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Home Equity Loans and Mortgage Refinancing Cheyenne 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.

First Cheyenne Federal Credit Union
(307) 632-8111
3485 Converse Ave
Cheyenne, WY
 
B & R Check Holders
(307) 772-0020
218 S Greeley Hwy
Cheyenne, WY
 
Advanced Cash Services
(307) 634-4432
408 W 17th St
Cheyenne, WY
 
Security First Bank
(307) 775-6500
500 W 18th St
Cheyenne, WY
 
Wallick and Volk Mortgage Bankers
(307) 634-5941
222 E 18th St
Cheyenne, WY
 
Advance America Cash Advance
(307) 638-0600
800 S Greeley Hwy
Cheyenne, WY
 
Quik Check
(307) 635-3200
515 E Pershing Blvd
Cheyenne, WY
 
First Horizon Home Loans
(307) 634-6950
5920 Yellowstone Rd Ste 2
Cheyenne, WY
 
Advance America Cash Advance
(307) 632-0389
3709 E Lincolnway
Cheyenne, WY
 
Quik Check
(307) 635-3035
1802 Dell Range Blvd
Cheyenne, 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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