by Jeff Sovern
A new Fannie Mae survey reports that nearly half of lower-income respondents and more than a third of higher-income respondents obtain quotes from only one mortgage lender. The survey also confirms findings in other reports that "a substantial portion of all consumers do not understand key mortgage elements." In particular, 41% of borrowers were not able to say the highest monthly payment required under an adjustable rate loan–a number that is relevant to figuing out whether the loan is affordable. More and more, mandatory mortgage counseling looks like the way to go.