What fees can my lender charge if I take out a HELOC?
Before you take out a Home Equity Line of Credit be sure to read the documents carefully to see what fees your lender can charge you. Under some plans, lenders can charge you:
- For not using your HELOC (an inactivity fee)
- For each year you have the HELOC (an annual or membership fee)
- For terminating the HELOC early, usually within the first two or three years after it is opened (a cancellation fee)