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Most Home Buyers Still Don't Understand Mortgages, Survey Finds

Lack of consumer knowledge can be costing them money, credit unions business.

By David Morrison | Updated on May 03, 2011

If credit unions are having trouble growing their mortgage services, that might be because most consumers really don’t understand the mortgage contracts they need to use when buying a house.

Even after the housing finance industry has largely retreated from so-called exotic or complicated mortgage products, most home buyers still don’t understand the plainer and simpler contracts that have come to dominate the real estate market.

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