American Survey of Mortgage Borrowers

Your Mortgage Experiences and Perceptions

We want to hear from you about your experiences and challenges of 

having a mortgage and decisions you make about events that affect you. 

You can complete this paper questionnaire or for convenience 

you can complete the survey online. 

To Complete the Survey Online 

PC/TABLET Go to: www.ASMBsurvey.com 

Enter the unique access code provided in the letter and your 5-digit zip code. 

MOBILE DEVICE Text your unique access code to (866) 774-6052 to receive a link to the survey. 

ESPAÑOL Vaya a: www.ASMBsurvey.com e ingrese el código de acceso 

único que se le envió en la carta y su código postal de 5 digitos. 

Para contestar la encuesta en un aparato móvil/teléfono inteligente 

Envie en un mensaje de texto su código de acceso único al (866) 774-6052 

If you have any questions, please call us toll free 1-855-339-7877 or visit our 

websites www.fhfa.gov/ASMB or consumerfinance.gov.
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. 

WHY TAKE THIS SURVEY?

The most effective way for the sponsoring agencies to understand the benefits and problems with mortgages 

and owning a home is to ask you about your experiences. 

HOW LONG WILL IT TAKE?

The time will vary based on your experiences, but you can expect to spend 15-25 minutes. 

HOW WERE YOU SELECTED?

Survey recipients were selected at random within certain geographic areas across the United States. Your 

answers will not be connected to your name or any other identifying information.

Thank you for helping us assist future borrowers. 

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. 2590-0015 

Expires 07/31/2025 
1

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

Some other purpose

1

1. Do you currently have a mortgage loan?

 If you have more than one mortgage loan, answer

 the following questions about the mortgage and

 property most likely to be impacted by a natural

 disaster.

7. Who signed or co-signed for this mortgage?

Mark all that apply.

Your Mortgage and Its Terms

 any property Skip to 63 on page 7

When you took out this mortgage, what

was the dollar amount you borrowed?

4.

Which one of these reasons best describes

why you took out this mortgage?

2.

What is the current interest rate on

this mortgage?

6.

5. What is the current monthly payment,

including the amount paid to escrow for

taxes and insurance?

 property

$ .00 Don't know

$ .00 Don't know

% Don't know

8. Does this mortgage have...

A prepayment penalty (fee if the

 mortgage is paid off early)

An escrow account for taxes

 and/or homeowner insurance

Yes No

Don't

Know

A balloon payment

An adjustable rate (one that can

 change over the life of the loan)

Interest-only monthly payments

Private mortgage insurance

9. When did you first become the owner of the

property associated with this mortgage?

What was the purchase price of this

property, or if you built it, how much

did the construction and land cost?

10.

11. Did we mail this survey to the address of the

property associated with this mortgage?

Yes

No

Property Associated with

This Mortgage

/

month year

$ .00 Don't know

I signed

Spouse/partner including a former

 spouse/partner

Parents

Children

Other relatives

Other (e.g. friend, business partner)

 (specify)

3. When did you take out this mortgage?

/

month year

Yes, I have at least one mortgage loan

No, I do not have a mortgage loan on

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 Which of the following best describes the

foundation of this property?

16.

20. What is the approximate square footage

of this house/your unit?

21.

19. How would you describe the physical

condition of this property?

The neighborhood

Natural setting (view, close

 to lake, ocean etc.)

Quality of public schools

Close to work or family

Close to shops, restaurants,

 entertainment

Safety, crime rate

Risk of damage from floods

Risk of damage from other

 natural disasters

Basement

Crawl space

Concrete slab

Elevated on blocks, wood or concrete supports

Over a parking garage (multi-unit building)

18. Is this property at a higher, lower, or

about the same level of elevation as its

neighbors’?

17. Are there any bodies of water, such as

ponds, lakes, rivers or the ocean, within

a half-block of this property?

Yes

No

Higher level

Same level

Lower level

Excellent

Very good

Good

Poor

Very poor

Sq. Ft.

14. Which one of the following best describes

this property?

12. How important were the following when

you chose this property?

13. Approximately when was this property

built?

