Hello all-

I was considering getting a home equity line of credit as an additional emergency fund. I already have the appropriate amount of cash stashed away "Just in case" but thought it can't hurt to also have an HELOC available.

I asked my credit union, and they offer one with no annual fee, but a $180 closing cost, they also said they TRY to avoid getting an appraisal, but if it's required I'd be responsible for that. I don't see how they could avoid the appraisal...

I talked to Wells Fargo, and they had a deal with no closing costs, and no fee for the first year, but the account costs $75 a year thereafter.

Considering the fact that I don't ever plan to actually use the credit, I sure don't want to be paying fees to keep it open. I'd be willing to take a higher interest rate to avoid having any fees. We have exceptional credit and debt/income ratio, but our mortage is at 75% of the value of the house. So I'd probably need a HELOC that went up to 90%.

Looking for folks' opinion, and any insights you might have. Also, if you've worked with any banks and what your experience has been.

Thanks in advance.