Consumer Loans

A Home Equity Line of Credit can be used for? Select the best answer.

• Any purpose

• Debt consolidation

• Home improvements

• Mortgage

A fixed rate is an interest rate that...?

• Changes monthly

• Changes once every five years

• Changes yearly

• Doesn't change for the life of the loan

What is equity?

• A checking and savings account

• Computer software

• Difference between the value of the home and the dollar amount owed on the mortgage

• The amount owed on the mortgage

Which revolving line of credit product is secured by the equity in the home?

• Elan Credit Card

• HELOC

• Home Improvement Loan

• Mortgage

Which state is not able to use the HELOC for Automatic Overdraft Protection?

• Michigan

• Texas

• Arizona

• Florida

Which of the following loans does not have a fixed rate?

• Car loan

• Boat loan

• Unsecured loan

• Home Equity Line of Credit (HELOC)