Effect on Credit with HELOC - Also general HELOC questions
Hey everyone I believe I have had a recommendation for a HELOC with CACU here in Kansas City and I think they have a great product but it is not I/O payments. If I was told wrong or they do allow I/O payments let me know. My main question is if having your credit pulled by a bank for a HELOC acts in the same way as a credit pull for a mortgage? Since with a mortgage once it has been pulled once, you can have it pulled as many times you want within 30 days or less (I may be wrong I have also heard 14 days) without it hurting your credit additionally. So for example if you had it pulled 5x from 5 different mortgage lenders it would only go down 3-5 points as if it was a single inquiry despite showing up as multiple inquiries on a report. If how I have worded this is confusing ask me to clarify and I would be happy to.
Second question is what banks/credit unions you guys would recommend for a HELOC aside from CACU?
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I just received my HELOC from First Federal Bank of Kansas City. It is interest only and I was able to close in a just a few days,