You will have fees involving property appraisal, an application fee, any fees associated with buying "points", closing costs, membership or maintenance fees, and possibly transaction fees.
The rates are based on the equity you have in your home and the Wall Street Journal Prime. For example, the more equity in your home the lower your interest rate.
A home equity line of credit is a form of revolving credit, in which your home serves as collateral. You will be approved for a specific amount of credit. The line of credit has a variable interest rate and a maximum term of five year.
A home equity loan is a loan in which your home is your collateral. This type of loan has a fixed interest rate and term, allowing your payments to remain the same.