2010 or later

2000 – 2009

1990 – 1999

1980 – 1989

1970 – 1979

1960 – 1969

1950 – 1959

Earlier than 1950

Affordability

How many bedrooms and bathrooms

What floor is your unit are in this house/your unit? on (the lowest floor

if on multiple floors)?

15.

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

Unit in a partly commercial structure

Other (specify)

 with 5 or more units

Basement

Ground floor

2 floor

3 floor or higher

nd

rd

Bedrooms

Bathrooms

Very Somewhat

Not

At All

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23. How many more years do you think you

will own this property?

24. About how much do you think this property

is worth in terms of what you could sell it

for now?

22. Which one of the following best describes

how you use this property?

0-4 years

5-9 years

10-19 years

20 or more years

27. How likely is it this property could

experience the following in the next couple

of years?

Flooding from other

 natural causes

Wildfire

Earthquake

Mudslide

28.

The term flood refers to an overflow of water

from natural events, such as hurricanes, heavy

rain, or mudslides. Flood damage refers to any

damage to buildings, belongings, or use of the

property as a result of a flood.

30. In the next ten years, what is the worst

flood damage you think this property will

experience?

None

Minor

Moderate

Severe

Catastrophic

29.

25. What do you think will happen to the prices

of homes in this property’s neighborhood

over the next couple of years?

Increase a lot

Increase a little

Stay about the same

Decrease a little

Decrease a lot

26. In the next couple of years, how do you

expect the overall desirability of living in

this property’s neighborhood to change?

Become more desirable

Stay about the same

Become less desirable

Will that likelihood increase or decrease

over the next 10 years?

Increase a lot

Increase a little

No change

Decrease a little

Decrease a lot

This Property and Flood Risk

Primary residence

It will be my primary residence soon

Seasonal or second home

Home for other relatives

Rental or investment property

Other (specify)

 (where you spend the

 majority of your time)

How likely is it that this property will flood

from a natural event in the next 2 years?

Hurricane without flooding

Hurricane with flooding

Wind, hail, tornado damage

$ .00 Don't know

Very Somewhat

Not

At All

0 1 2 3 4 5 6 7 8 9 10A

No Chance

It Happens

Certain

It Happens

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31. To what extent do you think flood risk has

a negative effect on the current value of

this property?

32. How do you think the risk of flooding will

affect the appreciated value of this property

over the next 10 years?

33. Do you think this property is more or less

likely to flood compared to a typical

property...

34. Have you gotten information about this

property’s flood risk from any of the

following resources?

No negative effect on current value

Decreases the current value a little

Decreases the current value a lot

A lot more appreciation

A little more appreciation

No change in appreciation

A little less appreciation

A lot less appreciation

On your street

More

Likely

Just as

Likely

Less

Likely

In your neighborhood

Mortgage lender/broker

Real estate agent or website

Seller disclosure

Homeowner/condo/co-op association

FEMA (Federal Emergency

 Management Agency) website

 or materials

State or local government resources

Neighbors, family, or friends

Social media

Other online research

35. How easy or difficult was it to find

information about this property’s flood

risk?

Very easy

Somewhat easy

Neither easy nor difficult

Somewhat difficult

Very difficult

Did not look for information

How confident are you that you know this

property’s flood risk?

36.

Very Somewhat Not at all

37. To your knowledge, is any part of this

property in a FEMA flood zone (also

referred to as a 100-year floodplain or

Special Flood Hazard Area)?

Yes

No

Don’t know

38. Has this property ever experienced a flood

as a result of a natural event while you

owned it?

39. When was the most recent flood you have

experienced at this property?

40. How severe was the damage to this property

from this flood?

In the last year

2-5 years ago

6-10 years ago

More than 10 years ago

Minor

Moderate

Severe

Catastrophic

Yes No

Insurance agent

Yes

No Skip to 41 on page 5

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41. Have any of the following happened as a

result of flooding since you’ve owned this

property?

Closure of local stores or restaurants

Damage to household member’s

 workplace

Closure of local roads

Closure of schools

Outage of utility services

45. Does this property have any other features

to lessen the damage from natural events?

Please specify.

