Cost to set up Line of Credit

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Hi everyone,

I had a general question about setting up a line of credit as a secured second position on a property that I have some equity in.

Someone had told me that they had one set up for little to nothing out of pocket. I think the bank had something going where they covered the closing costs.

What I got from the bank today was $450 for appraisal and $200 for bank fee. I reached out to the attorney that I use frequently and their cost is $700.

Do these costs seem typical? LOC amount is $40k.

Thanks,

Andrew