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 best describes a balloon payment?One-time final payment of outstanding loan debtMonthly payments, which include principal and interestAnnual payments of interest due at the loan anniversary dateTrue or false: A lender would never offer a homeowner a loan for more than the property is actually worth.TrueFalseIf you have been scammed by a home equity or mortgage lender, contact:Local Better Business BureauFederal Trade CommissionThe mayor of your city-- 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 best describes a balloon payment?
True or false: A lender would never offer a homeowner a loan for more than the property is actually worth.
If you have been scammed by a home equity or mortgage lender, contact:
-- Updated: April 1, 2006
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Dear Dr. Don, We have a $128,000 home equity line of credit, or HELOC, which we've maxed out. The draw period ends two years from now. Combining the first and second mortgages by refinancing is not an option because of... Read more