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• Home equity line of credit end of draw
  
  HELOC END OF DRAW PERIOD
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  Nearing the end of draw duration on your home equity line of credit?
  
  Understand your choices and get the assistance you need before reaching this crucial shift point.
  
  What is the home equity line of credit (HELOC) end of draw duration?
  
  The HELOC end of draw period is when you enter the payment phase of your credit line. You are now needed to begin paying back the principal balance in addition to paying interest. At this point you might no longer access funds and you may no longer transform a variable rate to a fixed rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your regular monthly payment might increase substantially as you move from paying interest only to paying principal plus interest. The quantity of increase depends upon your principal due, rate of interest and your repayment period, which is normally 10, 15 or twenty years. Contact a banker at 800-642-3547 to go over the monthly payment on your HELOC.
  
  What can I do to lower my regular monthly payment at the end of draw period?
  
  - Go to your HELOC account in online banking or the mobile app and select lock or unlock a set rate and follow the onscreen triggers to secure a fixed rate. Or, call a lender at 800-642-3547 to talk about the choice of locking in a fixed rate.1 You must do this before your end of draw duration.
• Make an application for a new HELOC or a home equity loan.
• Make extra principal payments above your required month-to-month payment. Log in to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Savings account page. You may likewise check out a branch.
• Settle your balance. Visit a branch to get a payoff 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 discover my end of draw date?
  
  You'll discover it on the upper right corner of your HELOC statement. If you don't have your statement, you can call 800-642-3547 for help.
  
  What if I have a no balance at end of draw?
  
  If you reach completion of draw date with a no balance, your home equity line of credit will be closed. There is no requirement for you to do anything.
  
  Can I get an extension on my current agreement?
  
  No. We don't provide extensions on any home equity loans or home equity lines of credit at this time. However, if you want to refinance your line of credit, call us at 800-642-3547.
  
  What can I do if I am worried about handling the boost in my regular monthly payment?
  
  Speak to us about a prospective loan modification. 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 Credit Line - Fixed Rate Option: An optimum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance is required. Other limitations might apply.
  
  Home Equity Credit Line: Repayment options might vary based upon credit certifications. Choosing an interest-only payment may cause your regular monthly payment to increase, perhaps significantly, as soon as your credit line transitions into the repayment duration. Interest-only payment may be not available. Loans undergo credit approval and program standards. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal monitoring account is required to receive the lowest 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 individual bank account. Rate of interest and program terms are subject to change without notice. Line of credit may be minimized, or additional extensions of credit line if certain circumstances take place.
  
  An early closure fee of 1% of the original line quantity, optimum $500, will apply if the line is settled and closed within the very first 30 months. Residential or commercial property insurance is required. Other constraints might apply. Customer pays no closing expenses. Initial escrow associated funding costs may apply. An annual fee of $75 will use after the very first year and is waived with an existing U.S. Bank Platinum Checking Package.
  
  U.S. Bank and its agents do not supply tax or legal guidance. Your tax and financial situation is special. You ought to consult your tax and/or legal consultant for advice and information worrying your specific circumstance.