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2. What is the draw period on a HELOC and how does it work? - AOL

   www.aol.com/finance/draw-period-heloc-does...

   A home equity line of credit (HELOC) ... In contrast, the HELOC repayment period is much longer, lasting up to 20 years. ... If you borrowed another $5,000, for example, your minimum monthly ...

3. What to know about HELOC prepayment penalties - AOL

   www.aol.com/finance/know-heloc-prepayment...

   Once you enter your HELOC’s repayment period, you’ll have a specific time frame to pay off your outstanding balance. If you make the minimum payments, you’ll be following that time frame ...

4. Can I Use a HELOC to Pay off a Mortgage Faster ... - AOL

   www.aol.com/heloc-pay-off-mortgage-faster...

   After you tap your home equity with a HELOC, you must repay a minimum amount each month. There are typically two phases for repayment: the draw period and the repayment period.

5. Is HELOC Interest Tax Deductible? - AOL

   www.aol.com/heloc-interest-tax-deductible...

   For example, let’s say 60% of HELOC funds were used to make home improvements, while the remaining 40% was used to pay off credit card debt. You paid $2,000 in interest over the year.

6. How does a fixed-rate HELOC work? - AOL

   www.aol.com/finance/does-fixed-rate-heloc...

   For example, Bethpage Federal Credit Union offers the unique option to convert some or all of a variable-rate HELOC to a fixed-rate loan without a fee; you can choose between five-, 10- and 20 ...

7. Fact vs. fiction: Top 8 common home equity myths — debunked

   www.aol.com/finance/home-equity-myths-debunked...

   For example, while lenders may ... Home equity loan. HELOC. Interest rate. Fixed interest rate. ... Terms. 5 to 30 years. 10-year draw period and 20-year repayment period. Repayment. Consistent ...