In a Nutshell
- Very easy-to-use questionnaire
- Over 200 direct lenders on the partner database
- No information about loan fees
- Sometimes fails to match you with a loan
Home Equity Quiz at a Glance
|Loan types:||Home purchase, refinancing|
|Featured Loans:||FHA, VA|
|Repayment terms:||10-40 years fixed-rate loans, 1-10 years ARM variable loans|
|Minimum Down Payment:||None specified|
|Minimum Credit Score:||None specified|
|Best for:||Former and current members of the US military|
Home Equity Quiz isn’t a direct lender, nor does it give you any help with the practicalities of applying for a purchase or refinancing home loan. What you will get from Home Equity Quiz is an email with suggestions of loans for which you qualify from a network of hundreds of lenders.
- FHA loans
- VA loans
- Fixed-rate loans with terms of 10, 15, 20, 30, and 40 years
- ARM variable rate loans with terms of 1, 3, 5, 7, and 10 years
- ARM variable I/O loans with terms of 2, 5, or 7 years
Home Equity Quiz is best for home buyers or refinancers who are veterans or current members of the US military because it's one of the few mortgage sites that searches through VA mortgages as well as regular mortgage loans. With Home Equity Quiz, you know that the suggestions you get include the best possible options for someone with your capabilities and history.
Types of Loans/Products
Because Home Equity Quiz isn't a direct lender, it doesn't have a small number of specific home loans to offer. It draws from hundreds of different home purchase and refinancing loans that include FHA loans, VA loans, and standard loans. You can select either fixed or adjustable-rate loans, and choose between both variable-rate ARM and variable rate I/O ARM loans. The repayment terms are just as flexible, stretching from a 1-year variable ARM to a 40-year fixed-rate loan, and many options in between.
Thanks to the sheer number of lending partners connected with Home Equity Quiz, it’s almost impossible to say what minimum credit score, down payment, or remaining equity is required. The site itself doesn’t give any clues about the minimum requirements to qualify for a mortgage. You have to contact the direct lender yourself to get all of those details. If you don’t match any of Home Equity Quiz’ sloans, you won’t get any explanation about why you failed.
- No minimum credit score
- No maximum loan amount
- No minimum down payment
- Huge range of APR
- Fixed-rate loan terms from 10 to 40 years
- Variable-rate ARM loan terms from 1 to 10 years
- Variable-rate ARM I/O loan terms from 3 to 7 years
- VA and FHA loans
The Application Process
Applying for a list of suggested loans from Home Equity Quiz is easy.
- Move step-by-step through the set of guided questions. For each one, you simply click on the most appropriate answer shown on the screen.
- The questions cover issues like your income, borrowing history, and bankruptcy history; the type and value of your property; the size of your down payment or how much equity remains in your home; and whether or not you’re a member of the US military.
- Enter your personal details, including your email address and your phone number so that Home Equity Quiz can send you your list of personalized suggested loans.
- If you don’t qualify for any loans, you’ll see a screen advising you to work on improving your credit score, and the game will be over. There’s no alternative way to get mortgage loan suggestions.
- If you are eligible for some of their loans, you'll receive a clear list in your email inbox. Now, it's time to investigate and compare loans and decide if you want to apply.
Pros and Cons
Home Equity Quiz partners with well over 200 reputable US banks and online lending companies, so they have a database of several thousand home purchase and refinancing mortgage loans. It gives them a much higher chance of finding a loan that suits your needs. Although it asks you so many questions in order to match you with the right loan, the Home Equity Quiz site is still very easy to use.
But the Home Equity Quiz is only here to help you find a loan that matches your financial situation. It doesn’t provide any information about loan fees or penalties, and there are no tools to help you compare the different suggestions. Home Equity Quiz caters to borrowers with strong credit and high down payments or equity.
Rates and Fees – The Bare Basics
There’s no way to find out rates and fees on Home Equity Quiz without applying for a personal quote. The site doesn’t have any information about the typical range of APR or common fees that lenders charge. In order to find out these details, you’ll have to complete the questionnaire, see if you get a list of loans in your inbox, and then contact each and every direct lender to discover their fees and rates for your circumstances. As a result, it’s very difficult to compare the rates and fees available through Home Equity Quiz with those offered by any other mortgage site.
With so many different lenders, it's not surprising that you can find a massive range of repayment terms. Fixed-rate loans have terms of 10, 15, 20, 30, and even up to 40 years. Variable-rate ARM loans come with terms of 1, 3, 5, 7, or 10 years, and variable ARM I/O loans have terms of 3, 5, and 7 years.
Help & Support
If you need help or support using the Home Equity Quiz site, you can begin by turning to the help center FAQs. However, there are not very many of these. You aren’t likely to find the answers you need this way. Instead, you’ll have to complete the online web form and wait for someone to reply. There’s no information about how long it takes to get a response, and no email or customer support phone line.
How This Company Compares
|FHA Rate Guide||Quicken loans||NKBC bank|
|Credit requirement||None specified||580-620+||620+|
|Minimum down payment||None specified||1-10%||3.5% for FHA mortgages, 5% for conventional mortgages|
|DTI ratio||None specified||50%||$675 or less|
|Loan fees||None specified||Deposit fee: $400-$750||Not specified|
|Best for||Refinancing||Online government loans||Great customer service|
Home Equity Quiz seems to try hard to match home buyers and home refinancers with the best loan for their circumstances. It has hundreds of partner lenders and a long and comprehensive set of borrower questions in order to reach that goal. The site is easy to use, and can be a helpful resource to borrowers with good credit.
Q: Why wasn’t I matched with a loan?
A: It might be your credit score. Try improving it, and then try again.
Q: How do I get to my mortgage results?
A: They’ll be sent straight to your email inbox.
Q: Do you offer loans for US veterans?
A: Yes, Home Equity Quiz includes VA loans as well as FHA loans and standard loans, so you can choose the one that’s best for you.
Q: Do I have to pay to apply for a mortgage with Home Equity Quiz?
A: There’s no fee to use Home Equity Quiz to find a mortgage, but you might be charged origination or other fees by the direct lender.
11801 Mississippi Ave., Suite 100
Los Angeles, CA 90025