Are these good terms for a HELOC?
I was offered a 4.5 variable rate, closing cost of around $300. The way it is amortized is a little different. If it's under 5k it's amoritized 5 years. 5 to 10k 10 years, and over 15k, 15 years.
This seems like a pretty good rate, I know some offer 2% but it's just an introductory period.
I believe I have what most banks refer to as tier 1 credit, so I qualify for their best rates. The rates go up as loan to value goes up, best rates are at 80% and increase if I go up to 90%.
So do y'all think this is a pretty good HELOC, or should I keep looking? any considerations I should think of?
Prime right now is 4%
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@Jeffrey Smith @Chad C. I went through sdfcu.com. The fees were a bit high but again I didn't care, still the cheapest money available and will more than pay for itself the first time I use it. Probably could have closed in 3-4 weeks but was delayed due to shortage of appraisers in my area.