GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Repayment Period


Synonyms:loan repayment period, mortgage repayment period
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of repayment period

repayment period
1. With a home equity line of credit, that portion of the life of the loan that follows the draw period. During the repayment period, the borrower cannot take out any more money, but must pay down the loan.

Related Terms and Acronyms:

  • draw period   On a line of credit, the draw period is the fixed time when a borrower can make withdrawals from the account. After the draw period expires, the borrower can renew the credit line or may be required to pay the outstanding balance in full, or over time.
  • home equity line of credit (HELOC)   An open-ended loan, paid as revolving debt, that is backed by the equity in the property.
      ➥  Also known as a Home Line of Credit.
  • line of credit (LOC)   A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
  • secured loan   Borrowed money that is backed by collateral.

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