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Can I pay off my HELOC early?

Yes, you can pay off a HELOC early. However, there are concerns to be aware of. There are two payment periods in a HELOC agreement: the draw period and the repayment period. The draw period is set by your lender and usually lasts about 10 years. This is the time frame in which you are actively borrowing. Typically, you are only required to pay off the interest on your HELOC during the draw period.  

 

You can always pay off your entire outstanding balance at any time - however, keep in mind that if you pay off the full amount within the first two years, you may have to repay any bank-paid closing costs (not applicable in Texas).

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