The use of HomeEquityQuiz is very simple.The website provides a simple form for people interested in buying new homes or refinancing existing loans.The form will ask you some questions to let you know about you and your finances, and then try to find someone that matches the type of loan you are looking for.HomeEquityQuiz is not a direct credit, but will send you an email containing the loan they recommend for you.
Home Equity Quiz, founded in 2004 and owned by LeadPoint Inc., is an online information service for users looking to purchase or refinance mortgages.Although it is not a direct or indirect mortgage broker, it does connect home buyers with creditors and help them find the most competitive interest rates on the market.The online process of the home equity test is fairly simple and fast, with a large list of licensed equal-value housing lenders, enabling Americans to save money on low-interest loans.
The basic requirement of Home Equity Quiz is that you own your own house.Creditors are allowed to borrow up to 90% of the combined loan-to-value (CLTV) ratio (although some credit unions may allow 100% CLTV).In other words, the lender will not approve your home equity loan, provided that this means your home equity drops below 10% of the current assessed value of your home.Usually, a home equity loan can only be used for property owned by the owner, although in some cases, rental or investment property can be used as a mortgage.
All other minimum eligibility requirements for mortgages or loans, except CLTV, apply.You need to be a U.S. citizen or an 18-year-old resident.Credit will be checked, which will affect your credit rating.You will need to provide some financial documents, although fewer than traditional mortgage applications.
Anyone can use HomeEquityQuiz to purchase or refinance a house.Nevertheless, the service does stand out by providing VA mortgages to veterans and active US forces.They are one of the few mortgage services that provide regular and VA loans.
HomeEquityQuiz uses a wide network of creditors to provide borrowers with several different types of mortgages.They provide:
Fixed-interest loans for 10, 15, 20, 30, and 40 years
ARM floating rate loans, term 1, 3, 5, 7 and 10 years
ARM variable I/O loans, term 2 years, 5 years or 7 years