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Home Equity Loans and Mortgage Refinancing Goffstown NH

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.

AutoLoansInNewHampshire.com
(603) 513-0385
Concord, NH
 
Lewis Motor Sales Of Brentwood
(603) 347-5140
317 South Rd
Brentwood, NH
 
Countryside Full Spectrum Lending Division
(603) 559-5740
100 Arboretum Dr
Newington, NH
 
Massabesic Mortgage Corp
(603) 483-4646
54 Wood Hill Dr
Auburn, NH
 
Residential Mortgage
(603) 647-6644
121 Bay St
Manchester, NH
 
AutoLoansInNewHampshire.com
(603) 513-0385
Concord, NH
 
American Heritage Mortgage Corp
(603) 880-9797
39 Simon St
Nashua, NH
 
Loanmax
(603) 893-6940
73 S Broadway
Salem, NH
 
Pemigewasset National Bank
(603) 536-3339
287 Highland St
Plymouth, NH
 
Regency Mortgage Corp
(603) 334-6599
72 Mirona Rd
Portsmouth, NH
 

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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