HELOCs, any difference between banks?

[CK Hwang]

Hey everyone, in the last few days I've been looking at getting a HELOC to fund a few deals coming up and I've talked to mortgage brokers at a few big banks like wells fargo and chase.

The HELOC products are pretty much the same, fees are pretty much the same + or - $100, as are the terms interests all around the 4% mark, almost to the point where all these banks seem like pretty much the same company.

In such a situation is there anything I should look out for? Is one bank better than another? Any perks or benefits to going with one of the big names? Or should I just pick the banks that I like the best?

This is my first time getting a HELOC so apologies in advance if the question seems silly.

[Jean Bolger]

Make sure you ask what the minimum payment will be. Some allow interest only payments, others have something like 1% of the loan amount as the minimum. All other things being equal I would look for the interest only option. Also- be sure to check your local credit unions. Around here they offer much better rates and fees.