How can we help?

Popular Keyword Searches: Payment, Payoff, Documents, Credit, Application, Returns, Performance, Risk, Investing

Previous

What is a "draw period" for a HELOC?

During the draw period, you can use up to your maximum line amount, and you may also make interest-only payments, which can result in a lower monthly payment. Your draw period may last up to 10 years. 
 
Please note that paying the minimum monthly amount may not fully repay the outstanding principal on your HELOC. Once the repayment period ends, any unpaid balance, interest, and fees must be paid in one final balloon payment.   

Was this article helpful?