About the survey
Rates and information are gathered for a variable-rate, revolving Home Equity Line of Credit (HELOC). Once a line is established, interest rates for these product usually reset each month, and move up and down in line with an index, often the Prime Rate.

The information below covers the lowest available dollar amount (tier) available for a 80% combined-loan-to-value ("CLTV") line, for borrowers who have good credit, and who are not clients of the listed institution. The rates shown are for 'coupon book' or 'statement' method of making monthly payments.

While the survey is based on lines for an 80% CLTV ratio (the totals of the first and second liens against the home cannot exceed 80% of the current value of the home), but some lenders may offer 85% or 90% financing at the same rates and terms. Where this is the case, that CLTV ratio is listed instead.

Some lenders will offer different rates for larger or smaller loan amounts, longer or shorter loan terms, charge different rates if you wish to have your payment automatically debited from an account, or may offer other relationship-based discounts.

Survey Source: HSH Associates, Pompton Plains, NJ

Metro Area: The region in which the lender offers the terms shown.

Loan Type: self-explanatory.

Lender: The institution. If a credit union, you'll need to contact them for membership information and details.

Phone: The lender's contact number.

CLTV: Combined-Loan-to-Value ratio. The sum of the first and second mortgages against the property, expressed as a percentage of the home's value. For example, the home is worth $100,000; the first mortgage is $60,000 (60% LTV) plus a $20,000 second mortgage (20% LTV); the sum of the first mortgage plus the second mortgage is $80,000 (80% CLTV).

Minimum Loan $: The minimum loan amount for the rate and term shown.

Maximum Loan $: The maximum loan amount for the rate and term shown.

Introductory Rate: A discounted interest rate offered to attract borrowers.

Introductory Period: The period the discounted interest rate is in effect.

Full Rate Today: The interest rate being charged on the line if there is no introductory interest rate offered. Calculated as a point of reference for lines which have an introductory interest rate.

Index Used: The name of the index used to govern rate changes.

Index Value: Today's value for the specified index.

Lender Margin: The amount added to the index value to arrive at the line's interest rate. Margins may be positive (i.e. Prime _plus_ 1%, Full Rate Today equals 9.25%) or negative (i.e. Prime _minus_ 1%, Full Rate Today = 7.25%).

Rate Cap: The highest interest rate which can be charged on the line of credit.

Points: A fee, expressed as a percentage of the loan amount. One point is equal to a 1% fee; a 1% fee on $20,000 would be a $200 fee.

Up-Front Fees: If any, costs which the borrower must pay to obtain the loan.

Annual Fee: Some lenders will charge you an annually-recurring fee for making the line available. Fees can be 'conditional', changed only if you don't use the line or don't use much of the line over the course of the year.

Payments I/O or FA: Some lenders will allow you to make payments consisting of Interest Only (IO); this means that your payments will cover only the interest which is due and not retire any of the outstanding principle which is due. Fully-Amortizing ("FA") consist of Principle and Interest, and will retire the loan in the term shown.

Term, Advance: The 'advance' or 'open' period of the line is the period (in years) when you can borrow and repay money as you need to. At the end of the Advance period, if any outstanding balance remains, you will enter a repayment period, where no new borrowing can take place. Some lines will need to be renewed, renegotiated or may feature a 'balloon' payment, where all the remaining balance becomes due and payable at once. The advance term is expressed in years.

Term, Repayment: The repayment period occurs after the 'advance' period has come to a close. Usually, you will be required to make payments of principle and interest in order to retire the line of credit in the term listed. Repayment terms are expressed in years.

Early Termination Fee: A fee levied by the lender if the loan is closed (paid off) before the term has been reached. Fees may be expressed in dollars or percentage points of the remaining outstanding balance. CLS indicates that the lender will charge all costs incurred in making the loan, including appraisals, inspections, taxes and any others which occur.

Early Termination Period: The early termination fee listed will only be levied is the loan is closed during the period shown. In the event of a closure after the shown time, no termination fee is levied.