Heloc loans in California

[Sunny Ho]

Hello all! I am a new investor and also new to Bigger Pockets. Looking to get a Heloc on my primary resident for investment purposes. Looking through other threads but most on Helocs are dated. Here are the details: - Prop value $1.3M - Money owed $460k - Equity $800k Understand that I'll be able to take out 70-80% max of the equity. Here are my questions: - Anyone that can recommend a bank or institution where I can get the best rates. Should there be no closing costs? What about points? - When asked what the loan is for, do I tell them for investment purposes or another reason? Are there limitations if I say for RE investment purposes? - If I am looking to use the Heloc for buy&hold sfh properties, would the 10 yr draw (int only) be the best option to go with? Look forward to your recommendation & tips. Thanks in advance!