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Home Equity Loans and Mortgage Refinancing Kearney NE

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.

AutoLoansInNebraska.com
(402) 318-7244
Lincoln, NE
 
Ace Cash Advance
(308) 237-4072
228 W 42nd St
Kearney, NE
 
Rabo Agrifinance
(308) 234-6363
4111 4th Ave
Kearney, NE
 
Union Loan Inc
(308) 237-7004
18 W 23rd St
Kearney, NE
 
Payday USA
(308) 237-4426
Kearney, NE
 
Mid-City Auto Loans
(402) 341-5466
515 S 15th St
Omaha, NE
 
Wells Fargo Bank Na
(308) 234-1818
21 W 21st St
Kearney, NE
 
Union Bank & Trust Co Student Loan Office
(308) 237-7593
18 W 23rd St
Kearney, NE
 
Citifinancial
(308) 234-2561
3706 2nd Ave
Kearney, NE
 
Home Agency Inc
(308) 345-1744
312 W 1st St
Mc Cook, NE
 

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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