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I am curious about others experiences with obtaining a HELOC. The rules seem to vary, so it's hard to compare one to another! When you look at rates, limits, application fees, early payment penalties, annual fees, there seems to be no one pathway. Any insights into how to decide appreciated!
call 3 different HELOC lenders, and have them prepare the info for you. It's required to include rate, fees, etc. On a line of credit (a HELOC) I've never herd of an "early payment penalty". the reason for a line of credit is to borrow, repay, borrow again - when you need to.
I got one after shopping online - and found the first step was to narrow the banks down to those still willing to offer a HELOC versus those more interested in a second mortgage. Then I was able to compare terms. Ultimately, I settled on Third Federal Savings & Loan at 1point below prime.
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