Answer: The best home equity line of credits have these features: 1) no application, closing, account maintenance or checkwriting fees, 2) variable APR equal to prime rate (adjusted quarterly) with a low cap on rate increases, 3) the ability to convert the home equity line of credit to a fixed rate loan, 4) no restrictions on principal re-payments. For homeowners with good credit, the market for home equity line of credits is very competitive so you can find a home equity line of credit with all or most of these desirable features. Shop around, ask questions, and don’t forget about credit unions!…they offer some of the best deals around.