Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Most banks pay for the closing costs on HELOCs so there should really be no fees. You may have to pay for the appraisal if it’s a multi-family property. Otherwise it’s probably just a nominal annual fee of about $50, or no fee at all to have the line open. Your credit worthiness will have a bigger effect (affect? Retriever, please help) on your rate of than the bank you choose will.
A couple of years ago I had a situation where I decided a HELOC would be a good thing. In the past I had HELOCS on practically a signature loan - and also had about a 5:1 equity ratio, plus excellent credit rating, etc.. Thus, I was quite surprised by the difficulty of getting a HELOC (similar to a first mortgage). I also found most lenders more interested in a direct mortgage, rather than a HELOC (yet, talking about them in similar terms).
Although I've never really used it, it is still available/open for another 8-years. Additionally, there were Doc stamps and fees associated with a HELOC that no bank is going to pay out of their pocket (in my case, it was about $850, which was quite competitive). My HELOC terms are Prime less 1-percent and, even if it is unused, there is about a $65 annual management fee. Mine is with Third Federal.
The Bank that will give you the lowest HELOC rate with no closing costs is best. Some examples of good ones include PenFed, Fifth Third, Credit Unions usually offer best rates.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.