So you've come a long way since scraping together a down payment and purchasing your home, eh? In fact, it's safe to say that you are living quite comfortably making that payment.

Sadly, there still isn't a lot leftover at the end of each month and there is a chance you might lose your job in the next few months. What can you do?

Apply for a home equity line of credit TODAY, actually. If you have equity left in your home and you suspect that your financial future may be different due to a job loss, divorce or health matters, there is no time like the present to qualify for a home equity line. Doing so now may actually be one of the smartest things you do. Why?

Home Equity Lines of Credit Provide Financial Cushion

The answer is simple, actually. Qualifying for a loan when you don't need one guarantees you won't face qualifying problems when you might actually need the money. Most banks lend money based upon income and the amount of equity in your home. If you have plenty of income today, but might face financial hardships later, it is simply sound financial judgment to obtain a home equity line today so that when you do need the money, it is there for you.

If you wait to get the loan until you need, it might be too late.

Additionally, many experts agree that home prices have reached their highest level, and at some point might actually start to fall. In order to take advantage of your home's full equity value, there really is no time like the present to capitalize on maximum appreciation.

Again, playing the waiting game can cost you thousands of dollars in available credit.

There is no rule stating that you have to use the money. Instead, think of it as a safety net to use when you really do need the money.

Finally, if you itemize your taxes, a home equity line of credit may help you offset increased earnings in a given year if you use the line for large ticket items.