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Setting the HELOC Maturity Date

Question: 
What criterion do you use in determining the maturity date of HELOC loans? Is it the closing date, or is the disbursement date the official standard?
Answer: 

Answer by Dan Persfull: The maturity date generally runs from the note date.

Answer: 

Answer by John Burnett: Although it's my sense that most HELOC accounts are at least partially drawn as soon as the rescission period is over, some aren't drawn until several weeks or months later.

I think that basing the maturity upon the draw date just would not be practical for all HELOCs.

First published on BankersOnline.com 3/7/05

First published on 03/07/2005

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Filed under lending as: 

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