HELOC Monthly Repayment Terms

[Christopher Brown]

My wife and I are applying for a 100K HELOC (Home Equity Line of Credit) as a potential funding source for down payments/Rehab costs. We have not purchased any buy, rehab, and hold properties yet, but that is our goal. We applied to our credit union that we bank at and were approved for the 100K @ Prime - 0.25% with a balance repayment of 1% of the loan balance monthly. My question is whether a 1% of the loan balance is high, normal. Would a 1% monthly payment of loan balance be a good or bad thing? Thanks for any advise.

Christopher Brown