HELOC for investing-limit lower than expected. Continue looking ?

[Elad Messing]

Hi all HELOC experts :)

We are in the process of getting a HELOC for our primary, to be used as cash-equivalent to fund investments. After shopping, we opted for one bank however they just came back to us with the proposed official limit - much lower than we anticipated ($400K which is way below 80% of our equity. 80% was the limit they "market" to us).

The question is - should we continue looking even though their other terms were quite good (0.25% + prime, interest only, introductory rate, low yearly minimum (to eliminate yearly fee, which in itself is quite low etc.)  

?

Btw - the reason they gave us a low minimum is b/c during the shopping process, our credit score decreased to 716 from 770 from multiple hits (720 is their bar for a higher limit). 

I am guessing other banks will not like this score either, and I understand it will take sometime until the score increases again.. which means if we dont take this HELOC we will need to possibly wait that period.

What do you think ? 

Thanks