Looking to Refinance HELOC: The 4 Amazing Tips for You

There is an initial draw period, of about 10 years when a borrower refinances home equity line of credit (HELOC).

When borrowers refinance HELOC they borrow money as needed from the credit loan and make low, interest-only payments on the amount borrowed.

He can no longer borrow from the HELOC after the draw period ends, and now he must start making fully amortized interest and principal payments every month.

Leave a Reply

Your email address will not be published. Required fields are marked *