HELOC terms i should look for

[Andrew Angerer]

Hey everyone, I have recently been shopping around for a HELOC, I estimate about 65k in total home equity on my personal house and I have a ~800 credit score. I have mostly been calling local Credit Unions. My questions are the following; Should I let the credit union send their own person for the appraisal? Or should I find my own 3rd party company to do it? Are there any hidden fees you got hit with when you got your HELOC? I was suggested to go for the 80% LTV for a lower interest rate. Yet I want to have closer to 90% for the BRRRR method, is the 10% a big deal/ difference? I was told that everything would be free ( fees) if I took an immediate withdraw of 15k. Is this something used by banks often? What other advice can you spare? I'm looking to enter the market buying a 100k house to do medium repair and have it be value add. I do have liquid cash reserves

[Brandon Sturgill]

@Andrew Angerer if you are using a conventional lender you have zero control or decision with the appraisal. Nor does the bank...been that way for years. Licensed appraisers basically line up in a queue and do appraisals as their number comes up. Completely impartial (in theory anyway). My credit union is offering near prime rates and a 98% LTV...$600 closing costs rolled into the loan...25-yr am schedule with a 15-yr draw period...true interest only payments on the outstanding balance only.