Sentences with phrase «against your line of credit during»

You can withdraw money against your line of credit during the «draw» or «advance» period.

Not exact matches

Using your home itself as collateral, this secured financing usually touts lower interest rates than credit cards and acts as a revolving source of funds, so that you can borrow against your home and pay back the credit line as many times as you'd like during the draw period.

HELOCs have a draw period, during which you can borrow against your line of credit, following by a repayment period, when you must pay off the principle as a regularly amortizing loan.

Therefore, your interest deductions for a home equity line of credit depend on whether you borrow against the equity during that year.

Many people are enticed by the reduced payments of the interest only payment option during the draw period — the period of time where borrowers can repeatedly draw against their credit lines (typically the first 10 years of the loan).