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Home Equity Loans and Mortgage Refinancing Jackson 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
Easy Money Emg
(601) 948-8550
Jackson, MS
Liberty Mortgage Corp
(601) 366-0060
1640 Lelia Dr Ste 100
Jackson, MS
Mississippi Title Loans
(601) 362-8727
4555 I 55 N
Jackson, MS
Quik Cash
(601) 362-2274
Northside Bailey Ave
Jackson, MS
Jackson, MS
Appleseed Mortgage Inc
(601) 956-7152
407 Briarwood Dr
Jackson, MS
Trustmark National Bank
(601) 961-6000
Jackson, MS
Copiah Bank
(601) 373-2831
Jackson, MS
White System of Jackson Inc Loans
(601) 355-0534
116 S Roach St
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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