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Quiz: Do you know home equity loans?

Are you considering a home equity loan or line of credit to consolidate your bills? Before beginning the process, test your understanding of how these loans work.
  1. True or false: A lender has the right to take your home should you default on your home equity loan.

    True.
    False.
  2. True or false: A home equity line of credit can be used to pay off debts, make home improvements or for just about anything you’d like.

    True.
    False.
  3. True or false: It's smart money management to stretch out a home equity line of credit payment as long as possible. That keeps the monthly payments low.

    True.
    False.
  4. True or false: Using a home equity line of credit or loan to pay off credit cards is just exchanging one debt for another. There's really no advantage.

    True.
    False.
  5. True or false: It's a good idea to borrow as much as the lender will allow on your home equity loan when interest rates are low.

    True.
    False.
  6. True or false: A home equity line of credit may require a balloon payment at the end of its term.

    True.
    False.
 
-- Posted: July 24, 2001
   

 

 
 

 

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Home Equity
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
$30K HELOC 4.67%
$50K HELOC 4.04%
$30K Home equity loan 5.00%
Rates may include points



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