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Home Equity Loans and Mortgage Refinancing Anderson SC

Home equity loans and home line of credit loans are often a good way to finance the purchase of a car. Refinancing your mortgage is another option. However, understand the benefits and the risks before making a decision.

American Credit Acceptance
(866) 441-0251
340 East Main Street Suite 500
Spartanburg, SC
Bank of America
(864) 260-5514
301 N Main St
Anderson, SC
Title Max
(864) 375-9726
3316 N Main St
Anderson, SC
Carolina Title Loans
(864) 222-3591
1803 N Main St
Anderson, SC
First Citizens
(864) 231-7193
123 E Shockley Ferry Rd
Anderson, SC
(803) 369-8110
Columbia, SC
Earnest Ron
(864) 224-1112
304 N Main St
Anderson, SC
Carolina's Best Title Loans
(864) 222-1700
115 Market Place Dr
Anderson, SC
Title Back Inc
(864) 226-1122
407 Pearman Dairy Rd
Anderson, SC
Quick Credit Corporation
(864) 231-2970
1108 N Main St Ste D
Anderson, SC

Home Equity Loans and Mortgage Refinancing

Looking for a source of cash to pay for a new car? Use the equity you already have in your home. Home equity loans and mortgage refinancing are often good solutions for people who need money to purchase a car. However, to use this type of loan for a car purchase, you should have good financial discipline and a stable lifestyle — and understand how such loans work.

Two different kinds of home equity loans - which is better?
A home equity loan is a conventional loan in which you borrow against your net financial interest, or equity, in your home. Such loans are for a fixed amount, have a fixed interest rate and a fixed term. The loan is paid down with monthly payments that cover both principal reduction and interest expense. The primary difference between this type of loan and a traditional car loan is that your home is the collateral, not your car. Should you default, your home could be at risk.

In comparison, a home equity line of credit (HELOC) is a variable-rate loan that is set up for a specified maximum draw amount. You can use (draw) any or all of that amount over a specified period of time, usually 5 to 10 years. There is also a specified repayment period, usually 10 to 20 years. Typically, a borrower only pays interest during the draw period, but must pay both principal and interest afterwards. Up front costs are typically fairly low. Interest rates are tied to the prime rate which can vary day to day. In this sense, HELOCs are like a...

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