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Home Equity Loans and Mortgage Refinancing Gautier MS

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.

Jackson, MS
Madison County Bank
(601) 898-9890
171 Cobblestone Dr
Madison, MS
Payday Loans
(601) 544-3005
212 Broadway Dr
Hattiesburg, MS
Hub City Cash Advance & Title Cash
(601) 268-7565
4401 W 4th St
Hattiesburg, MS
Advance America Cash Advance
(662) 280-0495
1750 Goodman Rd
Walls, MS
A Dollar Cash Advance
(662) 332-0820
1615 Mlk Jr Blvd S
Greenville, MS
Title Cash of Mississippi
(601) 352-7700
2310 Highway 80 W
Jackson, MS
First Bank
(601) 587-2511
410 E Broad St
Monticello, MS
First Heritage Credit
(601) 485-0700
2680 N Hills St
Meridian, MS
National College Funding Svcs Corp
(601) 957-0745
405 Briarwood Dr Ste 103
Jackson, MS

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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