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Home Equity Loans and Mortgage Refinancing Buckhannon WV

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.

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Charleston, WV
 
Williamstown Natl Bank
(304) 485-1717
3002 7th St
Parkersburg, WV
 
Buckeye Mortgage Company
(304) 232-9100
260B Bethany Pike
Wheeling, WV
 
Vintage Mortgage Llc
(304) 842-4067
111 State St
Bridgeport, WV
 
Mountain State Lending
(304) 723-6959
2112 Pennsylvania Ave
Weirton, WV
 
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(304) 527-1924
118j st johns rd
colliers, WV
 
Progressive Bank Na
(304) 277-1100
1701 Warwood Ave
Wheeling, WV
 
Beneficial Finance Co of West Virginia
(304) 422-3567
2803 Murdoch Ave
Parkersburg, WV
 
Citifinancial
(304) 622-5233
522 Emily Dr
Clarksburg, WV
 
Pleasants County Bank
(304) 684-3659
Saint Marys, WV
 

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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