Auto Leasing Guide
Go to now !

Home Equity Loans and Mortgage Refinancing Huntington WV

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.

Charleston, WV
American General Financial Services
(304) 736-9581
4341 US Route 60
Huntington, WV
First American Cash Advance
(304) 736-9524
3509 US Route 60
Huntington, WV
City National Bank
(304) 526-6200
Huntington, WV
Traders Bank
(304) 489-3390
1397 Elizabeth Pike
Mineral Wells, WV
grandparents denied
(304) 527-1924
118j st johns rd
colliers, WV
Abacus Mortgage
(304) 525-7510
945 4th Ave
Huntington, WV
(304) 733-9338
4341 US Route 60 Ste 175
Huntington, WV
(304) 295-4514
2200 Grand Central Ave
Vienna, WV
Farm Credit & Country Mortgages
(304) 372-5671
20 Freedom Rd
Ripley, WV

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...

Click here to read the rest of this article from Lease Guide