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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 alternatives and get the guidance 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 duration is when you get in the repayment phase of your credit line. You are now required to begin repaying the principal balance in addition to paying interest. At this point you might no longer access funds and you might no longer convert a variable rate to a set rate.

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

Your monthly payment might increase considerably as you move from paying interest just to paying principal plus interest. The amount of increase depends on your principal due, rates of interest and your payment duration, which is normally 10, 15 or twenty years. Contact a banker at 800-642-3547 to discuss the monthly payment on your HELOC.

What can I do to decrease my month-to-month payment at the end of draw period?

- Go to your HELOC account in online banking or the mobile app and choose 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 discuss the alternative of locking in a set rate.1 You need to do this before your end of draw period.
- Make an application for a new HELOC or a home equity loan.
- Make extra principal payments above your needed regular monthly payment. Log in to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Bank Account page. You might also visit a branch.
- Settle your balance. Visit a branch to get a reward quote and pay your balance completely while you exist. Or, call 800-642-3547 for a payoff quote and after that 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 declaration. If you don't have your declaration, you can call 800-642-3547 for help.

What if I have a no balance at end of draw?

If you reach the end of draw date with an absolutely 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 present contract?

No. We don't offer extensions on any home equity loans or home equity credit lines at this time. However, if you would like to refinance your credit line, call us at 800-642-3547.

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

Speak to us about a possible 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 out an email to MAP@usbank.com.

1. Home Equity Credit Line - Fixed Rate Option: An optimum of three active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance is needed. Other constraints may use.

Home Equity Line of Credit: Repayment choices might differ based upon credit credentials. Choosing an interest-only repayment may cause your monthly payment to increase, potentially substantially, once your credit limit shifts into the payment period. Interest-only payment might be unavailable. Loans go through credit approval and program standards. Not all loan programs are offered in all states for all loan quantities. A U.S. Bank individual bank account is required to get the most affordable rate but is not required for loan approval. Customers in specific states are eligible to receive the preferred rate without having a U.S. Bank individual monitoring account. Rate of interest and program terms undergo change without notice. Line of credit might be minimized, or additional extensions of credit line if certain situations happen.

An early closure fee of 1% of the original line quantity, optimum $500, will use if the line is paid off and closed within the first 30 months. Residential or commercial property insurance is required. Other limitations might apply. Customer pays no closing costs. Initial escrow related financing costs might use. A yearly charge 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 agents do not provide tax or legal suggestions. Your tax and monetary scenario is distinct. You need to consult your tax and/or legal advisor for advice and info worrying your specific scenario.