Schedule & payoff
Draw period
Also known as: HELOC draw period, draw phase
The phase of a HELOC when you can borrow against the line.
During the draw period (often about 5–10 years), you can usually take advances up to the credit limit. Many HELOCs require interest-only payments on the outstanding balance during this phase. When the draw period ends, new draws typically stop and repayment begins.
See also
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