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, 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