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Home Equity Loans and Mortgage Refinancing Brigham City UT

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.

Prestige Financial
(800) 984-6737
1420 South 500 West
Salt Lake City, UT
Security Finance
(435) 723-2889
695 S Main St
Brigham City, UT
Northern Village Mortgage
(435) 723-3451
83 S Main St
Brigham City, UT
Check Exchange Express
(435) 723-0303
656 S Main St
Brigham City, UT
Quik Check
(435) 723-3636
504 S Main St
Brigham City, UT
Cash Store
(435) 723-4800
875 W 1100 S
Brigham City, UT
Money Bags Payday & Title Loans
(435) 723-2247
862 S Main St
Brigham City, UT
Sable Financial
(435) 723-1300
Brigham City, UT
Qc Finance
(435) 723-6093
948 W 1150 S
Brigham City, UT
Noble Finance
(435) 734-0599
146 N Main St
Brigham City, UT

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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