The pie chart at right comes from a Bankrate.com survey, sampling 1,000 adults about their current housing situation.

The question asked: What type of mortgage do you currently have? 

The answers were all over the map.

I am actually okay with the 34% "Don't Know" figure.  I have worked as a loan officer for long enough to know that some people just don't know.  At some point, these people seek help.

It's the 57% "Fixed Rate" figure that scares me. 

The sample size was small, but there is no way that 57% of homeowners carry fixed rate mortgages (even though they think they do).  A "5-year fixed rate mortgage" is not really a fixed rate mortgage -- it's an ARM in which the interest rate remains fixed for 5 years.  Some folks, unfortunately, don't (or can't) make that distinction.

These people have been lulled into a sense of security about their mortgage.  They specifically don't seek help with mortgage management because they believe their mortgage payment can't change over time.

And then it changes.

I am not providing a direct link to the Bankrate.com story because the biggest value of the story is in the graphic used here.  If you own a home, you need to understand the basic structure of your own mortgage just as you need to balance your checkbook each month.

Looking over your mortgage statement or reviewing your closing documents never goes out of style so if you don't know how to interpret what you're reading, get help from a professional.

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Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.