Where to park my Heloc money till ready to invest?

[Rijm D.]

Getting a Heloc, hopefully around 120K. It's a fixed loan product, need to borrow full amount by end of Feb to take advantage of 10y at 4.49%. It being long term and fixed is perfect for what I intend to do with it, just dont want to be pressured to buy just because the money is costing me. I thought to at least put it in a 2 to 2.3% savings account to offset the costs. Dont want to gamble it and I intend to access it at 10k downs for low end properties. Any suggestions where to park it safely but accessible and at a good rate?

[Nathan Gesner]

@Rijm D. Can you explain the product a bit more? I've never heard of a HELOC that requires you to borrow the entire amount within two months. A typical HELOC is like a credit card where the funds are available for you to us at any time. When you spend money from the HELOC, you pay interest on that amount. If you pay off the borrowed amount, your HELOC returns to the full balance and sits available for use without any interest payments.

Is yours different?