Damage to other properties in

 the neighborhood

46. Do you plan to make any future

improvements to lessen the damage from

natural events?

Yes

No

Insurance on this Property

47. Have you ever lived in another property

that flooded because of a natural event?

48. When was the most recent flood you

experienced on another property?

49. How severe were the damages?

50. Have any of your family members or close

friends (not living with you) lived in a

property that was damaged by a flood?

In the last year

2-5 years ago

6-10 years ago

More than 10 years ago

Minor

Moderate

Severe

Catastrophic

Yes

No

51. Do you have homeowner’s insurance on this

property?

43. Do you know approximately the last year it

occurred?

Year

Don't know

42. Did this property experience any flood

damage from a natural event prior to you

owning it?

Skip to 44

44. Does this property have any of the following?

Yes No

Flood sensor

Sump pump

Lot graded to drain water away

Drainage ditch

Appliances elevated or raised

Generator back-up

Sewer or septic line check valves

 to prevent backup

Sealed basement walls

Windows with impact-resistant glass

Hurricane shutters

Other Properties and Flood Risk

Yes

No Skip to 50

Yes

No Skip to 57 on page 6

52. Does this homeowner’s insurance cover

flooding from a natural event?

Yes

No

Don’t know

Yes No



Yes

No

Don’t know



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53. In the last couple of years, how much has

the cost of this homeowner’s insurance

changed?

54. Do you have a flood insurance policy in

addition to the homeowner’s insurance?

55. Was this flood insurance required by your

mortgage lender?

56. In the last couple of years, how much has

the cost of this flood insurance changed?

59. If there was a severe flood, how much of the

cost to repair this property do you think

would be covered by...

Increased a lot

Increased a little

Stay about the same

Decreased a little

Decreased a lot

Don’t know

Yes

No

Increased a lot

Increased a little

Stay about the same

Decreased a little

Decreased a lot

Don’t know



Some A little

Insurance

All Most None

Government

 assistance

Charities and

 other aid

Your own money

57. Do you belong to one of the following? 

58. Does your association carry flood insurance?

Yes

No

Don’t know

Yes

No, but had previously

No, never had Skip to 57

If you had to cover the entire cost out of

your own money, how large a repair could

you cover?

60.

None

Minor repairs

Moderate repairs

Major renovation

Complete rebuild

Sellers should have to disclose

 flood risk to potential homebuyers

A property's flood risk should

 affect the cost of required insurance

The government should provide aid

 to help repair damage from natural

 disasters

Lenders should consider the risk of

 a property flooding when making

 a mortgage

Natural disasters are more likely to

 occur in the future

Natural disasters will increase in

 severity in the future

Do you agree or disagree with the following

statements?

62.

Having enough flood insurance

Homeowners insurance cost

 increasing

Flood insurance cost increasing

Cost of repairs

Having to relocate

Flood damaging this property

61. How worried are you about...

Very Somewhat

Not

At All

Agree Disagree Homeowner’s Association

Condo Association

Co-op Association

No Skip to 59

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7

63. What is your current marital status?

Your Household

Please answer the following questions for you

and your spouse or partner, if applicable.

64. Do you have a partner who shares the

decision-making and responsibilities of

running your household but is not your

legal spouse?

Yes

No

69. Race: Mark all that apply.

White

Black or African American

American Indian or Alaska

 Native

Asian

Native Hawaiian or Other

 Pacific Islander

Married

Separated

Never married

Divorced

Widowed

65. Age at last birthday:

66. Sex:

67. Highest level of education achieved:

No

Yes

You

Spouse/

Partner

68. Hispanic or Latino:

Spouse/

You Partner

Female

Male

Some schooling

High school graduate

Technical school

Some college

College graduate

Postgraduate studies

You

Spouse/

Partner

Spouse/

You Partner

years years

You

Spouse/

Partner

70. Current work status: Mark all that apply.

Besides you (and your spouse/partner),

who else lives in your household?

Mark all that apply.

72.

