HELOC Loans in California

[Sunny Ho]

Hello all!

I am a new investor and new to Bigger Pockets. I've been looking through the posts regarding HELOC loans in California and most are dated so looking for recommendation/advice regarding my situation. Here are the details:

- Primary residence value: $1.3M

-Money owed: $460k

- Equity: approx $800k (understand I'll be able to draw at most 70-80% of this value)

My questions are:

- Any recommendations for banks/institutions with the best rates? Should I be expecting no closing cost? What about points?

- When asked what the loan is for - do I tell the lender it is for RE investment purposes or another reason? Are there limitations if I say it is for RE investment?

- I am planning to use the loan amount for buying & holding out of state properties, would the 10 year draw, interest only plan be the best option?

Looking forward to your recommendations & tips.

Thanks in advance!