Key takeaways

Shopping around for a HELOC can help you discover the best interest rate and terms.

A variety of factors can impact your overall loan cost, including prepayment penalties, origination fees, maintenance fees and minimum draw amounts.

Maintaining a good credit score is one of the key ways to obtain a competitively-priced HELOC.

With home equity line of credit (HELOC) rates hitting their lowest levels in years lately, you may be wondering if now is a good time to borrow against your home’s value.

Not only is shopping around for a HELOC crucial for the most competitive interest rate, but also for other favorable terms and conditions. Several factors will influence your ability to get a good rate, including a strong credit score, a low debt-to-income ratio and the lender you choose.

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