What is the draw period for a HELOC and how does it work?

The draw period for a HELOC is the time during which you can borrow money from the line of credit. Typically, this period lasts around 5 to 10 years. During the draw period, you can access funds as needed, up to your approved credit limit. You only pay interest on the amount you borrow, and you can choose to make interest-only payments or pay down the principal.