The 5th renewal option caught me off guard in my HELOC

I had a home equity line through a credit union in Portland for 8 years and thought I knew the terms by heart. When the draw period ended last month, they hit me with a renewal clause buried on page 14 that reset my rate to prime plus 3.5%. I called around and found two local banks willing to do the same structure for 0.75% less, but the transfer fee was $950. Has anyone else gotten stuck on renewal language that nobody mentions at closing?

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1 Comment

brown.gavin11d agoOG Member

Did you ask them to waive that transfer fee if you moved both accounts over? Credit unions in Portland are usually pretty flexible on that stuff once you mention you're shopping around. I got mine dropped to zero just by asking nicely.