home equity
Home Equity Basics: Chapter 2 quiz

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.

  1. 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.


  2. You want to replace the windows in your home. The remodel will cost $25,000. Which type of loan is better suited?

    Home equity loan
    Home equity line of credit
    It depends.


  3. True or false: Home equity lines of credit are not fixed-rate loans.

    True
    False


-- Updated: April 1, 2006

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

advertisement

Ask Dr. Don

Too much debt, too few options

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

Partner Center
advertisement

Connect with us