The best way to get a deal on a HELOC is to do your own research. Not all lenders offer the same product - different lenders offer different terms and markups on their HELOC loans.

When approaching a HELOC lender, these questions can help you determine if their loans are right for you:

1. What is the margin on the HELOC I will receive?

2. How long are the draw periods and the repayment periods?

3. What fees will I pay upfront?

4. Will there be a check fee, an annual fee, an inactivity fee, or any other fees?

5. Will there be a prepayment penalty or a charge for canceling early?

6. What is the minimum draw?

7. What is the introductory rate and term?

8. What is the lifetime interest rate cap?

9. Is there a periodic interest rate cap?

10. Will it be possible to convert the HELOC into a fixed-rate loan?

See Also: How to Get the Best HELOC Rates and Terms