HELOC Draw Period: What It Is and Why It Matters
The draw period is how long you can borrow and repay repeatedly on your HELOC. It is not the same as the loan term. Understanding the difference matters if you plan to reuse the line.
Draw Period vs. Loan Term
The loan term is the total life of the HELOC — from origination to final payoff. The draw period is the portion of that term during which you can draw new funds. After the draw period ends, you enter repayment — you can no longer access new funds and must repay the outstanding balance over the remaining term.
Draw Period by Program
Figure's draw period scales with the total term selected: 10-year = 3-year draw; 15-year = 4-year draw; 20-year = 4-year draw; 30-year = 5-year draw.
| Program | Draw Period | Repayment | Total Term |
|---|---|---|---|
| NFTYDoor | 3 years | 17 years (12 in TN) | 20 years (15 in TN) |
| REMN HELIX | 5 years | 25 years (10 in TN) | 30 years (15 in TN) |
| Aven | 5 years | Remaining term amortizes | Varies by term selected |
| Deephaven | 5 years | 25 years | 30 years |
| Figure | 3–5 years (by total term) | Remaining term | 10, 15, 20 or 30 years |
Why Draw Period Matters
A borrower financing renovations over several years may care more about having five years of reusable line access than about a modest initial pricing difference. A shorter draw period means you lose the ability to re-draw sooner — which matters if you expect to use the line in phases or want flexibility for future needs.
HELOC guidelines change frequently. This content is educational and is not a loan approval, commitment or guarantee.