Transform Your Finances with HELOC Primary Residence Strategy
Cost and Savings Potential
The costs associated with a HELOC can include appraisal fees, application fees, and annual fees, which vary by lender. However, the potential savings from lower interest rates often outweigh these costs. For example, if you save $3,000 in interest charges annually by using a HELOC, and your fees total $500, you still net a $2,500 saving. Moreover, some lenders offer promotions such as waived fees or reduced introductory rates, which can enhance your savings1.