Your HELOC draw period is ending soon. Here’s what you need to know

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You can take out funds from a home equity line of credit (HELOC) during the draw period to help pay for life’s expenses. But once the draw period ends, the repayment period begins—and borrowers are expected to pay back principal and interest costs. Understanding how the phases of a HELOC work can help you financially prepare for your monthly payments. 

What is a HELOC?