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Home Equity Loans and Mortgage Refinancing Texarkana AR

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.

AutoLoansInArkansas.Com
Little Rock, AR
 
Mil-Way Federal Credit Union
(870) 772-0661
2000 Arkansas Blvd
Texarkana, AR
 
Regions Bank
(870) 779-4635
2800 N State Line Ave
Texarkana, AR
 
Farm Credit Services of Western Arkansas
(870) 772-1882
2805 E Broad St
Texarkana, AR
 
Cash Express
(870) 773-1953
Texarkana, AR
 
Thrifty Car Sales
(479) 636-5050
1810 So 8Th Street (Hwy 71B)
Rogers, AR
 
Regions Mortgage
(870) 779-4663
300 Olive St
Texarkana, AR
 
Bancorpsouth
(870) 773-1103
3rd & Olive
Texarkana, AR
 
Cash Express
(870) 773-1948
1209 E 35th St
Texarkana, AR
 
Farm Credit Services Rural Homes
(870) 774-8222
2805 E Broad St
Texarkana, AR
 

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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