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The draw period is the initial phase of a home equity line of credit (HELOC), during which you can withdraw funds, up to your credit limit. The draw period typically lasts up to 10 years.
For instance, if you have a HELOC for $10,000 and close the account after it is paid off, that means the $10,000 of available credit is no longer being factored into your credit score.
Pros and Cons of a Home Equity Line of Credit (HELOC) ... you may be required to make an initial draw on a HELOC, such as $5,000 or $10,000, depending on the total credit line amount, to ensure ...
A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).
A HELOC (home equity line of credit) is a revolving form of credit with a variable interest rate, similar to a credit card. The line of credit is tied to the equity in your home. ... Minimum draw ...
For example, on a $50,000 HELOC, your monthly payment would be around $559, assuming a 9.17 percent variable APR, a 10-year draw period, and 20 20-year repayment period.
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