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Home Equity Loans and Mortgage Refinancing Waipahu HI

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.

American General Finance
(808) 671-5664
94-1040 Waipio Uka St Ste 7
Waipahu, HI
 
Cash In Advance
(808) 454-8700
880 Kamehameha Hwy Ste 2
Pearl City, HI
 
Ihle Susan Insurance
(808) 625-2226
95-390 Kuahelani Ave Ste 3f
Mililani, HI
 
Hawaiiusa Federal Credit Union
(808) 625-5999
Mililani Shopping Ctr
Mililani, HI
 
Yoshida Mortgage Group
(808) 748-8893
95-1249 Meheula Pkwy Ste 170
Mililani, HI
 
Waipahu Town Center
(808) 677-0606
94-366 Pupupani St
Waipahu, HI
 
VR FINANCIAL SERVICES & ASSOCIATES
(808) 626-8416
PO Box 893234
Mililani, HI
 
Central Pacific Bank
(808) 356-1499
201 Merchant St Ste 1700
Mililani, HI
 
CitiFinancial
(808) 625-0422
95-1249 Meheula Pkwy Ste 124
Mililani, HI
 
Hawaii Check Cashing
(808) 456-8011
897 Kamehameha Hwy Ste 101
Pearl City, HI
 

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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