好像没有那么简单。
A draw period is the amount of time you can withdraw funds from a credit account through a home equity line of credit. For instance, a 10-year draw period allows you to withdraw money for a period of 10 years. After the draw period ends, you are responsible for repaying the loan.
找到细节了，
Term of a Home Equity Line of Credit
- Typically a 5-10 year draw period
- Where you can make interest-only payments
- Followed by a 10-20 year repayment period
- Where you must pay back principal and interest
A HELOC normally has a 25-year term, with a draw period and a repayment period. The draw is typically the first 5 to 10 years, followed by the repayment period of 10 to 20 years.
During the draw period, the homeowner can borrow as much as they’d like within the line amount, and can make
interest-only payments on the amount drawn upon. There is usually a minimum payment, just like a credit card.
After the
draw period, the borrower must pay off the principal of the HELOC, along with the interest. This period is known as the
repayment period.
Usually the loan balance is broken down into monthly payments, but there could also be a balloon payment because of the way the loan
amortizes. Also note that some HELOCs don’t have a repayment period, so full payment is simply due at the end of the draw period.
