u/MundaneSundae3049

I want to take out a heloc to purchase an investment property. The rate my mortgage broker showed me was 8.5% fixed or variable (they are somehow the same). Is that normal? Sounds high to me tbh. I’m in NY looking to purchase sometime soon in Jersey. What kind of fees should I expect as well. There were like 5k in fees. Sounds too high to me. For reference, I own a 500k investment property paid off and I want to get a 300-350k heloc. EDIT over 800 credit score, 150k income, 1.4m primary residence property 85% paid off