HELOC (home equity line of credit) questions
 

Is there any associated costs to setting one up, once u qualify for one?

the only cost i know of associated to this is a lawyer fee, maybe an appraisal fee. This wont affect home insurance or property tax right?

I was under the assumption, and was told there are no other fees associated with setting it up. But i just got a letter from my home insurnace agency asking for additional funds due to setting up the heloc.

I know a few of you guys work at other banks, so id ask for some insite on this.

Thanx.

and yes, i already contacted TD, the bank i set up the heloc at. the friend im dealing with there hasnt heard of this issue before and is waiting til the manager gets back to give me an answer.

ive called the home insurance agency, and said its a request made by the bank and not the insurance company/agency.

the amount in question tacks on another 25% onto my home insurance, so yeah im a tad concerned. plus who the hell wants to pay more fees.

ok update.

Talked to the bank, and both the friend that works at the bank and the manager have never seen this fee before. They did some research and turns out it some processing fee that this home insurance company tags on yearly.

So... im switching home insurance companies to a reconmended one by the bank. Dang, im just surprised the bank would go so far to help me do a bit of research on this!

So far, TD bank has exceeded all my expectations and questions.