Author Topic: Best low cost HELOC / may never use  (Read 664 times)


  • Stubble
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Best low cost HELOC / may never use
« on: July 24, 2021, 10:53:12 AM »
Anyone have a good recommendation for a low fee HELOC I may never use?

We currently own a house and I would like to open a HELOC to use as a down payment for a house. We'd sell our house if we buy a new one and then pay off the HELOC. I have about 60k in cash I was holding for down payment that, if I can put in the market, I should and get it working for me. 

If the perfect house / price were to be available we might buy now but most likely moving in 1 to 3 years from now.

My credit union charges you about $1000 if you close the HELOC before three years. I've seem that charge $100 a year but haven't  read the fine print.

More background here in Case Studies:'t-track-spending/


  • 5 O'Clock Shadow
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Re: Best low cost HELOC / may never use
« Reply #1 on: July 24, 2021, 11:50:50 AM »
Third Federal is a bank in Ohio that has developed a reputation for low-cost HELOC's online - I had one on my previous house and I can't recall any closing costs except maybe an appraisal? The annual fee is $65, waived the first year, and they don't charge you if you close the account early (within a few years of opening).  It doesn't offer its online products in all states, though -- one of the few downsides.