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Home Equity Loans and Mortgage Refinancing Casper WY

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.

Western Vista Federal Credit
(307) 472-0748
732 W Collins Dr
Casper, WY
 
Beneficial Wyoming Inc
(307) 237-8790
303 Thelma Dr
Casper, WY
 
Advance America Cash Advance
(307) 237-9495
235 S Montana Ave
Casper, WY
 
Countrywide Home Loans
(307) 577-3660
5890 E 2nd St
Casper, WY
 
Wells Fargo Bank Na
(307) 266-1100
234 E 1st St
Casper, WY
 
Wells Fargo Bank Na
(307) 266-1100
3500 Cy Ave
Casper, WY
 
Wells Fargo Financial
(307) 237-1267
317 Thelma Dr
Casper, WY
 
Frontier Financial
(307) 234-4500
600 E 1st St
Casper, WY
 
Cowboy Credit Hotline
(307) 472-1794
6101 E 2nd St
Casper, WY
 
Benchmark Mortgage
(307) 265-0441
139 W 2nd St
Casper, WY
 

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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