What are the Normal Cost Associated with Opening a HELOC

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What are the Normal Cost Associated with Opening a HELOC

Nicholas Dillon
Member since 2023 · 16 posts · 11 votes

Hi guys,

Some literature I have read indicates that sometimes you can open up a HELOC for free. However, after talking to some loan professionals, it seems that there are always origination fees, appraisal fees etc.

My question is, what fees should I expect to pay when opening up my first HELOC. Thanks for the info!

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  • Bob Avery
    Investor · Saint Paul, MN · Member since 2024 · 28 posts · 16 votes
    1y

    I think mine cost 1800 for a 400,000 LOC, but I'm a noob and may have got a bad deal.

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  • Paul Novak
    Rental Property Investor · WI · Member since 2023 · 192 posts · 143 votes
    1y

    Nicholas,

    I opened up a HELOC last year and I was able to do it for free. The only thing the bank required is that I had a checking account with direct deposit setup into their account. With that bank taking on the loans of all of our rental properties we decided that we were comfortable switching to that bank. The fees for us to do it were $492.50 and you can see the lender credited those back to us. Below shows a breakdown of what the fees were for and how much they were. Our HELOC is only $90K.

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