What’s a draw period—and what’s a repayment period?

A HELOC’s draw period is the period when you’re allowed to borrow from the HELOC. For some accounts, interest-only payments are made during this period. Some HELOCs might allow you to take fixed-rate advances that require repayment over time rather than making just interest-only payments. Payment structures can vary depending on the account. Unless the account is frozen, you can borrow, repay, and borrow again up to your credit limit. 

The repayment period is the period during which no more draws are allowed—and if there were interest-only amounts at the end of the draw period, those amounts would be amortized over the remaining life of the account.