Applying for HELOC-What is banks preferred reason?

[Jennifer C.]

Hello BPers.

I'm applying for a HELOC so I can start investing. When applying, banks ask why you are taking out a HELOC. While I will also use the HELOC for things such as my son's educational expenses etc, that won't be my main reason. In your experience, do banks look more favorably upon your application if you specify a particular reason for the HELOC? Also, I'm finding that the advertised rates and the rates I'm quoted are considerable different--at least through one credit union that I'm applying to. This can't be because I have bad credit, I don't, and they haven't run it yet.

Jennifer in Brooklyn