The specified time period after approval of a home equity line of credit (HELOC) during which the borrower can draw on the credit line. For example, a HELOC might be accessible for a period of 10 years on an as needed basis. In some cases, the repayment period and the draw period are the same. In such situations, the borrowed amount would be due in full at the end of the draw period.
Related information about draw period:
- Draw period - Mortgage Glossary | Quicken Loans
Draw period definition from the mortgage glossary at QuickenLoans.com. Learn mortgage terms and jargon with the Quicken Loans Mortgage Glossary.
- What Is a Draw Period in a Loan? | eHow.com
What Is a Draw Period in a Loan?. For some loans, especially personal loans, the full amount of the loan is dispersed all at once to the borrower. Certain other ...
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Original post by Ciaran John of Demand Media. When you take out a home loan, the loan proceeds are often disbursed immediately after the loan closing and ...
- What Is a HELOC? - from The Mortgage Professor - Mortgage ...
Oct 20, 2003 ... HELOCs have a draw period, during which the borrower can use the line, and a repayment period during which it must be repaid. Draw periods ...
- Home Equity Lines of Credit - Consumer Financial Protection Bureau
During the draw period. Interest and principal payments. Interest-only payments. Fully amortizing payments. When the draw period ends. Balloon payment?
- What is draw period? definition and meaning
Definition of draw period: The specified time period after approval of a home equity line ... In some cases, the repayment period and the draw period are the same.
- How Does A Home Equity Line Of Credit (HELOC) Work ...
They usually have a 15- or 30-year term with a draw period of either five or ten ... The draw period is the timeframe in which you can use the line of credit like a ...
- Home Equity Loans FAQ - Direct.com
What is the "Draw Period" and what is the "Repayment Period"? What is the interest rate on a Home Equity Line? Is there a minimum or maximum amount I can ...