Choosing a HELOC can be difficult. When speaking with HELOC lenders you may receive so many different terms and rates that it becomes practically impossible to keep track. This chart can help. Use it to organize the HELOC information lenders give you. By the time you’re finished speaking with three lenders, you’ll be able to easily compare the loans you’ve been offered.
If the terminology in this chart is confusing, check out this article: How to Negotiate the Best HELOC Rates and Terms. It will help you understand the basics phrases used below.
You can print the following worksheet directly from your internet browser. Or, you may download a high qualify PDF version (download now).
HELOC Comparison Worksheet
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HELOC Features |
Lender: |
Lender: |
Lender: |
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HELOC Credit Line |
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Estimated market value of property |
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Lender’s loan-to-value ratio (LTV) |
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Current mortgage debt |
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Total borrowable amount (value of property x loan to value ratio) – current debt |
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HELOC Interest Rate |
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Teaser rate / teaser period |
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Index used to determine interest (prime rate, LIBOR, etc.) |
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Margin added to index |
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Current interest rate (today’s index + margin) |
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Frequency of rate adjustments |
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Periodic interest rate cap |
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Lifetime interest rate cap |
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HELOC Fees |
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Application fees |
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Appraisal fees |
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Points |
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Closing costs / lender fees |
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Inactivity fees |
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Cancellation fees |
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Check writing fees |
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Recurring annual fees |
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Other fees / charges |
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Total fees |
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HELOC Withdrawal Period |
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Length of withdrawal period |
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Mandatory initial withdrawal amount |
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Everyday minimum withdrawal amount |
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Monthly payment type (interest only, interest + principle, etc.) |
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Fixed-rate conversion available? |
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Withdrawal method (debit card, checkbook, etc.) |
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HELOC Repayment Period |
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Type of repayment (balloon payment, monthly payments, etc.) |
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Length of repayment period, if applicable |
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Refinancing offers |
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More HELOC Info |
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Under what circumstances can the line be reduced or frozen? |
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Under what circumstances can the lender demand full repayment? |
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Misc. Notes |
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