If you think you've mastered the material in this chapter, take our quiz. After you click the ''submit'' button, the answers will appear below.Which of the following is not a wise use of a home equity loan?Finance a home addition.Pay for college tuition.Finance a European holiday for the family.Consolidate expensive debt.You want to replace the windows in your home. The remodel will cost $25,000. Which type of loan is better suited?Home equity loanHome equity line of creditIt depends.True or false: Home equity lines of credit are not fixed-rate loans.TrueFalse-- Updated: April 1, 2006 advertisementRelated Links:Home equity rates March 19HELOCs riskier right nowHome equity rates March 12Related Articles:Home equity rates March 26Use cash for landscapingFed's bold moves
If you think you've mastered the material in this chapter, take our quiz. After you click the ''submit'' button, the answers will appear below.
Which of the following is not a wise use of a home equity loan?
You want to replace the windows in your home. The remodel will cost $25,000. Which type of loan is better suited?
True or false: Home equity lines of credit are not fixed-rate loans.
-- Updated: April 1, 2006
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Dear Dr. Don, My husband and I have a $173,000 home equity line of credit, or HELOC, carrying an interest rate of 2.25 percent. It has a draw period coming to a close in March 2016. Our monthly payments are to jump at that... Read more