I've owned my home for:
a) six months
b) Just purchased it, have not even moved in
c) 2 Years
The correct answer would be C, 2 years. As the longer you own your house, the more you can borrow against the equity, and the more likely you'll be approved. If you've just moved in, or have owned it for less than a year, then you'll most probably be refused.
What are my reasons for getting the loan?
a) I have to do some repairs around the place
b) My mother is sick, and we need to pay the doctors
c) I simply wanna have a little fun.
This was a trick question, all these are possible answers. Any loan you get from your equity, is yours to do with what you will. If you want to pay some new toys, then do it, if you wish to pay off some medical bills, or some other kind, then do that as well. There is no limit to what you can do with the money you'll get.
Can I manage to get this loan?
a) I own the house don't I?
b) I am getting food from the food bank
c) I'm aware of the possible loan fees involved.
This is a bit of a tricky questions, but, the best one was "C". It's always wise to know how any closing fees there could be involved in a cheap secured loan And there sometimes is, and most usually are fees. If you can't afford the out of pocket expense, you could be able to get the bank to take it out of your loan. However, often this cannot happen, and you might require to find another source. However, it is always wise to be ready.
Now that you have taken the quiz on if you are ready for the cheapest home equity loan around, you'll be able to gauge your knowledge of the next series of events in the loan procedure. If you performed well, then you've nothing to worry about. If you did poorly, then go and take it again, there is absolutely nothing wrong with having all the facts.
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