you wanted

13. How open were you to suggestions about your mortgage from your lender/broker?
 Very open
 Somewhat open
 Not at all open

14. How concerned were you about the following when applying for your mortgage?

Qualifying for a mortgage
Picking the best mortgage

Very
Concerned

Somewhat
Concerned

Not
Concerned

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15. During the application process were you told
about mortgages with any of the following?
An interest rate fixed for the life
of the loan
An interest rate that could change
over the life of the loan
A term of less than 30 years (such as
a 15- or 20-year term)
A higher interest rate in return for
lower closing costs
A lower interest rate in return for
paying discount points
Interest-only monthly payments
An escrow account for taxes
and/or homeowner insurance
A prepayment penalty (fee if the
mortgage is paid off early)
Reduced documentation or
“easy” approval
An FHA or VA loan

Yes

No

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Yes

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Very
Somewhat
Not
Satisfied Satisfied Satisfied

Best terms to fit your
needs
Lowest interest rate for
which you could qualify
Lowest closing costs

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20. Overall, how satisfied are you with the…

Yes

No

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Very
Satisfied

Somewhat
Satisfied

Not
Satisfied

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Lender/broker you used
Application process
Loan closing process
Mortgage disclosure forms

21. In the process of getting your mortgage, did you
talk to a credit counselor or take a course about
home buying?
 No
 Yes

22. (If Yes to Q21) How was counseling or
the home-buying course provided?
In person, one-on-one
In person, in a group
Over the phone
Online

Not
Important

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Yes

No

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23. (If Yes to Q21) In total, how much time
did you spend in counseling or the
home-buying course?

17. How important were each of the following in
determining the mortgage you took out?

Low APR
Low interest rate
Low closing fees
Low monthly payment
Fixed interest rate for the
life of the loan
Shorter term

Does
Not Apply

19. Overall, how satisfied are you that the mortgage
you got was the one with the...

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Very
Somewhat
Important Important

No

Title insurance

Settlement or closing agent 
Mortgage insurance
company


16. In the process of getting your mortgage, did you…
Change lenders/brokers
Add a co-signer
Resolve credit report errors or
problems
Answer follow-up requests for more
information about your income
or assets
Have multiple appraisals
Redo/refile paperwork due to
processing delays
Delay or postpone closing date
Receive misleading or inaccurate
information from your
lender/broker

18. Did you follow the choice/recommendation of your
lender/broker for any of the following?

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Less than 3 hours
3 – 6 hours
7 – 12 hours
More than 12 hours

24. (If Yes to Q21) Overall, how helpful was
counseling or the home-buying course?
 Very helpful
 Somewhat helpful
 Not helpful

Skip to Q25

Your Mortgage
25. When you took out your mortgage, what was the
loan amount (the dollar amount you borrowed)?
$______________________ . 00
 Don’t know

26. What is the monthly payment (including the
amount paid to escrow for taxes and insurance)?
$______________________. 00
 Don’t know

27. What is the interest rate on your mortgage?
_____________%
 Don’t know

28. Is this an adjustable-rate mortgage (one that allows
the interest rate to change over the life of the loan)?
 Yes
 No
 Don’t know

29. At the time of application did the lender give you
the option to set/lock the interest rate so that the
interest rate would not change before closing?
 Yes
 No
 Don’t know

30. When was the interest rate set/locked on your
loan?
 At application
 Between application and closing
 Around closing

31. Many mortgages have discount points that you
pay the lender to get a lower interest rate. If you
paid any discount points, how many?
_____ points
 No points
 Don’t know

33. Does your mortgage loan have any of the following
features?
A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes
and/or homeowner insurance
Interest-only payments
Lender’s title insurance
Owner’s title insurance
Credit life/debt suspension/debt
cancellation insurance

Yes

No

Don’t
Know

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34. How were the costs to close your loan paid?

By me or a co-signer
(check or wire transfer)
By lender/broker
By seller/builder
Included in the mortgage amount
Other (specify) ______________
____________________________

Yes

No

Don’t
Know

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35. At the same time you got your mortgage, did you
also take out another loan on your property, called
a second lien, home equity loan, or home equity
line of credit (HELOC)?
 No
 Yes

36. (If Yes to Q35) What was the amount of
this loan?
$______________________. 00
 Don’t know

37. Did you face any unpleasant “surprises” at your
loan closing?
 No
 Yes

38. (If Yes to Q37) What unpleasant
surprises did you face?

