Finance

posted by .

3) Which of the following statements is true concerning home equity loans?

A. Home equity loans are generally installment loans with a 5-15 year term.
B. Home equity loan interest is never tax-deductible.
C. Home equity loans are secured by all of the borrower’s assets.
D. Home equity loan proceeds are generally restricted as to purpose

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    I am answering questions concerning equity, the problem is a story problem, and it concerns a couple who bought a 129000 home, and then borrowed 107,000 at 7.25% for 30 years. A) How much equity does the couple have in their home before …
  2. math

    Ramon owns a home that was appraised for $132,600. Ramon’s credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that’s available …
  3. math

    To purchase your first home, you may be required to borrow funds from a bank. You have just graduated from college, and your dream is to own your first home. Before you begin looking for your dream home, you need to learn more about …
  4. eco

    Suppose a person pays $80 of annual interest on a loan that has a 5 percent annual interest rate. The loan amount is: A. $400. B. $1,600. C. $160. D. $85. 10. Suppose a loan customer is considering two alternative $22,000 loans. Loan …
  5. Business Math

    Answer the questions below in 2 paragraphs 1. Discuss your options for obtaining a home loan and how mortgages work. 2. Discuss the process/procedures for obtaining the loan and the ideal interest rates for home loans. Due ASAP!!!
  6. MAth

    1. John’s loans for his business total $155,000. One of the loans is a SBA loan at 11% interest; the other loan is a Community Business Partner loan whose interest is 6.5% After one year the loans accumulated $12,325 in interest. …
  7. Personal Finance

    Which of the following statements is true concerning home equity loans?
  8. Economics

    The Tax Reform Act of 1986 eliminated the deductibility of interest payments on consumer debt (mostly credit cards and auto loans) but maintained the deductibility of interest payments on mortgages and home equity loans. What do you …
  9. Finance

    If a home buyer purchases a home in 2006 for $225,000 with a 10% down payment using a 30 year fixed mortgage rate at 6.5% and 3.5% closing costs added to the original mortgage, compute the following: a) the original amount of the mortgage …
  10. Business Math

    A couple purchased a home 5 years ago with a 20-year mortgage for $50,000 at an interest rate of 6% compounded monthly. The home is now valued at $90,000. A) How much are the couple's monthly payments?

More Similar Questions