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Costs of establishing and maintaining a home equity line

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Many of the costs of setting up a home equity line of credit are similar to those you pay when you buy a home. For example:

• A fee for a property appraisal to estimate the value of your home
• An application fee, which may not be refunded if you are turned down for credit
• Up front charges, such as one or more points (one point equals 1 percent of the credit limit)
• Closing costs, including fees for attorneys, title search, mortgage preparation and filing, property and title insurance, and taxes

In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction fee every time you draw on the credit line.

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