32. Some lenders charge origination points to cover
the cost of preparing a mortgage for closing that
are expressed as a percentage of the loan amount.
If you paid any origination points, how many?
_____ points
 No points
 Don’t know

Skip to Q39

Yes

No

Different loan terms

Higher monthly payment

Higher interest rate

Unexpected fees

Higher amount of money
needed at closing

Other (specify) _________
_______________________ 

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39. What was the primary purpose of this loan at
the time you took it out? Check one.
 Purchase of a property
 Permanent financing on a construction loan
 Refinance or modification of an
existing mortgage
 New loan on a mortgage-free property
Skip to Q45
 Some other purpose (specify) _____
____________________________

40. Which statement best describes your situation
when you were about to make a purchase offer on
the house or property you bought?
 Had a pre-approval or pre-qualification from a lender
 No pre-approval or pre-qualification, but certain
about the amount of loan I wanted and could
qualify for
 Uncertain about the amount of the loan I wanted and
could qualify for

41. Did you use the proceeds from the sale of another
property to help pay for the house or property you
bought?
 No
 Yes

42. (If Yes to Q41) How much of the money
from the sale of this other property was
used to purchase your property?
$________________________. 00
 Don’t know

43. What percent down payment did you make on
your property?
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0%
1-5%
6-10%
11-19%
20% or more

44. Did you use any of the following sources of funds
to purchase the property?
Not
Used Used

Savings, retirement account,
inheritance, or other assets
Assistance or loan from a nonprofit or
government agency
Gift or loan from family or friend
Other (specify) ___________________
__________________________________

Skip to Q49

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45. How important, if at all, were the following
reasons in your decision to refinance, modify or
obtain a new mortgage?
Very
Somewhat
Important Important

Change to a fixed-rate loan
Get a lower interest rate
Get a lower monthly
payment
Consolidate or pay down
other debt
Repay the loan more
quickly
Take out cash

Not
Important

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46. Approximately how much was owed, in total, on
the mortgage(s) and other loans you refinanced?
$________________________. 00
 Zero (the property was mortgage-free)

47. What is the total amount of your new mortgage(s)
compared to the total amount of the old
mortgage(s) and loan(s) when they were paid off?
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New amount is lower
New amount is about the same
New amount is higher
Property was mortgage-free

48. Did you use the money you got from this
new mortgage for any of the following?
College, auto, or other major
purchase
Bills or debts
Home repairs/additions
Savings
Some or all of the mortgage
closing costs
Business or investment
Other (specify) _____________
___________________________

Yes

No

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Your Mortgaged Property
49. When did you buy or acquire your property?
This may have been a long time ago.
_______/______
month
year

50. Which of these was your primary purpose for
buying this property? Check one.
 Primarily as an investment
 Primarily as a place to live

51. What was the purchase price or acquisition cost
of your property, or if you built it, the
construction and land cost?
$______________________. 00
 Don’t know

52. How did you acquire the property? Check one.
 Purchased an existing home in a standard sale
from the previous owner
 Purchased a new home from a builder
 Purchased a foreclosed property from a
bank, investor, or government agency
 Purchased a “short sale” property from the
previous owner
 Purchased land and built a house
 Received as a gift or inheritance
 Other (specify) _____________________

58. Which of the following best described how you use
this property?
 Primary residence (where you spend
the majority of your time)
 It will be my primary residence soon
 Seasonal second home
 Home for other relatives
 Rental or investor property
 Other (specify) ___________________
_______________________________

59. (If primary residence in Q58) When did you
move into the property?
_______/______
month
year

60. Is anyone who currently lives in the property a cosigner on your mortgage?
 Yes
 No

Your Household

53. What type of house is on your property?
Check one.
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Single-family detached house
Townhouse, row house, or villa
Mobile home
2-unit, 3-unit, or 4-unit dwelling
Condo, apartment house, or co-op
Unit in a partly commercial structure
Other (specify) ________________
____________________________

54. (If multiple units in Q53) How many separate
living units does your mortgage cover?

61. What is your current marital status?
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Married
Separated
Never married
Divorced
Widowed

62. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?
 Yes
 No

______ units

55. About how much do you think your property is
worth in terms of what you could sell it for now?
$______________________. 00
 Don’t know

Please answer the following questions for you and your
spouse or partner, if you have one.
63. Age at last birthday:

56. Do you rent out any portion of your property?

You

 No  Skip to Q58
 Yes

57. (If Yes to Q56) How much rent do you
receive?
$______________. 00 per month

____ years

Spouse/
Partner
____ years

64. Sex:
Male
Female

You

Spouse/
Partner

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65. Have you owned other residential properties
besides this one?
Yes
No

You

Spouse/
Partner

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Spouse/Partner: _____________________________

You

Spouse/
Partner

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73. Have you ever served on active duty in the U.S.
Armed Forces? (Active duty includes serving in the
U.S. Armed Forces as well as activation from the
Reserves or National Guard).

