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Home Equity Loans and Mortgage Refinancing Salt Lake City UT

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.

Prestige Financial
(800) 984-6737
1420 South 500 West
Salt Lake City, UT
 
Prestige Financial
(800) 984-6737
1420 South 500 West
Salt Lake City, UT
 
Sportsmans Fast Cash Pawn
(801) 974-0522
3930 S Redwood Rd
Salt Lake City, UT
 
Fastbucks
(801) 973-3832
4087 S Redwood Rd
Salt Lake City, UT
 
Bonneville Financial Inc
(801) 486-2123
1348 E 3300 S
Salt Lake City, UT
 
Fderaldebtreliefs
(801) 304-9936
3712 Philadelphia Avenue, Midvale, UT 84047
alasak, AL
 
X-Press Loans
(801) 485-9777
723 E 2100 S
Salt Lake City, UT
 
Valley Loan Corp
(801) 968-9093
2105 W 4700 S
Salt Lake City, UT
 
Mountain America Credit Union
(801) 955-8600
2959 S 5600 W
Salt Lake City, UT
 
First Horizon Home Loans
(801) 467-9042
420 E South Temple Ste 300
Salt Lake City, UT
 

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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