You may pay the minimum amount, or pay as much more as you like. There is never a prepayment penalty. The Repayment Period begins at the close of the draw period. Over the next ten years you will continue to receive a monthly statement as you pay back the outstanding balance plus any accrued interest. There is no balloon payment at the end.
Some state regulations apply to the use of credit cards and checks, as well as minimum draw amounts.
Ask us about your particular state regulations. As a home owner, you know what it means to manage your assets wisely. And, you also know that the occasional need for additional funds will arise. And, EquityEdge frequently allows you to borrow more money than a typical unsecured bank loan. The Nation's Residential Lender At North American Mortgage Company, we've been providing real estate loans for almost fifty years.