66. Highest level of education achieved:

Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies

67. Are you Hispanic or Latino?
Yes
No

You

Spouse/
Partner

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You

Spouse/
Partner

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68. Race: Check all that apply.
White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or other Pacific
Islander

72. In what business or industry do you work? What is
made or done at the place you work?
You: _____________________________

You

Yes, on active duty in the past,
but not now
Yes, now on active duty
No, never on active duty except
for initial/basic training
No, never served in the U.S.
Armed Forces

Self-employed/work for self
Employed full time
Employed part time
Retired
Temporarily laid-off or on leave
Not working for pay (student,
homemaker, disabled,
unemployed)

Spouse/
Partner

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70. What is your official job title (the title your
employer uses)? If you have more than one job,
please describe the one at which you work the most
hours.
You: _____________________________
Spouse/Partner: _____________________________

71. Please describe your main job. What do you do?
You: _____________________________
Spouse/Partner: _____________________________

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74. Besides you (and your spouse/partner), does
anyone else live in your household? Include anyone
with a permanent address here even if he or she does
not currently live here, like a student away at college.
 No
 Yes

75. (If Yes to Q74) How many of the other
household members are 18 years of age or
younger?
_______ household members
 None

69. Current work status: Check all that apply.
You

Spouse/
Partner

76. (If Yes to Q74) How many of the other
household members are older than 18?
_______ household members
 None

77. (If Yes to Q74) Do any of the other
household members help pay for
household expenses?
 Yes
 No

78. 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)?
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Under $25,000
$25,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $149,999
$150,000 or more

79. Would you say that over the last couple of years,
your total household income has…
 Increased
 Stayed about the same
 Decreased

80. Which of the following best describes your total
household income over the last couple of years?
 Stable
 Variable

81. Does anyone in your household have any of the
following?
Stocks, bonds, or mutual funds
401(k), IRA, or pension plan
Certificates of deposit

Yes

No

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82. Which one of the following statements best
describes the amount of financial risk you are
willing to take when you make investments?
 Take substantial financial risks expecting to earn
substantial returns
 Take above-average financial risks expecting to earn
above-average returns
 Take average financial risks expecting to earn
average returns
 Not willing to take any financial risks

83. In the last couple of years, have any of the
following life events happened to you?
Separated/divorced/widowed
Married/remarried/new partner
Death of a household member
(other than spouse/partner)
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)
Promotion or starting a new job
Disability or serious illness of
household member
Disaster affecting either your house
or your (or spouse/partner’s) work
Moved within current area
(less than 50 miles)
Moved to a new area
(50 miles or more)

Yes

No

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84. In the last couple of years, have any of the
following financial events happened to you or your
spouse/partner?
Layoff, unemployment, or reduced
hours of work
Reduction in income
Significant salary increase
Significant increase in housing
expenses or repairs
Significant increase in non-housing
expenses
Took a second job
Business failure
Significant decrease in the value
of your home
A large number of foreclosures or
short sales in your neighborhood

Yes

No

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85. Do you tend to agree or disagree with each of the
following statements?
Agree Disagree

Owning a home is a good financial
investment
It is okay to default or stop making
mortgage payments if it is in the
borrower’s financial interest
Mortgage lenders generally treat
borrowers well
I don’t worry that paying my bills late
will lower my credit rating

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86. How well could you explain to someone…
Very
Well

The process of taking out
a mortgage
Mortgage disclosure forms
The difference between a
fixed- and an adjustablerate mortgage
The difference between a
prime and subprime loan
The difference between a
mortgage’s interest rate
and its APR
Loan amortization
The consequences of not
making required mortgage
payments

Somewhat Not At All
Well
Well

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87. Did the mortgage loan disclosure documents,
required by the government, do any of the
following for you?
Yes

Helped me to shop for a mortgage
loan
Helped me understand the terms of
my mortgage loan
Prompted me to ask questions to
understand the terms of my loan
Confirmed that I was getting the loan
terms that I had discussed with the
lender/broker
Prompted me to ask the lender/broker
to change the terms of my loan
Before closing, I carefully reviewed
the disclosure documents
My mortgage lender (or closing
agent) guided me through the
disclosure documents

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88. Over the next couple of years, how do you think
your income will change compared to the cost of
living?
 Up more than the cost of living
 Up about the same as the cost of living
 Up less than the cost of living or down

89. What do you think will happen to the prices of
homes like yours in your community over the next
couple of years?
Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot

Very
Likely

No

Your Future Expectations

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90. If your household faced a major unexpected
personal financial crisis, how likely is it you
could…
Pay your bills for the next 3
months without borrowing
Get significant financial
help from family or friends
Borrow enough money from
a bank or credit union to
pay your bills on time
Significantly increase
your income

Somewhat Not At
Likely
All Likely

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91. How likely is it that in the next couple of years you
will…
Very
Likely

Somewhat
Likely

Not At
All Likely

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Move and sell your property
Move but keep your property
Refinance your mortgage
Retire
Pay off your mortgage
and own your property
mortgage-free
Lose your home because
you cannot afford the
loan payment

92. How likely is it that in the next couple of years you
will face…
Very Somewhat
Likely
Likely

Employment transfer or
relocation
A significant decline in
household income
A significant increase
in household expenses
A forced reduction in hours
worked, a layoff, or a spell
of unemployment
A personal financial crisis
Difficulties making your
mortgage payments

Not At
All Likely

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The Federal Housing Finance Agency and the Consumer Financial
Protection Bureau thank you for completing this survey.
We have provided the space below in case you wish to clarify or further explain any of your answers
or share any other comments. Please do not put your name or address on the questionnaire.

Please use the enclosed business reply envelope to return your completed questionnaire.
FHFA
1234 Main Street
Washington DC
OMB No. 2590-0012
Expires 11/30/2016