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How a home equity line of credit works

A home equity line of credit is a variable rate line of credit that uses your residence as collateral, or security for the debt. This variable rate features interest and principal payments that can change over time. While rates may change daily, you’ll have a specific rate cap, which limits how much your rate can change over the life of your line of credit. You can also switch to a fixed rate using the Chase Fixed-Rate Lock Option, which allows you to lock in a fixed rate on all or a portion of your outstanding balance at any time during your draw period.

Understanding timing: borrowing vs. repaying

A home equity line of credit includes a draw period of up to 10 years during which you can borrow as much or as little as you need (within your credit limit), whenever you need it. When your draw period ends, you enter the repayment period. This period can last up to 20 years during which you are expected to repay your outstanding balance. You’ll no longer be able to borrow funds during this time.

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