Definitions for "Draw Period"
The time period in which the borrower may access and use a line of credit.
On a home equity line of credit (HELOC), the draw period is a fixed time when a member can make withdrawals from the home equity. Once the draw period expires (10 years), the home equity will be converted to a 15-year repayment period.
The time period set by your lender during which you may use your line of credit.