HELOC’s and Interesr
The interest on a HELOC are paid on my present balances each month during my draw period? Or is my interest only starts kicking in after the draw period ends and whatever my balance is then? Thank guys in advance.
For example: If my credit line is $400,000. And I spend $200,000 in 1 month. Whatever my interest is 4.8%, I will be charged $9,600 in interest I have to pay that month?
Arthur Voskanyan