ASMB - Conducting the Survey

Homeowner 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
Enter your unique access code provided in the letter we sent you.
Para contestar la encuesta por Internet en inglés o en español
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) _____________
_____________________________________


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



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

3 of 12

 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)
____________________________


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


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19. In the last two years, have you considered

selling this property?

 Yes
 No

13. When was this property built?

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






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?



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



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?

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



Yes


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




 N/A – none of the above

15. What do you think will happen to the prices

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



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

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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

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

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

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
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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

5 of 12

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

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41. In the next two years, how do you expect the

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

6 of 12

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

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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

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No

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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

7 of 12

No

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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

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No

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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

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


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

8 of 12

Skip to 60

59. When did you move out of this property?
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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


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
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


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.


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No
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 N/A – none of the above

61. Do you own any other properties?
 Yes
 No

Yes
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

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

9 of 12

You

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Spouse/
Partner


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


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

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
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Spouse/
Partner


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78. Have you teleworked or worked from home

in the last month?
Every day
Most days
Some days
No days

Male
Female

You

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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


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Spouse/
Partner


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

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)

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Less than 15 minutes
15-29 minutes
30-59 minutes
An hour or longer
N/A – no commute

You

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
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





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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