Does anyone here have a Home Equity Line Of Credit?

Postman

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Sun May-14-06 09:51 AM
Original message

Does anyone here have a Home Equity Line Of Credit?

was wondering if the "draw period" is also the "repayment period"....

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unblock

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Sun May-14-06 09:56 AM
Response to Original message

1. on mine, the "draw period" is the first 10 years

and the "repayment period" is the next 20 years.

during the "draw period" you can borrow and/or pay down as much as like on any day (up to the total limit, of course).

at the end of the "draw period", you can no longer borrow any more. whatever you balance owed is essentially converts to a conventional 20 year mortgage at that point. you can pay down, but not borrow up.

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petersjo02

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Sun May-14-06 10:15 AM
Response to Original message

2. We borrowed x amount of dollars

and are required to pay off within 10 years. I'm sure there are different ways to go about it.

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