Home Equity Installment Loan (HEIL) Flashcards
1
Q
HEIL’s have a variable interest rate (T/F)
A
False, HEIL’s have a fixed interest rate
2
Q
HEIL’s are non-revolving loans (T/F)
A
True
3
Q
What are the standard length (terms) of HEIL’s?
A
3-10 years
4
Q
What is the minimum loan amount of a HEIL?
A
$3,000
5
Q
What is a good use of HEIL’s regarding other lines of debt?
A
Debt Consolidation
6
Q
Where are HEIL’s submitted through?
A
Loan Request Manager (LRMS)
