What Is A Home Equity Line Of Credit Draw Period. It can vary between lenders but the period usually can last up to ten years. It can vary from bank to bank and even from product to product and is typically in a range of 10 25 years.
The heloc end of draw period is when you enter the repayment phase of your line of credit. What should i expect at the heloc end of draw period. Speech from the day you open your line of credit you may have ongoing access to available funds for up to 10 years.
How a draw period works helocs are divided into two periods.
Monthly payments during the draw period are interest only meaning you are not required to pay principal. A draw period is the period of time you can access funds available on a home equity line of credit. Funds are accessed by transferring funds online to your checking account or writing a check. Monthly payments during the draw period are interest only meaning you are not required to pay principal.