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Home Equity Loans and Mortgage Refinancing Williston ND

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.

First International Bank & Trust
(701) 774-8321
19 4th St E
Williston, ND
Wells Fargo Home Mortgage
(701) 577-9555
119 E Broadway
Williston, ND
American Bank Center
(701) 221-4722
1101 E Interstate Ave
Bismarck, ND
Farm Credit Services of Mandan
(701) 462-3522
Washburn Office 1157
Washburn, ND
Wells Fargo Bank Na
(701) 281-4310
4101 13th Avenue SW Hornb
Fargo, ND
Dakota Quick Cash
(701) 572-2274
1412 2nd Ave E
Williston, ND
Gate City Bank
(701) 857-8444
924 31st Ave SW
Minot, ND
Rock Financial Services the
(701) 854-7625
958 Partridge St
Fort Yates, ND
Wells Fargo Bank Na
(701) 483-0874
Prairie Hills Mall
Dickinson, ND
(701) 225-6068
323 1st St E
Dickinson, ND

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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