Tyndall Federal Credit Union

Of all the assets you could use as collateral  to qualify for a loan, your home is possibly the best one. This is because it’s usually of a higher value than any other option.  If you’ve got some amount of home equity and want to get your hands on some cash, a home equity line of credit is your best bet.  Here’s what it entails: What is a HELOC? A home equity line of credit (also known as HELOC) is like a second mortgage. It’s a way to draw cash based on the market value of your home. It works in a similar way to a credit card. After you’ve accessed the cash, you have to repay some of it (or all of it) every month.  The underlying principle is that you borrow money against your own equity. This equity is the value of your home minus any amount you owe in the form of the primary mortgage. In short, the difference between your home’s market value and the mortgage value is your collateral. This could also mean that there’s a possibility of you losing the home to f