Auto Leasing Guide
Go to LeaseGuide.com now !

Home Equity Loans and Mortgage Refinancing Kapolei 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.

Citifinancial
(808) 689-8885
91-1001 Kaimalie St
Ewa Beach, HI
 
West Oahu Community Federal Credit Union
(808) 682-4511
Shangrila St Bldg 1867
Kapolei, HI
 
Budget Pros Inc
(808) 674-8767
91-1004 Kanihaalilo St
Kapolei, HI
 
Waipahu Town Center
(808) 677-0606
94-366 Pupupani St
Waipahu, HI
 
Cash In Advance
(808) 454-8700
880 Kamehameha Hwy Ste 2
Pearl City, HI
 
Kahi Mohala Behavioral Healthcare
(808) 677-7600
91-2301 Fort Weaver Rd
Ewa Beach, HI
 
Hickam Federal Credit Union
(808) 423-1391
590 Farrington Hwy Unit 501
Kapolei, HI
 
Honolulu Federal Credit Union
(808) 687-8565
1001 Kamokila Blvd Ste 104
Kapolei, HI
 
American General Finance
(808) 671-5664
94-1040 Waipio Uka St Ste 7
Waipahu, HI
 
Wells Fargo Financial
(808) 455-5234
719 Kamehameha Hwy Ste C300
Pearl City, 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...

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