home equity
Home Equity Basics: Chapter 4 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 best describes a balloon payment?

    One-time final payment of outstanding loan debt
    Monthly payments, which include principal and interest
    Annual payments of interest due at the loan anniversary date


  2. True or false: A lender would never offer a homeowner a loan for more than the property is actually worth.

    True
    False


  3. If you have been scammed by a home equity or mortgage lender, contact:

    Local Better Business Bureau
    Federal Trade Commission
    The mayor of your city


-- Updated: April 1, 2006

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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

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