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Home Equity Loans and Mortgage Refinancing Hammond LA

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.

AutoLoansInLouisiana.Com
Baton Rouge, LA
 
American Auto Finance
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Alpha Automobile Sales, LLC
(337) 988-1960
6904 Johnston Street
Lafayette, LA
 
Peco's Gator Mortgage Inc
(985) 429-1151
1127 N Morrison Blvd
Hammond, LA
 
Fidelity Homestead Savings Bank
(985) 542-6033
1805 SW Railroad Ave
Hammond, LA
 
Crescent Bank Trust
(800) 264-4381
1000 Veterans Blvd Suite 100
Metairie, LA
 
home health2000
(smi) tty-1000
blvd ave
lake charles, LA
 
Southern Credit Llc
(985) 345-5922
2204 W Thomas St
Hammond, LA
 
Cash Cow
(985) 419-9735
122 N Morrison Blvd
Hammond, LA
 
Magnolia Financial Services Inc
(985) 542-1025
1722 W Thomas St Ste 2
Hammond, LA
 

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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