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What is a draw period?

Your draw period is a set number of years, often 10 years. During that time you’ll have to make minimum interest payments, but in most cases you won’t have to pay down the principal balance. This typically means relatively low payments that vary based on how much you’ve borrowed, just like with a credit card.

How long is a HELOC draw period?

The typical length of a HELOC draw period. Some draw periods can be as short as three or five years. In contrast, the HELOC repayment period is much longer, lasting up to 20 years. How does a HELOC draw period work? During the draw period, you’re given a set line amount to borrow against, based on the amount of equity in your home.

What happens when the draw period ends?

When the draw period ends, your HELOC will transition into the repayment period. During the repayment phase, you will no longer be able to draw any money from your credit line. Additionally, you’ll need to repay the total amount of money you borrowed during the draw period.

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