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Home Equity Loans and Mortgage Refinancing Springville 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
 
Check City
(801) 838-7222
911 Fort Union Blvd
Midvale, UT
 
Wells Fargo Financial
(801) 840-2255
1871 W 4700 S
Salt Lake City, UT
 
Ez Loan Service 47004
(801) 392-6700
2761 Washington Blvd
Ogden, UT
 
Utah Capital Alliance
(801) 322-0195
350 W 800 N
Salt Lake City, UT
 
Cash Store the
(801) 491-3555
1851 W 500 S
Springville, UT
 
Cedar Woods Financial
(435) 896-2858
180 N 100 E Ste D
Richfield, UT
 
Lucid Financial - Commercial Loans
(435) 656-8430
1173 S 250 W Ste 302
Saint George, UT
 
Check Exchange Express
(435) 723-0303
656 S Main St
Brigham City, UT
 
Cyprus Credit Union
(801) 260-7999
West Jordan, 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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