HomeEquityQuiz Review
March 14, 2020 / Hollie Shuttlewood
HomeEquityQuiz Review
March 14, 2020 / Hollie Shuttlewood
HomeEquityQuiz Review
Advertising Disclosure
HomeEquityQuiz is a free service that connects home buyers/owners with mortgage and home equity loan offers from top lenders. When you use the HomeEquityQuiz service, its powerful algorithm scans hundreds of lenders to find your best match. HomeEquityQuiz works with all types of lenders, from lenders specializing in home equity products (HEL, HELOC) to big-name national lenders.
How it Works
HomeEquityQuiz is an aggregator, not a broker or lender. What this means is that HomeEquityQuiz collects your information and shares it with the brokers and lenders it thinks can offer you the best deals on your mortgage or refinance.
It takes only 2-3 minutes to fill out HomeEquityQuiz’s online form. Best of all, it won’t affect your credit score and you won’t need to submit any documentation.
Here are the questions you’ll need to answer:
  • Purchase or refinance
  • Property description (single family, multi family, town house, condo)
  • Estimated credit rating
  • Have you found a home or are you still looking?
  • Type of property (primary, vacation, investment)
  • Estimated home value
  • Down payment
  • Preferred loan type (fixed, adjustable, or both)
  • Have you had any bankruptcies/foreclosures in the past 3 years?
  • Can you verify your income?
  • Have you had any late payments in the past year?
  • Have you or your spouse served in the military?
  • Do you have a banking or credit account with a major bank?
After entering your contacts details (name, address, phone, email), just wait a few seconds for HomeEquityQuiz to generate results and send them to your inbox. You’ll also start receiving calls from lenders within a few hours of submitting the form.
Pros
Quickest way of comparing home equity lenders
Results in your inbox in seconds
No need to give sensitive info (such as SSN)
Cons
Not an actual broker or lender
Your phone could ring off the hook
The main reason to choose HomeEquityQuiz is that it lets you compare home equity lenders in seconds. You could go one-by-one to different lenders’ websites and see if they offer home equity loans. Or, you could let HomeEquityQuiz do all the heavy lifting for you. Just enter some basic details about yourself and what you need in a loan, and HomeEquityQuiz will find your best matches in minutes.
Before using HomeEquityQuiz, note that it is not a licensed broker or lender. HomeEquityQuiz is strictly a loan matching services, which means it shares your contact details with third-party brokers and lenders. Some HomeEquityQuiz users have complained about receiving an excessive amount of phone calls after using the service.
Types of Loans
HomeEquityQuiz’s partners offer every type of mortgage loan in existence. Through HomeEquityQuiz, you can find lenders willing to help you purchase a home or refinance an old mortgage. Most partners offer a choice between fixed and adjustable rates. Some of HomeEquityQuiz’s partners even offer home equity loans.
Here’s a full breakdown of the main home loans you can find through HomeEquityQuiz:
  • Conventional (conforming) loan
  • Jumbo loan
  • FHA loan
  • VA loan
  • USDA loan
  • Home equity loan / HELOC
  • Cash-out refinance
  • Reverse mortgage
Loan Features
Each lender in HomeEquityQuiz’s network determines its own loan features, and it’s fair to say these features vary significantly from lender to lender. Herein lies the main benefit of using the HomeEquityQuiz service: its platform lets you easily compare rates, terms, and loan features from different lenders.
Aside from being a matching service, the HomeEquityQuiz platform has two additional features worth mentioning here:
  • It offers a free overview of your credit score and history (link provided after you complete the HomeEquityQuiz online form)
  • It offers deals from third-party services closely related to the mortgage industry, such as ID theft protection and a review of your 401(k).
Rates and Terms
HomeEquityQuiz works with hundreds of lenders, so the rates and terms vary significantly. The great thing about HomeEquityQuiz is that it takes your borrower profile (based on your estimated credit score and other information your provide) and matches you with the lenders it thinks can give you the best rates. If you have a strong credit score, then HomeEquityQuiz should be able to find you APRs around the 3% mark. If your credit score is poor, then expect a higher APR.
Contact HomeEquityQuiz
HomeEquityQuiz is purely an online matching service, and does not offer any customer support. That means no contact phone number, no email, and no physical branches.
Summary
Starting out your mortgage search or having trouble finding a suitable lender? With a massive network of hundreds of mortgage lenders, HomeEquityQuiz can kick-start your search. The service is free to use and requires very little effort on your part. Simply fill out HomeEquityQuiz’s short online form (it only takes 2-3 minutes), and you’ll receive tailored results to your inbox in minutes.
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