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Home Equity Loans and Mortgage Refinancing Bellevue NE

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.

Mid-City Auto Loans
(402) 341-5466
515 S 15th St
Omaha, NE
 
Mid-City Auto Loans
(402) 341-5466
515 S 15th St
Omaha, NE
 
Ace Cash Express
(402) 291-1459
701 Galvin Rd S Ste 116
Bellevue, NE
 
American National Bank
(402) 291-7500
1314 Galvin Rd S
Bellevue, NE
 
Advance America Cash Advance
(402) 292-5700
1103 Galvin Rd S Ste E
Bellevue, NE
 
AutoLoansInNebraska.com
(402) 318-7244
Lincoln, NE
 
Commercial State Bank
(402) 291-1355
1503 Galvin Rd S
Bellevue, NE
 
Lending Resources
(402) 334-5772
1811 Hillcrest Dr
Bellevue, NE
 
Red D Cash
(402) 734-1642
7613 S 36th St
Bellevue, NE
 
Check 'n Go
(402) 292-2333
1602 Galvin Rd S
Bellevue, NE
 

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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