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Home Equity Loans and Mortgage Refinancing Washington DC

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.

Nafartari Travel
(336) 965-1840
2419 21 st Place NE
Washington , DC
 
Auto Financing
(330) 938-7935
3511 Horner Street
Savahana, GA
 
Nafartari Travel
(336) 965-1840
2419 21 st Place NE
Washington , DC
 
Check 'n Go
(202) 635-3100
1317 Rhode Island Ave NE
Washington, DC
 
Check 'n Go
(202) 548-3900
427 8th St SE
Washington, DC
 
Q 16TH IN ORDER OF CLASS
(611) 868-3579
3118 WASHINGTON MANSION (2017 iST NW) I01291
NETHERALNDS, VA
 
Car Donation
(626) 263-9264
112/a bau
mymensingh, AL
 
Pay Day 2 Go
(202) 722-2274
3420 Georgia Ave NW
Washington, DC
 
America's Cash Express
(202) 581-0597
2337 Pennsylvania Ave SE
Washington, DC
 
United Bank
(202) 463-8759
1667 K St NW
Washington, DC
 

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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