Opinions on a HELOC?

[ProcessBlue2]

We are looking at getting a HELOC to do some upgrading and finish some projects around our home, I've never used one before. We are looking to sell here in the next 3-6 months and the realtor seems to think it would really help the value- especially the wrapping up of our slow moving projects (patio, outdoor living space, storage building, etc.). We have the cash to do all of this but we aren't really wanting to drop all of that at once due to some other things we have going on. I know the interest rates are high, but for just a few months I think it would be worth it. Have any of you done this before?

[HaricotVert]

Use a Credit Union.  Last one we got the CU had the best rates around by a full point.

[Anybodyhome]

It might be beneficial if you were thinking about holding the property for a while longer. You need to speak with the bank about your HELOC terms and conditions. Some banks will charge you a prepayment fee for early payoff, for example. Other banks may require you to pay off the HELOC prior to closing on the sale, while others may allow you to pay off the HELOC balance with the proceeds of the sale.

I would have this discussion with your banker, not your real estate agent.