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Home equity line of credit end-of-draw options

HELOC End-of-draw options

We want to make sure you do what's best for you. Begin learning about your end-of-draw options now before you approach your repayment period and find the option that is right for you. We’ve outlined some key things to help you understand the details of a home equity line of credit and get you started.

Option 1: Refinance your HELOC

A) Refinance into a new HELOC

You may be eligible to refinance your home equity line of credit into a new HELOC which means you would be transferring your current HELOC balance into a new home equity line of credit — with new terms and conditions.

Since you will be opening a new HELOC with Chase to pay off the balance of your current account, you can think of the refinancing process as a re-application.


Important: All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.


  • You will have access to your new HELOC’s available credit as long as the balance you are refinancing doesn’t exceed your credit line limit.
  • You don’t have to wait until you are ready to refinance your HELOC to begin preparing. You can start by keeping a copy of your credit report, keeping your debt low, and keeping all of your accounts in good standing.
  • You can get started by reviewing your credit score with our new Credit Journey tool.

B) Refinance your HELOC into a new First Mortgage with Chase

We want to make sure you do what is best for you. Call us to talk about refinancing your HELOC and existing mortgage (if any) into a new first mortgage with Chase.

Unlike refinancing into a new HELOC, choosing a new first mortgage would no longer provide access to revolving credit.

You will need to qualify for a refinance to pay off your existing HELOC and first mortgage (if any).


Important: Learn more about refinancing your mortgage.



Option 2: Fixed-Rate Lock

In lieu of refinancing, take advantage of our Chase Fixed-Rate Lock Option for all or a portion of your HELOC balance. To learn more, review our lock section.

  • You can lock all or a portion of your HELOC balance into a fixed-rate for a specified period of time during your draw period.
  • The lock is subject to fixed-rate pricing which may be higher than your current variable interest rate.
  • You can lock an interest rate anywhere from one year up to two months before your maturity date.

Example: If the combination of your draw period and repayment period is 30 years (360 months) and your account is in year 5 (60 months) you can only lock for a maximum of 298 months (360 months - 60 months - 2 months).

Option 3: Repayment Period

At the end of your draw period your account will rollover into the repayment period automatically. For detailed information on how this will affect your payment, you can learn more in our payment section.

Once your account rolls over into the repayment period, you will no longer have access to your available funds and will be required to make principal & interest payments towards your outstanding balance, typically as monthly payments.


Tip: If you need access to the equity in your home, you still have the option to refinance into a new HELOC once you have entered into the repayment period.

Option 4: Lump Sum Pay-Off

For detailed information on how to complete the payoff process and to access required forms, please review our closing your account section.

If you need additional information or have questions pertaining to your end-of-draw options, please call us at 1-800-836-5656. We accept operator relay calls.

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