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- Home equity line of credit end of draw

HELOC END OF DRAW PERIOD

Nearing completion of draw period on your home equity credit line?

Understand your options and get the guidance you need before reaching this crucial shift point.

What is the home equity credit line (HELOC) end of draw period?

The HELOC end of draw duration is when you enter the payment phase of your credit line. You are now needed to start paying back the primary balance in addition to paying interest. At this moment you may no longer gain access to funds and you may no longer transform a variable rate to a fixed rate.

What should I expect at the HELOC end of draw period?

Your month-to-month payment may increase substantially as you move from paying interest only to paying principal plus interest. The amount of boost depends upon your principal due, rate of interest and your repayment period, which is generally 10, 15 or twenty years. Contact a lender at 800-642-3547 to discuss the month-to-month payment on your HELOC.

What can I do to lower my monthly payment at the end of draw duration?

- Go to your HELOC account in electronic banking or the mobile app and pick lock or unlock a set rate and follow the onscreen prompts to lock in a repaired rate. Or, call a banker at 800-642-3547 to talk about the alternative of securing a fixed rate.1 You should do this before your end of draw duration.
- Get a brand-new HELOC or a home equity loan.
- Make extra principal payments above your needed monthly payment. Visit to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Checking account page. You might likewise go to a branch.
- Pay off your balance. Visit a branch to get a benefit quote and pay your balance in complete while you're there. Or, call 800-642-3547 for a benefit quote and then pay online or by mail. If paying by mail, send your check to:

U.S. Bank Consumer Loan and Lease Operations - FCPT
P.O. Box 3427
Oshkosh, WI 54903

HELOC end of draw FAQs

Where can I find my end of draw date?

You'll find it on the upper right corner of your HELOC statement. If you don't have your statement, you can call 800-642-3547 for assistance.

What if I have a zero balance at end of draw?

If you reach the end of draw date with an absolutely no balance, your home equity credit line will be closed. There is no need for you to do anything.

Can I get an extension on my present agreement?

No. We do not provide extensions on any home equity loans or home equity lines of credit at this time. However, if you want to re-finance your credit line, call us at 800-642-3547.

What can I do if I am concerned about handling the increase in my regular monthly payment?

Talk to us about a prospective loan adjustment. Call 800-642-3547 Monday through Friday from 7 a.m. to 9 p.m. CT and Saturdays from 9 a.m. to 1 p.m. CT. Or, send an email to MAP@usbank.com.

1. Home Equity Line of Credit - Fixed Rate Option: An optimum of 3 active Fixed Rate Options are permitted on a Home Equity Credit Line. Residential or commercial property insurance coverage is needed. Other limitations may apply.

Home Equity Line of Credit: Repayment alternatives may vary based upon credit credentials. Choosing an interest-only repayment may trigger your monthly payment to increase, potentially significantly, when your line of credit transitions into the payment period. Interest-only repayment may be not available. Loans undergo credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. A U.S. Bank personal bank account is needed to get the most affordable rate however is not needed for loan approval. Customers in specific states are eligible to receive the favored rate without having a U.S. Bank personal bank account. Rate of interest and program terms are subject to alter without notice. Credit limit may be lowered, or additional extensions of credit limited if certain circumstances happen.

An early closure fee of 1% of the original line amount, maximum $500, will use if the line is settled and closed within the very first 30 months. Residential or commercial property insurance is required. Other restrictions may apply. Customer pays no closing expenses. Initial escrow related financing expenses might use. A yearly fee of $75 will apply after the first year and is waived with an existing U.S. Bank Platinum Checking Package.

U.S. Bank and its representatives do not provide tax or legal suggestions. Your tax and monetary circumstance is unique. You should consult your tax and/or legal advisor for suggestions and information concerning your particular scenario.