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Mortgage Glossary

HELOC Draw Period

Mike Starr·Reviewed August 2026

The HELOC draw period is the initial phase of a Home Equity Line of Credit during which the borrower can access funds up to their approved credit limit. This period typically lasts 5 to 10 years. During the draw period, borrowers usually make interest-only payments on the amount they have borrowed, though some HELOCs allow principal payments as well.