If you’re one of the lucky few who can still qualify for a HELOC, congratulations on your good financial management. Take a minute to pat yourself on the back, and then get to work. Choosing a HELOC is no easy task. It may seem that most home equity lines are pretty much the same thing. But, your choice could result in the savings (or loss) of thousands.

I’ve put together a couple resources that can help you in your quest to find the best HELOC.

First, the article How to Negotiate the Best HELOC Terms, can help you know how to communicate with your bank. HELOC interest rates are not as straight forward as they may seem. When you understand how these rates are determined and adjusted, you’ll be prepared to ask for better terms.

After that, take a look at the printable HELOC Comparison Worksheet. Have a copy in front of you when discussing possible options with a HELOC lender on the phone or in person. You’ll know the most important questions to ask and will be able to compare multiple lenders by looking at just one piece of paper. Lenders can be a little tricky, so recording their estimates from the beginning is a smart idea.

In the end, you’re the one who has to do all the hard work. No one can tell you what lender is best for your situation. Anyone who says “this bank always has the best rates and terms” can’t possibly know that. Loan products change regularly, interest rates are all over the place, and brokers are often willing to negotiate to give you a better deal. So, read up on what to look for, print of the worksheet, and hit the phones. Your hard work will pay off in savings and peace of mind.

Tags | Heloc, home equity line of credit, second mortgage