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Home Equity Loans and Mortgage Refinancing Las Cruces NM

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.

Santa Fe, NM
Mr Money
(505) 521-7686
1310 E Idaho Ave
Las Cruces, NM
Citizens Bank of Las Cruces
(505) 647-4100
505 S Main St
Las Cruces, NM
Liberty Finance Co
(505) 647-5763
2138 N Main St
Las Cruces, NM
Wells Fargo Financial
(505) 521-7062
141 S Roadrunner Pkwy
Las Cruces, NM
Cash & Go
(505) 526-5514
1025 Spruce Ave
Las Cruces, NM
Payment 1
(505) 523-0424
1810 E Lohman Ave
Las Cruces, NM
State Finance Company
(505) 524-8635
3161 N Main St
Las Cruces, NM
Nm Finance Llc
(505) 522-7087
1400 S Solano Dr
Las Cruces, NM
USA Title Loans
(505) 524-7900
1512 E Lohman Ave
Las Cruces, NM

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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