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Home Equity Loans and Mortgage Refinancing Bismarck ND

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.

Kirkwood Bank & Trust Co
(701) 258-6550
905 Tacoma Ave
Bismarck, ND
Dakota Community Bank Bismarck
(701) 255-6500
Bismarck, ND
(701) 355-0569
233 W Broadway Ave
Bismarck, ND
Student Loans of North Dakota
(701) 328-5660
715 E Broadway Ave
Bismarck, ND
America's Home Loans Llc
(701) 222-0100
1035 S Washington St
Bismarck, ND
First Community Credit Union
(701) 355-4581
3201 Weiss Ave
Bismarck, ND
Wells Fargo Bank Na
(701) 222-5541
1050 E Interstate Ave
Bismarck, ND
American Bank Center
(701) 221-4747
325 W Arbor Ave
Bismarck, ND
Atm Cash Advances
(701) 222-1456
300 S 5th St
Bismarck, ND
Advance America Cash Advance
(701) 258-9292
914 S 12th St
Bismarck, ND

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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