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Home Equity Loans and Mortgage Refinancing Coeur D Alene ID

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.

Boise, ID
Hard Money Funding
(208) 667-7650
1100 E Lakeshore Dr
Coeur D Alene, ID
Quik Check
(208) 664-6700
1913 N 4th St
Coeur D Alene, ID
Advance Mortgage Company Inc
(208) 664-5655
Harbor Plz Ste Ste
Coeur D Alene, ID
Bank of America
(208) 667-2566
401 E Front Ave
Coeur D Alene, ID
Snake River Finacial
(208) 232-0532
P.O. Box 6011
Pocatello, ID
Premier Mortgage NW
(208) 667-5600
Coeur D Alene, ID
Idaho Stateline Title Loan
(208) 765-7767
501 W Appleway Ave Ste A2
Coeur D Alene, ID
Gold Star Mortgage
(208) 765-4140
1910 Northwest Blvd Ste 200
Coeur D Alene, ID
Idaho Title Loans
(208) 666-0968
330 E Appleway Ave
Coeur D Alene, ID

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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