Typical closing cost percentage on HELOC
Hey finance savvy people! We are setting ourselves up with a HELOC to start investing. Looks like the closing cost fees are about 3% of the credit line amount. Does that seem typical for a HELOC of about $200k - so the fees are about $6k? Thanks so much for your help, really appreciate it!
Most Popular Reply
It depends on the loan amount. For most lenders, there is a threshold above which they require a full appraisal and other documentation which drive up the cost. Below that they'll often do a desk appraisal to cut down on cost and headache.