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Updated about 1 year ago,

User Stats

11
Posts
4
Votes
Katie Tran
  • Homeowner
4
Votes |
11
Posts

Re: HELOC rate comparison

Katie Tran
  • Homeowner
Posted

Hi,

Both credit unions for a 500K HELOC is with no closing cost (lender covering it).


Credit Union 1: Rate is prime rate +1%, 10 year draw period. Introductory rate for 1st 12 months is 3.99%.

Credit Union 2: Rate is prime rate + 0.75%, 15 year draw period. No introductory rate. 

Which HELOC is better?


I will not need all the 500K as I already have 250K in savings.  I just requested more than I think I would need. I don't have a property under contract yet. 

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