- Brand new mark several months: You need the latest account so you’re able to acquire and you will repay currency easily. This era normally persists 10 years, where point the borrowed funds motions to your repayment months.
- Brand new repayment several months: You might not any longer borrow against the financing range during this time, and ought to pay-off new a fantastic balance. The fresh cost months generally lasts 2 decades.
The speed you’re offered is dependent upon their credit ratings, income, additionally the lender’s rules
Interest levels toward HELOCs usually are variable, associated with typed markets rates and you will already are priced between a reduced out-of dos.5% to as much as 21%. Read more