HELOC urgently needed!

[Steven S.]

We are planning for a HELOC to support our purchase of a new home. We don't know where to start. I have bank of America and Penfed as options. They both are paying for closing costs.

Bank of America:

first 10 years principal and interest payments 

4 x fixed rate for withdrawals

they say could be done in 10 days!!

Penfed:

first 10 years interest only payments

3 x fixed rate for withdrawals 

a month for closing 

$99 annual fees

Which to go with and if any other reputable options?

Thanks in advance

[Jaycee Greene]

Quote from @Steven S.:

We are planning for a HELOC to support our purchase of a new home. We don't know where to start. I have bank of America and Penfed as options. They both are paying for closing costs.

Bank of America:

first 10 years principal and interest payments 

4 x fixed rate for withdrawals

they say could be done in 10 days!!

Penfed:

first 10 years interest only payments

3 x fixed rate for withdrawals 

a month for closing 

$99 annual fees

Which to go with and if any other reputable options?

Thanks in advance

 I highly recommend @Staci Rogers with IU credit union - I hope you're not a Purdue alum ;-)