Most credit lines are accessed through a checkbook or a credit card. Credit line payments are based upon the outstanding balance. Not checking the lifecap on your equity line. Be prepared to make high interest payments if rates move upwards. Getting a credit line from your local bank without shopping around.
Many consumers get their credit line from the bank with which they have their checking account.
Shop around before deciding to use your bank. Not getting a good-faith estimate of closing costs. Within three working days after receipt of your completed loan application, your mortgage company is required to provide you with a written good-faith estimate of closing costs. In some instances, the interest on your home credit line is NOT tax deductible. It is beyond the scope of this document to provide tax advice or quote from the IRS code.