Home / HELOC / Compare the margin and the fees. Ignore the giant rate in the ad.
Updated September 2026
HELOC guide
Compare the margin and the fees. Ignore the giant rate in the ad.
Two HELOCs are the same product only if the index, the margin, the fees, the draw period, and the LTV cap match. Prime plus 1% with a closing fee can beat Prime plus 2% with no fee, or the reverse, depending on how long you hold the balance. Ask each offer: what is the margin, what is the floor, what is the early-closure fee, is an initial draw required, and what combined LTV did they use. We will put our offer in that same grid. We do not match a teaser that disappears after six months unless the note says it is real.
Sending a file is not an approval and not a credit pull. We text the same business day. We do not call. If we can structure it, we name the door. If we cannot, we say so.
The screen
| Line item | Ask both |
|---|---|
| Rate | Index plus margin, and any floor |
| Fees | Closing, annual, early close |
| Term | Draw years, then repayment years |
| Size | Combined LTV and the dollar cap |
What we fund
- Borrowers holding two term sheets
- A bank offer that left out the margin
- Anyone who only compared the APR line
What we still need. Short list.
- The first mortgage balance, rate, and whether it can stay.
- A value we can support, and the cash you actually want.
- The property state. HELOC is only GA, FL, TN, AL, NC, and SC.
- Income path: full doc, bank statements, or rent on a DSCR HELOC.
Questions
Is APR enough?
No. APR helps, but the draw period and the fee if you exit early change the winner.
Should I let both lenders hard-pull?
Only when you are actually applying. A conversation should not cost an inquiry.
Can you beat any offer?
No. If theirs is better on your facts, we will say so.
Related
These are the guidelines we screen. They are not a promise that your file hits the maximum. Credit-event seasoning, occupancy, and property condition still have to be confirmed. Not a commitment to lend. We text. We do not call.