Trying to find the right HELOC terms...

[Will Pardo]

Hello, 

I've been searching high and low for a HELOC with great terms. They're all pretty much the same and I was about to commit to a local credit union but came across this HELOC.

https://www.unifyfcu.com/home-loans#flex-rate-home...

Here are some of the highlights: 

• Up to 90% CLTV financing.
• $20,000 to $250,000 loan amounts.
• No annual fee.
• 15-year draw period & 15-year repayment period.
• For single-family and multi-units, condominiums, townhomes, second homes and planned unit developments.
• Fixed-rate loan lock option as low as 2.99% APR (Minimum 60-month term required) .
• Apply up to 3 fixed-rate loan locks at any time.
• Fixed-rate is based on credit history at time of loan origination.
• Interest Only.
• No prepaid penalties. 
• HELOC must remain open for 3 years.

I did call them and they clarified that 90% LTV has a 6.5% interest rate (excellent credit) but the same features above would still apply. 80% LTV is the current rate 4.25% and all closing cost would be paid by me. On a loan of 100k the closing cost would be approximately $1900 to $2750.

Now I know I can get no closing cost else where but I thought the three fixed rate locks at 2.99% APR for 5 years could be beneficial considering I'm a newbie and would want to start my RE Investing slow. Has anyone used Unify Financial Credit Union? Any feedback or HELOC recommendations would be REALLY appreciated.

Thanks!