Auto Leasing Guide
Go to now !

Home Equity Loans and Mortgage Refinancing Post Falls ID

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.

Boise, ID
Cash Store the
(208) 773-2274
3134 E Mullan Ave Ste D
Post Falls, ID
Northwest Title Loans
(208) 773-4789
4005 W Riverbend Ave
Post Falls, ID
Bank of America
(208) 773-4591
Seltice Way & Henry
Post Falls, ID
Acceptance Capital Mortgage
(208) 777-9208
802 N Lincoln St
Post Falls, ID
Snake River Finacial
(208) 232-0532
P.O. Box 6011
Pocatello, ID
A & H Espresso Title Loans
(208) 773-9616
3996 W Riverbend Ave
Post Falls, ID
Bank of America
(208) 752-1103
733 E Mullan Ave
Post Falls, ID
Idaho Stateline Title Loan
(208) 457-1433
3920 W 5th Ave
Post Falls, ID
Washington Trust Bank
(208) 773-7921
1601 E Seltice Way
Post Falls, ID

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...

Click here to read the rest of this article from Lease Guide