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How come an excellent HELOC really works?

With a HELOC, you are provided a credit line that can be found getting a-flat time frame (known as the mark period), always around a decade. Although many HELOCs have an interest-merely mark several months, you may make one another attract and you may prominent payments to repay the brand new credit line faster.

If line of credit’s mark months ends, you enter the fees months, that will past doing two decades.