Self-employed full time

Not working for pay (student,

 homemaker, disabled)

Self-employed part time

Employed full time

Retired

Unemployed, temporarily

 laid-off, or on leave

Employed part time

You

Spouse/

Partner

Children/grandchildren under 18

Children/grandchildren 18 – 22

Children/grandchildren aged 23 or older

Parents of you or your spouse/partner

Other relatives like siblings or cousins

Non-relative

No one else

Ever serve on active duty in the U.S. Armed

Forces, Reserves or National Guard?

Only on active duty for training

 in the Reserves or National

 Guard

Now on active duty

On active duty in the past,

 not now

Never served in the military

71.

You

Spouse/

Partner

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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

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)?

74.

Higher than normal

Normal

Lower than normal

How does this total annual household

income compare to what it is in a "normal"

year?

75.

76. Does your total annual household income

include any of the following sources?

Business or self-employment

Alimony or child support

Interest or dividends

Social Security, pension or

 other retirement benefits

77. Does anyone in your household have any of

the following?

73. Do you speak a language other than English

at home?

Yes

No

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

Wages or salary

79. In general, how willing or unwilling are you

to take risks?

78. How willing are you to give up something

today in order to benefit in the future?

Yes No

In the last couple of years, have any of the

following happened to you (or your

spouse/partner)?

Starting a new job

Business failure

Retirement

Layoff, unemployment, or reduced

 hours of work

Promotion

Starting a second job

A personal financial crisis

81.

Yes No

Yes No

0 1 2 3 4 5 6 7 8 9 10A

Completely

unwilling

Very

willing



0 1 2 3 4 5 6 7 8 9 10A

Completely

unwilling

Very

willing



Which one of the following statements best

describes the amount of financial risk you

are willing to take when you save or make

investments?

80.

Take substantial risks expecting to earn

Take above-average risks expecting to earn

Take average risks expecting to earn average

Not willing to take any financial risks

 substantial returns

 above-average returns

 returns

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9

82. In the last couple of years, have any of the

following happened to you?

Married, remarried or new partner

Addition to your household

 (not spouse/partner)

Moved to a new area (50 miles

 or more)

Disability or serious illness of

 household member

Separated, divorced or partner left

Death of a household member

Person leaving your household

 (not spouse/partner)

Moved within the area (less than

 50 miles)

84. How easy or difficult is it to meet your

needs with your current income?

Very easy

Somewhat easy

Neither easy or difficult

Somewhat difficult

Very difficult

85. In the next couple of years, how do you

expect the following to change for you (and

your spouse/partner)?

Housing expenses

Household income

Non-housing expenses

86. How likely is it that in the next couple of

years you (or your spouse/partner) will

face...

83. In the last couple of years, how have the

following changed for you (and your

spouse/partner)?

Housing expenses

Household income

Non-housing expenses

Yes No

Significant

Increase 

Little/No

Change 

Significant

Decrease

Significant

Increase 

Little/No

Change 

Significant

Decrease

Difficulties making your

 mortgage payments

Some other personal

 financial crisis

Retirement

A layoff, unemployment, or

 forced reduction in hours 

If your household faced an unexpected

personal financial crisis in the next couple

of years, how likely is it you could...

87.

Get significant financial help

 from family or friends

Significantly increase your

 income

Pay your bills for the next 3

 months without borrowing

Borrow a significant amount

 from a bank or credit union

Owning a home is a good

 financial investment

Most mortgage lenders generally

 treat borrowers well

Most mortgage lenders would

 offer me roughly the same rates

 and fees

Lenders shouldn’t care about any

 late payments, only whether

 loans are fully repaid

It is okay to default or stop making

 mortgage payments if it is in the

 borrower’s financial interest

I would consider counseling or

 taking a course about managing

 my finances if I faced financial

 difficulties

Do you agree or disagree with the following

statements?

88.

Late payments will lower my

 credit rating

Very Somewhat

Not

At All

Agree Disagree

Very Somewhat

Not

At All

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Thank you for completing our survey!

Below is space for any additional comments. If there is anything else about your

property’s flood risk or how it has affected your decisions in ways we have not

covered, please tell us about it here.

Please do not put your name or address on the questionnaire.

Please use the enclosed business-reply envelope to return your completed questionnaire.

FHFA

1600 Research Blvd, RC B16

Rockville, MD 20850

42898