Is 4.24% a good rate for HELOC?

[Vivian Long]

I'm a newbie with just a couple of rental properties...Looking at expanding with BRRRR and need cash. One of the options is HELOC. Talked to a few banks/credit unions. The best rate I found was 4.24%. Is this good enough? have you seen better ones? Looks like most of them don't charge closing fees or application fees. But some of them charge a mortgage tax of a thousand dollars or 2% for every time you make a draw...Not sure whether the APR is the most important thing I should consider...Thank you for your help!

[Ivan Widman]

@Vivian Long

The best I found around Minneapolis was 5.25 so I think you’re doing well. I ended up with 6.25 so I get up to 90% of the equity. Just looking for the right opportunity now.