- Brand new mark stage to your good HELOC normally lasts for four so you’re able to 10 years. You might borrow funds during this time period, with most loan providers demanding interest-simply minimum payments. You may be able to lower the bill, no matter if it is not expected yet.
Investing more than the minimum inside mark stage possess an effective couple professionals, but not. You are able to refresh your own borrowing limit so you’re able to obtain alot more once again if needed in the future, down otherwise beat your existing payment, and you will and save well on appeal.
- After the draw phase is over, the fresh HELOC goes into the brand new installment phase.