Yes. The closing costs for home equity loans and HELOCs can range from 1 percent to 5 percent of your loan amount. These can include many of the same closing costs as a typical real estate closing, such as origination, appraisal and credit report fees. HELOC lenders also often charge annual fees to keep the line open, as well as an early termination fee if you close it within three years of opening. You could also incur a charge if you decide to convert your HELOC balance to a fixed interest rate.