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Home Equity Loans and Mortgage Refinancing Mandan ND

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.

Farm Credit Services of Mandan
(701) 663-6487
1600 Old Red Trl
Mandan, ND
 
Wells Fargo Bank Na
(701) 663-9805
111 2nd Ave NE
Mandan, ND
 
Advance America Cash Advance
(701) 663-2323
517 E Main St
Mandan, ND
 
Agcountry Farm Credit Services Flca
(701) 724-3935
327 Main St S
Forman, ND
 
Gate City Bank
(701) 293-2400
Fargo, ND
 
Payday Loan Center
(701) 663-8995
103 2nd Ave NW
Mandan, ND
 
Check Into Cash
(701) 663-9744
509 Burlington St SE
Mandan, ND
 
Money Station Inc
(701) 663-5952
107 Collins Ave
Mandan, ND
 
Wells Fargo Bank Na
(701) 232-2082
3201 University Dr N
Fargo, ND
 
Valley Gun & Pawn Shop
(701) 280-0981
209 Np Ave N
Fargo, ND
 

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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