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Home Equity Loans and Mortgage Refinancing Tulsa 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
 
Advance America
(918) 369-3215
11063 S Memorial Dr Ste C
Tulsa, OK
 
Great Plains Mortgage Co
(918) 742-7696
3115 S Winston Ave
Tulsa, OK
 
AAA Finance Company
(918) 445-1555
1630 W 51st St
Tulsa, OK
 
Cash Finance of Tulsa
(918) 584-3161
801 S Detroit Ave
Tulsa, OK
 
SMART CHOICE AUTO CREDIT
(405) 354-3519
1100 WEST MAIN
YUKON, OK
 
Bank of America
(918) 835-6173
10131 E 11th St
Tulsa, OK
 
Check'n Go of Oklahoma
(918) 252-7378
8212 71
Tulsa, OK
 
General Loan Service
(918) 583-1771
4618 E 11th St
Tulsa, OK
 
Bancfirst Tulsa
(918) 664-6660
7625 E 51st St
Tulsa, 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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