Types of Home Equity Loans
– there is the draw period, during which time you can draw against the credit limit as long as you stay below the limit. During that time, you can elect to only pay the interest that accrues – or you can make payments on the principal to free it up. Once the draw period is over, you go into the repayment period. During the repayment period, you can’t draw against the line of credit any longer, and must make full repayment.
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk.
