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Home Equity Loans and Mortgage Refinancing Kaysville UT

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.

Prestige Financial
(800) 984-6737
1420 South 500 West
Salt Lake City, UT
 
Zions Bank
(801) 546-8833
1170 E Gentile Rd
Kaysville, UT
 
Zions Bank
(801) 546-8833
Kaysville, UT
 
Keybank
(801) 942-7930
8625 Highland Dr
Sandy, UT
 
Northstar Funding Group
(801) 568-0851
9045 S 1300 E
Sandy, UT
 
Money 4 You
(801) 444-3938
215 W 200 N
Kaysville, UT
 
Barnes Bank
(801) 544-3424
33 S Main St
Kaysville, UT
 
Zions Bank
(801) 779-0757
1781 W Antelope Dr
Layton, UT
 
Advance Til Payday
(801) 766-8348
770 E Main St
Lehi, UT
 
Zions Bank
(435) 755-2703
175 E 442 N
Logan, UT
 

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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