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.


-- Updated: April 1, 2006


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Time to sound HELOC alarm bells?

Dear Dr. Don, I have a variable-rate home equity line of credit, or HELOC, at 2.9 percent. I'd like to convert it to a fixed-rate mortgage. I have 20 years remaining to pay off the home equity line. Would it be beneficial... Read more

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