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

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Too soon for home equity loan?

Dear Dr. Don, I was wondering if it is possible to take out a second mortgage on my house to pay for my student loans. I've owned my house for about one year now, but I don't have much equity in the home. My student loan... Read more

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