* When opening a home equity credit line, expect these expenses: an application fee, title search, appraisal, attorneys' fees, and points
* A "discount" rate is a low, introductory interest rate that usually lasts only six months. Find out what the rate will be at the end of that period.
* Most credits lines have variable interest rates. If the interest rate goes up, so does your monthly payment.
* Some lenders charge continuing fees such as transaction fees each time you borrow money.
* When you open a home equity account, you have three days to cancel the transaction, for any reason. You must cancel in writing.
