What to look for in HELOC terms

[Josh Lee]

Hi All,

I'm planning on getting a HELOC against my primary residence to help finance the purchase and rehab of investment properties. My first draw will be for a flip, the second will be for a buy and hold rental property (to refinance at a later date). I've just started to get quotes from various banks and it seems aside from the rate itself, the terms and conditions vary quite a bit from place to place. I was wondering if I could get some advice as far as the primary things I should be paying attention to in the terms.

Many thanks for your input!