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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
Your Mortgage Today
1. Do you currently have a mortgage loan?
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
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.
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) _____________
_____________________________________
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?
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)
6. When you took out this mortgage, what was
the dollar amount you borrowed?
$________________ . 00
Don’t know
7. What was the interest rate on this
mortgage?
______%
Don’t know
8. Is the current interest rate on your
mortgage higher or lower than the mortgage
rates lenders are offering today?
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?
Increase a lot
Increase a little
Stay about the same
Decrease a little
Decrease a lot
Don’t know
Property Associated with
this Mortgage
10. When did you first become the owner of
the property associated with this
mortgage?
_______/______
month
year
11. What was the purchase price of this
property, or if you built it, how much did
the construction and land cost?
$________________. 00
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)
____________________________
13. When was this property built?
Very satisfied
Somewhat satisfied
Neither satisfied nor dissatisfied
Somewhat dissatisfied
Very dissatisfied
19. In the last two years, have you considered
selling this property?
Yes
No
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
Yes
No
N/A – none of the above
sell for today?
$________________. 00
Don’t know
15. What do you think will happen to the prices
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
16. How would you describe the physical
condition of this property?
Excellent
Very good
Good
Fair
Poor
17. How many bedrooms and bathrooms are in
this property/your unit?
_____________Bedrooms
_____________Bathrooms
21. When do you think you might sell this
property, if at all?
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
decreased significantly, would you be more
or less likely to:
More
No
Less
Likely Change Likely
Refinance this mortgage
Borrow against this property’s
equity
Sell this property
Buy a new property
Move within the area (less
than 50 miles)
Move to a new area (more
than 50 miles)
Renovate this property
Your Mortgage Payment
Your Total Housing Costs
28. What is the annual cost for property taxes
23. What is the required monthly mortgage
on this property?
payment on this property including the
amount paid into escrow if applicable?
$________________. 00
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
25. Has your required mortgage payment for
this property changed in the last two years?
Yes, it increased
Yes, it decreased
No
Don’t know
Don’t know
Don’t know
$________________. 00
Skip to 28
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
Don’t know
30. In the last two years, have you done any of
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
No
26. In the last two years, how much was the
change in your required monthly mortgage
payment for this property?
Less than $100
$100-$199
$200-$299
$300-$399
$400-$499
$500 or more
any of the following challenges with your
homeowners insurance on this property?
Yes
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
Interest rate
Private Mortgage
Insurance (PMI)
Property taxes
Homeowners
insurance
31. In the last two years, have you encountered
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.
Flood insurance
Earthquake insurance
Windstorm insurance
No
Don’t know
37. What is the monthly association fee?
Don’t know
$________________ . 00
Skip to 36
38. In the last 12 months, has your association
33. What is the total annual cost for your flood,
earthquake, and/or windstorm insurance?
$________________. 00
Skip to 40
required any special assessments or
additional payments?
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?
assessments and additional payments?
Don’t know
$________________ . 00
40. In the last two years, how did the cost of the
Yes
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
No
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
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
41. In the next two years, how do you expect the
cost of the following to change for this
property?
Increase Increase
A Lot
A Little
Property taxes
Homeowners
insurance
Flood insurance
Earthquake
insurance
Windstorm
insurance
HOA/condo/
coop fees
Same or Don’t
Decrease Know N/A
42. Do you currently have an escrow account
46. What was the total amount you borrowed?
If a cashout refinance, how much cash did you
get?
for this property?
Yes
No escrow account
Don’t know
Skip to 45
43. In the last two years, did your servicer
notify you of a shortage of funds or
deficiency in your escrow account?
Yes, I paid a lump sum to resolve it
Yes, monthly payment was increased
No
Less than $5,000
$5,000-$9,999
$10,000-$19,999
$20,000-$49,999
$50,000-$99,999
$100,000 or more
Don’t know
47. Did you use the money you borrowed for
any of the following?
Yes
Don’t know
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
Yes
No
Accessing This Property’s Equity
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
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)_____________________
No
Property Repairs & Improvements
48. In the last two years, have you done repairs
or home improvements to any of the
following for this property? HOA/condo/coop:
do not include repairs to shared spaces.
Yes
No
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
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…
Skip to 57
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
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
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
Yes
No
Property Uses
57. Which one of the following best describes
52. How much of these costs were due to
unexpected repairs?
All
Most
Some
None
53. Were any of these costs because of damage
from a major weather event or natural
disaster?
Yes
No
how you use this property today?
Primary residence (where you spend
the majority of your time)
Skip to 61
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
Skip to 60
59. When did you move out of this 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
60. Do you own or rent your current primary
Own with a mortgage
Own free and clear (no mortgage)
Rent
Other _______________
61. Do you own any other properties?
Yes
No
did not sell that 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 a new mortgage
Yes
No
N/A – none of the above
residence?
66. Do any of the following describe why you
67. If the mortgage rates offered by lenders
decreased significantly, would you be more
or less likely to:
More
No
Less
Likely Change Likely
Refinance the mortgage
Sell the property
Skip to 68
You and Your Household
62. Have you previously lived in any of these
properties as your primary residence?
Yes
No
Married
Skip to 64
63. How long ago did you move out of that
property? If multiple properties, answer for the
property you lived in most recently.
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
you use that property today?
68. What is your current marital status?
Seasonal or second home
Home for other relatives
Rental or investment property
Vacant or currently for sale
Other (specify)_____________________
Separated
Never married
Divorced
Widowed
69. Do you have a partner who shares the
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:
65. In the last two years, have you considered
selling that property?
Yes
No
Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies
You
Spouse/
Partner
72. Race and/or ethnicity: Mark all that apply.
77. Ever serve on active duty in the U.S. Armed
You
Spouse/
Partner
White
Hispanic or Latino
Black or African American
Asian
Middle Eastern or North African
American Indian or Alaska Native
Native Hawaiian or Pacific Islander
73. Sex:
Male
Female
You
Spouse/
Partner
74. Current work status: Mark all that apply.
You
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)
Spouse/
Partner
Forces, Reserves or National Guard?
Never served in the military
Only on active duty for training in
the Reserves or National Guard
Now on active duty
On active duty in the past, but
not now
You
Spouse/
Partner
78. Do you speak a language other than English
at home?
Yes
No
79. Besides you (and your spouse/partner), who
else permanently lives in your home?
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
75. How long does it usually take to commute
from home to work (one-way)?
You
Less than 15 minutes
15-29 minutes
30-59 minutes
An hour or longer
N/A – no commute
Spouse/
Partner
76. Have you teleworked or worked from home
in the last month?
You
Every day
Most days
Some days
No days
Spouse/
Partner
80. In the last two years, did any of the
following happen?
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
81. 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
82. 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
86. In the last 12 months, how often have you
struggled to pay all your bills on time?
Almost every month
Some months
A couple of months
Never
Not
Very Somewhat At All
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
88. In the last two years, how have the
following changed?
84. 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
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
87. If your household faced an unexpected
personal financial crisis in the next couple
of years, how likely is it you could…
83. 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
85. Which one of the following statements best
describes the amount of financial risk you
are willing to take when you save or make
investments?
Yes
No
Significant Little/No Significant
Increase
Change Decrease
Household income
Housing expenses
Non-housing expenses
89. 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
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
| File Type | application/pdf |
| Author | ted |
| File Modified | 2025-02-13 |
| File Created | 2025-02-13 |