Home Equity Quiz Review
When you’re trying to refinance your mortgage on your current home to score a lower rate, everything about the process takes a long time — especially the loan shopping.
Home Equity Quiz’s goal is to cut that time down. It’s a marketplace site that matches homeowners and homebuyers to excellent refinance and loan opportunities at over 200 partners, and it does so fast with a smooth and straightforward application process. It doesn’t do much else, but it could be potentially be a starting point that will save you precious time.
|Mortgage types||Refinancing (traditional, FHA, VA),
|Mortgage amount||Lender dependent|
|Repayment terms||Fixed-rate: 10, 15, 20, 30 and 40 years
Variable-rate ARMs: 1, 3, 5, 7, 10 years
|Minimum credit score||580- VA and FHA, 620- traditional|
Home Equity Quiz Mortgage Loans: Pros
- Over 200 lending partners
- A variety of home loan types
- Fast, intuitive, detailed questionnaire
Home Equity Quiz Loans: Cons
- Fee information presented after choosing a lender
- Need to meet specific requirements to get a loan
Home Equity Quiz offers a smooth application process. No hard credit pull is required to fill it out — only when you find a lender and formally apply.
You simply move through each screen one-by-one, providing the information each screen asks of you.
The application process will ask for information on things like:
- Property type
- Property value
- Credit score
- Down payment size
- Amount of equity you have
- Remaining first mortgage balance and interest rate (if refinancing)
- Mortgage type (fixed, variable, or both)
- Mortgage payment history (if refinancing)
- Any recent bankruptcies/foreclosures
- If you can verify your income (although it doesn’t ask for your income)
- If you or your spouse serve(d) in the military
At the end, you’ll enter your address, your first and last name, your email, and your phone number.
Home Equity Quiz then emails you a list of loans you might qualify for.
If you aren’t eligible for any loans, Home Equity Quiz will tell you. They’ll advise you to raise your credit score, and you won’t get any suggestions.
But if you are eligible, it’s time to look at loan terms and requirements.
Terms & Requirements
Home Equity Quiz helps you find home purchase and mortgage refinancing loans from a variety of lenders. They offer FHA and VA loans as well.
Terms and requirements will be according to the lender you choose.
Mortgages and refinancing loans have a long list of requirements since you are taking out a massive amount of money over a long period of time. Anyone US citizens aged 18 and older can get a mortgage, but some resident non-citizens can too.
Additionally, you generally need good credit, stable income, and low debt levels relative to that income — especially if you hope to get the best rates.
Lastly, down payments generally must be 20% on mortgages to avoid paying private mortgage insurance (PMI). FHA loans only ask for 3.5% down, while VA loans require no down payment.
Since Home Equity Quiz is a marketplace with a vast number of partners, we can’t determine exact numbers for credit score and debt-to-income ratio.
Home Equity Quiz only offers traditional, FHA, and VA mortgages and mortgage refinancing loans — no auto loans or anything else.
It’s impossible to give a range of APRs and loan amounts on these loans, given the over 200 partners.
Repayment terms vary. Fixed-rate mortgages come in terms of 10, 15, 20, 30, and 40 years. Variable-rate ARMs come with terms of 1, 3, 5, 7, or 10 years. Variable-rate, interest-only ARMs are at 3, 5, or 7 years.
The type of loan you get depends on which type you said you were looking for while taking the quiz.
Privacy and Security
Home Equity Quiz uses Secure Rights — a third-party verification service that fights fraud and protects consumer privacy — to ensure your information is shared only with lenders Home Equity Quiz works with.
Home Equity Quiz’s parent company, Leadpoint — a lead generation platform — also has an A+ with the BBB. The company has all one-star reviews on the BBB, but there are only seven of them, so it’s hard to tell if that’s representative of the company.
Customer support is unfortunately not Home Equity Quiz’s strong suit. The only means of contacting customer service is through a web form. They don’t offer email or phone support, nor do they provide an estimated wait time for web form replies.
Home Equity Quiz has some FAQs as well, but there aren’t a whole lot of them.
Home Equity Quiz offers potential borrowers a fast way to find decent refinancing and mortgage offers they qualify for. By using it, you can cut out a lot of mortgage shopping time.
It has its issues — such as not always finding you a loan or lacking a bit in customer support — but it’s a straightforward tool that can help a lot of borrowers.
12121 Wilshire Blvd. Suite 810 Los Angeles
12121 Wilshire Blvd., Suite 810
Los Angeles, CA 90025
Home Equity Quiz Disclaimer: HomeEquityQuiz is an online news and information service providing editorial content and directory information about mortgages and loans. HomeEquityQuiz is not a lender or mortgage broker and does not offer loans or mortgages directly or indirectly through representatives or agents. HomeEquityQuiz does not provide an application for credit or a mortgage loan. HomeEquityQuiz is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. All trademarks and logos appearing on this site are the property of their respective owners. Their appearance on this site does not indicate or imply an endorsement of our product.