Start using your HELOC today. Here’s where to find HELOCs.

There are three main places you can look to find HELOCs.

Where to Find a HELOC

A HELOC is a lien against a property that is set up much like a credit card.

A financial institution will set it up for you with a:

• Credit limit – the maximum you can borrow from the HELOC.
• Term length – the amount of time the HELOC is available and the limit is locked in (usually around 10 years).
• Methods to access the money – how you can borrow the money (bank wire, debit card, etc.).

1. Credit Unions

Firstly, look for a HELOC at a credit union. Credit unions will have the best HELOC rates and terms. We’ve found that to be universal state-to-state.

Shop around at local credit unions. Make sure the lender you’re working with likes real estate investors. Each lender has their own niche. One may prefer doing car loans, but another will prioritize HELOCs.

You’ll find the best deal from a credit union, but you should still shop around for the right one.

2. Local Banks

Secondly, look into a local bank.

Local banks usually like to work with real estate investors. They’ll have more products available as far as HELOCs for rental properties and HELOCs on multiple properties.

3. National lenders

Thirdly, look for a HELOC with national lenders.

Now that the refi-boom is settling down, national lenders and mortgage brokers are starting to offer HELOCs. Going through a national lender will open you up to more products, but the cost is almost guaranteed to be higher.

Consider all three of these options to find the best deal you can. For a HELOC, the “best” deal involves not just rate but LTV.

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