Heloc, Higher line of credit VS lower interest?
I'm in the market for a Heloc. I want to use the money for a down payment on an investment property.
What's better a higher amount of line of credit or a lower interest rate? I have to apply tomorrow...HELP!!!
Bank 1 - offers 1.99% interest for the first year and then 6%, - loan amount $130K
Bank 2 - offers 3.99% interest for the first year and then 4 to 5% - loan amount $70K
I think higher line of credit is better because I may use it for 2 deals instead of just 1.