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Home Equity Loans and Mortgage Refinancing Kailua Kona HI

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.

American General Financial Services Of Hawaii Inc
(808) 326-2626
75-5737 Kuakini Hwy Ste 104
Kailua Kona, HI
(808) 756-9311
Hilo, HI
Wells Fargo Financial
(808) 487-3896
99-115 Aiea Heights Dr Ste 301
Aiea, HI
Hawaiiusa Federal Credit Union
(808) 625-5999
Mililani Shopping Ctr
Mililani, HI
Imperial Mortgage LLC
(808) 263-6363
1005 Keolu Dr Ste A
Kailua, HI
Finance Factors
(808) 322-2747
78-6831 Alii Dr Ste H1
Kailua Kona, HI
Easy Money Emg
(808) 667-1924
626 Wainee St
Lahaina, HI
West Oahu Community Federal Credit Union
(808) 682-4511
Shangrila St Bldg 1867
Kapolei, HI
Islandloans Com
(808) 662-4811
840 Wainee St Ste C3
Lahaina, HI
Lahaina Mortgage Company
(808) 661-9500
2580 Kekaa Dr Ste K2
Lahaina, HI

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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