HELOC Rate & Amount Advice

[Ben Gordon]

Need some advice. Getting ready to close on a HELOC and I have a couple of options available....

$70,000

6.5% (Prime + 1)

$64,400

5.5% (Prime)

These options are based on 80% & 90% LTV.

Would you go for more available funds with a higher rate?

Or

Lower available funds with a lower rate?

With a difference of $5,600 I feel the lower rate is more ideal...Give me your thoughts BP!