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Home Equity Loans and Mortgage Refinancing Forest Grove OR

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.

AutoLoansInOregon.com
(503) 400-7667
Salem, OR
 
Small Engines by Steve
(541) 815-6803
PO Box 2034
La Pine, OR
 
La Pine Auto Supply, Inc
(541) 536-2192
51477 Hwy 97
La Pine, OR
 
Central Oregon Truck Toys -N- More
(541) 536-1596
16605 Assembly Way, Ste 101
La Pine, OR
 
Bank of the West
(503) 357-6165
1926 Pacific Ave
Forest Grove, OR
 
People's Credit
(800) 531-4420
1164 SE 82nd Avenue
Portland, OR
 
Peak Performance & Repair
(541) 536-3893
51530 Russell Rd, Suite B
La Pine, OR
 
Les Schwab Tire Center
(541) 536-3009
52596 N. Hwy 97
La Pine, OR
 
Advance America Cash Advance
(503) 357-0420
1888 Baseline
Forest Grove, OR
 
Bank of the West
(503) 357-5900
80 N 17th
Forest Grove, OR
 

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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