What is the Advance Period, also known as the Draw Period, and what happens when it ends?

The Advance Period, or Draw Period is the time during which you can access funds from your line of credit. For the Golden 1 Home Equity Line of Credit, the Draw Period is 10 years. You can use as much or as little of the funds you need, up to your credit limit.

During the Draw Period, payments will be due monthly. You have the option to make interest-only payments or principal and interest payments. Once the Draw Period ends, you can no longer access funds from your line of credit, and you must make monthly principal and interest payments over a 20-year repayment period.