The first period is known as the "draw period." During this time, you're allowed to draw on the line of credit whenever you want. You also will likely only have to make payments on the interest accrued by the amount that you borrowed.
After the draw period is over, you enter what's known as the "repayment period." Now, your monthly payment will likely go up substantially because you'll be responsible for repaying both the principal and the interest on whatever money you borrowed during the draw period. You'll continue making these payments over the remaining life of the loan.
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