Quote:
Originally Posted by Bugeater
No, they will just appraise your house to make sure you have the necessary equity to back the loan.
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They did a drive-by appraisal when I setup my HELOC last year. Was relatively hassle free, and if memory serves, the total fees to set it up were ~$200.
Agree with Rain Man and Amnorix, as long as you are self-disciplined enough to handle it, the HELOC is a great option. You do need to be aware of the potential for the rate to increase though. My introductory rate was around 2%, which goes up to 4% after a year. But it's tied to prime, so if rates start going up, my rate will as well.