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Home Equity Loans and Mortgage Refinancing Great Falls MT

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.

Helena, MT
The Cash Advantedge
(406) 453-0011
1115 10th Ave S
Great Falls, MT
Money Lenders
(406) 452-1732
1201 10th Ave S Ste 105
Great Falls, MT
Cash Converters
(406) 761-9873
900 Central Ave W
Great Falls, MT
(406) 453-1455
617 10th Ave S Ste 2
Great Falls, MT
Mile High Chrysler Jeep Dodge Kia
(406) 282-3082
3883 Harrison Avenue,
Butte, MT
First Horizon Home Loans
(406) 731-5400
812 14th St N
Great Falls, MT
B & R Check Holders
(406) 452-5050
1301 10th Ave S
Great Falls, MT
Advance America Cash Advance
(406) 455-1700
2118 10th Ave S
Great Falls, MT
American General Financial Services
(406) 761-3540
1223 10th Ave S
Great Falls, MT

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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