1st Time With HELOC Need Help

[Joe Matthews]

I am researching getting a HELOC as a vehicle to purchase my first investment. I have about $165,000 in equity and understand I would only have access to about 80% of that. I need help understanding how HELOC works.

- How do payments work?

- If I applied for $120,000 today would my payments start today or when I spend the money?

- What am I looking for in a HELOC? What's more important, lower interest or lower fees?

- Any recommendations would be great!

I also have $20,000 cash and I’m a Realtor so that would put me at $140,000 as a cash buyer in Brevard County Florida. I feel like I’m getting close!

Thanks for everyone’s help!