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What to check in a loan agreement
Home Equity Lines of Credit involve questions about both the borrowing arrangement and its cost. Separate the draw period from the repayment period. Ask how the minimum payment is calculated in each phase and whether interest-only payments leave the borrowed balance unchanged. Check what happens when the draw period ends.
When does the draw period end? How is the variable rate calculated? What payment is required in the repayment phase? The BorrowCompass guide at heloc terms and conditions helps organize these points. Confirm the current terms with the provider and compare the full repayment obligation. This is educational information, and eligibility depends on the applicable requirements. |
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