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What are Home Equity Loans?
Home equity loans are a great way for homeowners to borrow additional money by pledging their home as collateral against the loan. Borrowers who need a reasonably large sum of cash or who don’t have great credit often turn to home equity loans.
Lenders tend to view a home equity loan as fairly safe – you can’t hide your home if you default on your loan, so the lender stands a good chance of collecting the collateral. And with your home on the line, you’ll likely be pretty sharpish with your payments.
Home equity loans are great for a couple reasons:
- They are relatively easy to qualify for
- You can get a quite large loan
- They can have lower interest rates
Why Should you use a Home Equity Loan?
People tend to use home equity loans for larger expenses, such as:
- College education
- Consolidate higher interest rate debts
- Buy an investment property
- Remodel the family home
Risks of A Home Equity Loan
Home Equity Loans can be great for a lot of purposes, but they aren’t foolproof. The main risk is you could lose your home if you don’t meet your payments.
Another risk is if you got your loan through a less than scrupulous lender who wants to get their hands on your house. Be careful who you do business with – if they are putting high pressure tactics on you, then walk away.
More Tips
Make sure that a home equity loan is your best fit, think about your other options. Can a simple credit card accomplish the same use as a home equity loan, but without the risk of losing your home? Also take into account your budget, and ensure that you don’t overburden yourself. Consider taking out mortgage insurance in case something goes wrong.
American Express SimplyCash(SM) Business Credit Card Reviewed
There is no limit to the cash back you can earn with the American Express SimplyCash Business Credit Card. You get Cash back is automatically credited to the statement each month and you can get Fee-free employee additional cards at no cost. It has never been so easy to earn cash back on the business purchases you make when you use the American Express SimplyCash(SM) Business Credit Card.
You also get access to the services of OPEN® the small business team at American Express. This service is all about small business as it provides you the resources to help you run your business, including these perks and services:
Financing Get unlimited fee-free Additional Cards, 0% APR on purchases for the first 12 months, and pay no annual fee.
OPEN Savings® Ongoing savings with FedEx, Delta®, Hertz®, Hyatt Hotels and Resorts® and more just by using your Business Card. The savings will automatically appear on your statement, and the savings are in addition to other discounts your business may already receive.
Online management Manage your account with Summary of Accounts and track charges with Expense Management Reports.
Community Chat, pose questions, get insights from other small business owners, and attract new business.
Advice Ask an expert a question, use an online tool, and read articles by other business owners.
Do also note that when you use the OPEN Savings® scheme that is associated with this card that payments must be made with an American Express® Business Card at the time of purchase. If you are a cardholder, your savings will be credited to your SimplyCash Business Credit Card from American Express billing statement. It is important to also remember that all savings referenced are in addition to any offers made by participating companies. Participation and offers are subject to change without notice in regards to these conditions as it is with just about any other business credit card as well, so be certain that you have read and understood the latest terms and conditions before applying for this card if you wish to do so.
Also it must be noted that the Simply Cash Business Credit Card from American Express comes with the very best Card protection and services to make it easier for business minded folks to concentrate on running their business. Never no need to worry about fraudulent charges on your account online or in the brick and mortar world.
The insurance protection plan that comes with the SimplyCash Business Credit Card from American Express covers your eligible purchases and there is a buyer’s assurance plan featured with the card as well. You can also enjoy emergency services to help you with emergency card replacement, check-cashing, and hotel check-in if desired. You also get great customer service that provides help 24 hours a day, 7 days a week with the SimplyCash Business Credit Card from American Express.
So if you are looking for a great credit card featuring a great rewards scheme and other useful benefits from the Small Business Team at American Express; the SimplyCash(SM) Business Credit Card might be the right choice for you.