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A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home's equity. During the draw period (typically 10 years) you make interest-only payments on the amount drawn. After the draw period ends, the repayment period begins and you pay principal and interest. HELOCs typically have variable interest rates tied to the prime rate.
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How is a HELOC different from a home equity loan?
A HELOC is a flexible revolving line of credit — you draw funds as needed. A home equity loan gives you a lump sum at closing. HELOCs usually have variable rates; home equity loans have fixed rates.
What happens at the end of the HELOC draw period?
After the draw period ends (typically 10 years), you can no longer draw funds and must repay the outstanding balance, usually over 10–20 years with principal and interest payments. Some lenders require a balloon payment.
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