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- Home equity line of credit end of draw

HELOC END OF DRAW PERIOD

Nearing the end of draw period on your home equity line of credit?

Understand your alternatives and get the assistance you need before reaching this essential transition point.

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

The HELOC end of draw duration is when you enter the repayment stage of your line of credit. You are now required to begin paying back 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 fixed rate.

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

Your regular monthly payment might increase considerably as you move from paying interest only to paying principal plus interest. The quantity of boost depends upon your principal due, interest rate and your repayment duration, 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 month-to-month payment at the end of draw period?

- Go to your HELOC account in electronic banking or the mobile app and choose lock or unlock a set rate and follow the onscreen triggers to lock in a fixed rate. Or, call a banker at 800-642-3547 to discuss the alternative of securing a set rate.1 You should do this before your end of draw duration.
- Apply for a brand-new HELOC or a home equity loan.
- Make additional primary payments above your required month-to-month payment. Log in to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Checking account page. You might also check out 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 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 declaration. 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 completion of draw date with a zero 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 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 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 month-to-month payment?

Talk to us about a potential 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 out an e-mail to MAP@usbank.com.

1. Home Equity Credit Line - Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance coverage is required. Other restrictions may use.

Home Equity Line of Credit: Repayment choices may vary based on credit credentials. Choosing an interest-only payment might trigger your regular monthly payment to increase, perhaps significantly, when your credit limit shifts into the payment duration. 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 individual bank account is required to get the least expensive rate but is not needed for loan approval. Customers in particular states are eligible to get the preferred rate without having a U.S. Bank individual checking account. Interest rate and program terms are subject to change without notice. Credit line may be reduced, or additional extensions of credit restricted if specific situations occur.

An early closure charge of 1% of the initial line quantity, maximum $500, will apply if the line is paid off and closed within the first 30 months. Residential or commercial property insurance is needed. Other restrictions may use. Customer pays no closing expenses. Initial escrow associated financing costs may apply. A yearly charge of $75 will use after the first year and is waived with an existing U.S. Bank Platinum Checking Package.

U.S. Bank and its representatives do not offer tax or legal suggestions. Your tax and financial circumstance is special. You must consult your tax and/or legal advisor for advice and information worrying your particular situation.