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Home Equity Loans and Mortgage Refinancing Oklahoma City OK

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.

(405) 354-3519
(405) 354-3519
DOC Holliday's Pawnbrokers & Jewellers
(405) 424-0022
1604 NE 23rd St
Oklahoma City, OK
Benchmark Lending Firm
(405) 842-1188
5929 N May Ave Ste 413
Oklahoma City, OK
New Loan Mart
(405) 946-0019
3621 NW 39th St
Oklahoma City, OK
steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
Surety Loans
(405) 634-7185
4403 S Walker Ave
Oklahoma City, OK
Modern Loan Inc
(405) 632-4030
309 SW 59th St
Oklahoma City, OK
Oklahoma Motor Credit Company
(405) 455-3221
6601 SE 29th St
Oklahoma City, OK
Check Into Cash
(405) 848-3926
6900 N May Ave
Oklahoma City, OK

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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