Question:

Can I get a no closing cost HELOC (home equity line of credit)?

Answer:

Sometimes a no closing cost HELOC (home equity line of credit) may be offered by certain lenders, but almost always there will be some hidden fees, such as maintenance fee rolled in the HELOC.

However, it may be possible to get a no closing cost HELOC (home equity line of credit) for amounts up to $250,000 and certain types of residence buildings. Also, your credit has to be over 670 to be considered for a no cost HELOC.

In a no cost HELOC rate may not be higher than the regular - prime plus up to 1 percent. It is convenient that with a no cost home equity line you will not need to pay for house appraisal, title search and insurance and other loan related fees. Most often, though, the convenience of a no cost equity line will include a monthly account maintenance charge of $30 to $50.

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