Not all HELOC lenders are created equal. Here's how to compare HELOCs during your search: Check the lenders' advertised rates. A HELOC's interest rate is generally a base rate that's determined by the market plus a margin that becomes the lender's profit. The margin you'll pay varies by lender but is ultimately what results in a higher or lower interest rate.
Look at each lender's fees. Most HELOCs come with annual fees, while some lenders also charge early termination, inactivity and other fees. Pay attention to the fine print. Review the HELOC's draw and repayment periods to make sure they fit your timeline and financial goals. Draw periods can last as long as 10 years, while repayment periods can extend to 20 years. Compare HELOCs now