Need Help! Possibly dug myself in a hole with Interest Only Heloc

[Eric DeVito]

Hello all! So i decided on getting a HELCO because I want to get my first investment property and I have equity in my primary residence I live in now. Basically i spoke to TD Bank today and agreed on terms, but I have not signed anything yet. They will send me my application via email. I just want to know if I did the right thing or If I made a mistake and if so can I back out.

Current Home:

Purchase Price = $255,000 (30 year VA Loan /w 4.0 Interest rate. Traditional.)

Downpayment = $50,000

Monthly payment = $1,268

I have been making payments for about 14 months thus far so total money invested about $65,000

Have around $190,000 left to pay.

Property Valued around $310,000.

TD Bank agreement:

58,000 line of credit

$713.00 per month interest then after 10 years Principal kicks in.

Interest rate 3.50 from ($248,000) 190,000 + 58,000 = $248,000 which is how that number came up. 

Had to open a checking account to get a discount for better rate.

$99 free for closing cost and $50 annual fee from 2-9 years.

The rep said I would be saving money long term, but spoke to my accountant and says this is a bad deal. Says I will be paying all interest and no equity in home until after 10 year. Thoughts?