I'm still kinda kicking myself with the 5-year term, we could be saving quite a bit more with the variable. Still a good rate (fixed), but I've learned nobody has a friggin' clue where rates will be; might as well get the lowest rate whenever you can. Lesson learned.
The others have already done price comparison. But a line of credit is much more flexible than a mortgage. That means you can pay it off quicker or slower, depending on your circumstance.
I had my HELOC rate at TD Bank reduced from Prime+1% (the rate than most banks unilaterally increased their rates to, justified by the low interest rate environment). They reduced it to Prime+0.25% about 3 months ago. I tried hard for Prime+0% with my good credit and history at the bank, but this was the lowest I could get. The main point is that there are better deals to be had on HELOC rates than Prime+1% (where many people are at today) and even better than Prime+0.5%.
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