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Home Equity Loans and Mortgage Refinancing Dover DE

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.
(302) 760-9798
Dover, DE
TRAC Funding
(302) 765-2087
504 Rockwood Road
Wilmington, DE
S & L Financial
(302) 674-7033
140 N Dupont Hwy
Dover, DE
Delaware Title Loans
(302) 677-0161
260 S Dupont Hwy
Dover, DE
Wsfs Bank Loan Center
(302) 677-0933
160 Greentree Office Ctr
Dover, DE
(302) 760-9798
Dover, DE
Citizens Bank
(302) 734-0200
8 W Loockerman St
Dover, DE
1st Capitol Mortgage Inc
(302) 674-5540
1326 S Governors Ave
Dover, DE
AAA Cash 4 U Loans
(302) 674-1044
1011 Walker Rd
Dover, DE
Beneficial Delaware Inc
(302) 678-1606
Dover, DE

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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