What's the best HELOC rate I can expect?

[David Little]

Hi BP -

What's the best HELOC rate I could expect with no closing costs and no fees assuming perfect credit? Is it viable to do better than interest = WSJ prime rate?

Thanks!

[Jason Wray]

If you want the best HELOC rate and you do not want to pay points or closing costs. You will need to call a CU Credit Union and already be a member or move cash into an account. When you take out a Heloc there are a lot more questions in order to get a rate that you left out. When you say perfect credit do you mean 850? or in the 700's because most people think they have perfect credit.

You also have to know occupancy type like primary, vacation, investment, how many units, LTV/CLTV, Term, Fixed or Variable, Prepay or No prepay, Loan size etc.

I can tell you as a Banker it is much easier and you will get a lower rate if you do a cash out refinance versus a Heloc in this market.