HELOC - Questions to ask when speaking to banks

[Eric Anderson]

I would like to obtain a HELOC on my residence. Does anyone have an intake/questionnaire when speaking to banks about their programs? I want a HELOC which I can use to finance the flip on another property. I don't plan to carry an open balance for more than 6 months at a time. Any help is appreciated. Thank you.

[Allen McGlashing]

@Eric Anderson

I just went through the process with taking a HELOC out on my PRIMARY home for 95% LTV to do the day exact thing INVEST IN REAL ESTATE. What I learned was ask everything that comes to your mind whether it be to your loan officer or her on BP. 

Some basic things to know when going into it is ask

• - Is it interest only payments?
• - what the rate is?
• - how long is the draw period?
• - how long is the repayment period?
• - how much is closing costs?