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Updated about 3 years ago,

User Stats

55
Posts
34
Votes
Elizabeth Rose
  • Rental Property Investor
  • Various states
34
Votes |
55
Posts

HELOC question - interest + principal payments during draw period

Elizabeth Rose
  • Rental Property Investor
  • Various states
Posted

Hi BP community! After interviewing several lenders, I chose one to pursue a HELOC with. The loan process has been going on for 1-2 months now... now, at the 11th hour, they're saying the loan will be interest + principal payments during the draw period, which isn't what they'd initially told me. This will be my first HELOC - I was under the impression most HELOCs only require interest-only payments during the draw period? I'm thinking of just withdrawing this application and going with a different lender but would love some feedback first from y'all. Thank you :)

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