HELOC recommendations

5 Replies

Hi BP: Can anyone recommend a good bank with a low rate for a HELOC that does not have a mandatory withdrawal at closing? I've been looking at a few banks, both national and local, and many of them require you to draw a minimum at closing. My property is in Chicago, but not sure that really matters, but would appreciate recommendations on banks that anyone has had a good experience with.

Hi Jason , try First Merit. You could pull the line upon closing and pay It back the next day. 2.99% :) 

I worked for Chase bank for 14 years and would recommend taking a draw as a safety net for cash on hand. At any point a bank can freeze your credit line and then you won't have access to the cash, so I would recommend taking a draw, depositing it into your checking account and then pay it back to help build your credit.

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