KEEP THE DETAILS TOGETHER
Your HELOC quote worksheet.
Use one borrowing plan, collect written answers, and mark missing information before choosing an offer.
My goal: _____________________________
Cash needed: ______________ Target payoff: ______________
| What to confirm | Offer A | Offer B |
|---|---|---|
| Borrowing planRequested line limit; first draw; later draws; expected payoff date | ||
| Rate formulaIndex name and date; margin; ongoing formula | ||
| Introductory termsIntro rate; exact end date; rate afterward | ||
| Rate limitsFloor; maximum rate; adjustment frequency | ||
| DiscountsConditions; duration; cost of required accounts | ||
| Opening costsApplication; appraisal; title; recording; other fees | ||
| Ongoing costsAnnual; inactivity; draw; conversion charges | ||
| Exit costsEarly closure; recaptured fees; lien release | ||
| Draw-period paymentInterest only or principal + interest; minimum amount | ||
| Repayment periodTerm; amortization; any balloon balance | ||
| Access rulesMinimum draw; required initial balance; restrictions | ||
| Quote statusDate; expiration; what is fixed; what can change |
Three questions before deciding
- What will I pay in interest and fees by my planned payoff date?
- Can I afford both a higher rate and the later principal payment?
- What happens if my project, income, or payoff timeline changes?
Keep blank terms marked “not confirmed.” A zero fee and an unknown fee are different things.
Background: CFPB HELOC booklet · CFPB home equity plan disclosures. Calculations and scenarios on this page are original illustrations.