Auto Leasing Guide
Go to LeaseGuide.com now !

Home Equity Loans and Mortgage Refinancing Broken Arrow OK

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.

steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
 
American General Financial Services
(918) 258-5631
923 N Elm Pl
Broken Arrow, OK
 
Farm Credit Services
(918) 251-4020
601 E Kenosha St
Broken Arrow, OK
 
Broken Arrow Mortgage Company
(918) 357-1212
25695 E 71st St S Ste A
Broken Arrow, OK
 
Western Sun Federal Credit Union
(918) 362-1400
4620 W Kenosha St
Broken Arrow, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Security Finance
(918) 258-3799
522 S Elm Pl
Broken Arrow, OK
 
South Tulsa Loans
(918) 250-5900
NE Corner of 71st & Gar
Broken Arrow, OK
 
Loans-Personal
(918) 251-5442
221 W Kenosha St
Broken Arrow, OK
 
Advance American Cash Advance
(918) 449-1064
3357 S Elm Pl
Broken Arrow, OK
 

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...

Click here to read the rest of this article from Lease Guide