How to choose a lender for HELOC?

[Andy Lee]

When applying for a HELOC, what factors should determine which lender to choose? Considering going with a local bank w/ an average rate for convenience but wanted to gain more insight. Thank you.

[Chris Winslow]

It would be good to be comfortable with the lender and make sure they seem legit, local banks are great and can even be preferred but it just depends what all you are looking for, establishing a relationship with a local bank may also help with funding later down the line. I was recently asking around about a HELOC and asked questions about: max LTV that they offer, max credit line available, interest rates, payment terms (interest only vs principal + interest and timeline of credit line for draw and payback period), annual fees, how they will value the property, closing costs, early termination fees (should not really be an issue either way), and do they offer on only primary or something similar on investment property as well. Good Luck!