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Any information would be helpful...What should I look for?

Thanks in advance!
 

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you borrow against the equity you have built in your house. Its generally a low variable rate. You usually are only required to pay the interest only and the interest paid is tax-deductible just like your mortgage. so basically you could buy a car with your line of credit and write it off on your taxes. It works like a reserve so you can borrow and pay it off as often as you like.

Its good to have already in place as long in case you need money. I work for Wells Fargo bank and we do them every day. No closing costs as long as you agree to keep your line open for 3 years balance or no balance...if you move..just take your line with you.

Dave
 

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Yes, what dme79 said.
I ve been in real estate finance for years, and the best place to get them is your local bank. Because they're free.
If you go through a mtg broker like me, you have to pay for an escrow, appraisal, etc... :p
 

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What has already been said...however, note that a HELOC is an open credit account that you can use as you need. I do think that most banks charge a small fee for maintaining this open account whether your use the funds or not. State Farm Bank has a HELOC and the current interest rate (again, which is variable) is 4.5%. The $25 annual fee is waived for the first year.
 
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