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Home Equity Loans and Mortgage Refinancing Tahlequah 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.

steffen criss
(580) 761-8733
1 miller dr
chickasha , OK
A-1 Finance Co Inc
(918) 456-3724
1020 S Muskogee Ave
Tahlequah, OK
Advance America Cash Advance
(918) 431-1571
127 E 1st St
Tahlequah, OK
Check 'n Go
(918) 458-1064
1102B S Muskogee Ave
Tahlequah, OK
Advance America Cash Advance
(918) 453-2700
127 E 1st St # 129
Tahlequah, OK
(405) 354-3519
Brassfield Seth Loyd
(918) 456-6609
1601 S Muskogee Ave
Tahlequah, OK
Bank of America
(918) 456-5787
123 W Shawnee St
Tahlequah, OK
Liberty Finance Inc
(918) 456-8718
234 S Muskogee Ave
Tahlequah, OK
Moneymax Payday Loans
(918) 456-8718
234 S Muskogee Ave
Tahlequah, 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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