What is a draw period?

A draw period is when you can take an advance from your line of credit. From the day it is booked, your line is available for 10 years to take advances from the line. After the 10-year draw period will convert to a repayment-only status, it will be in repayment only, and no more advances can be taken. The repayment will be recalculated to pay off the balance over 15 years.