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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
 
Hometown Mortgage Co
(918) 251-9445
1527 S Main St
Broken Arrow, OK
 
Trian Bank N A
(918) 254-1444
7666 E 61 St
Broken Arrow, OK
 
Bank of America
(918) 258-1480
1800 S Elm Pl
Broken Arrow, OK
 
Security Finance
(918) 258-3799
522 S Elm Pl
Broken Arrow, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Mortgage Broker Network Group
(918) 449-9838
741 W New Orleans St
Broken Arrow, OK
 
Ez Pawn
(918) 251-2766
709 S Elm Pl
Broken Arrow, 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
 

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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