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• Home equity credit line 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 guidance you need before reaching this important transition point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  The HELOC end of draw period is when you get in the payment stage of your line of credit. You are now required to begin repaying the principal balance in addition to paying interest. At this moment you may no longer access funds and you may 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 may increase significantly as you move from paying interest just to paying principal plus interest. The quantity of boost depends on your principal due, interest rate and your repayment duration, which is usually 10, 15 or twenty years. Contact a banker at 800-642-3547 to discuss the month-to-month 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 online banking or the mobile app and choose lock or unlock a set rate and follow the onscreen triggers to lock in a repaired rate. Or, call a banker at 800-642-3547 to discuss the option of locking in a set rate.1 You must do this before your end of draw period.
• Make an application for a new HELOC or a home equity loan.
• Make extra primary payments above your needed regular monthly payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Bank Account page. You may likewise check out a branch.
• Pay off 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 discover it on the upper right corner of your HELOC declaration. If you do not have your statement, you can call 800-642-3547 for assistance.
  
  What if I have an absolutely 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 need for you to do anything.
  
  Can I get an extension on my existing contract?
  
  No. We do not provide extensions on any home equity loans or home equity credit lines 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 ?
  
  Talk with 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 e-mail 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 Credit Line. Residential or commercial property insurance coverage is needed. Other limitations might use.
  
  Home Equity Line of Credit: Repayment choices may vary based upon credit certifications. Choosing an interest-only repayment might trigger your monthly payment to increase, potentially considerably, as soon as your line of credit shifts into the repayment period. Interest-only payment might be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are readily available in all states for all loan quantities. A U.S. Bank individual checking account is required to get the most affordable rate but is not needed for loan approval. Customers in particular states are qualified to receive the favored rate without having a U.S. Bank individual checking account. Rate of interest and program terms are subject to change without notification. Credit limit may be lowered, or additional extensions of credit line if particular scenarios take place.
  
  An early closure fee of 1% of the original line quantity, maximum $500, will use if the line is paid off and closed within the first 30 months. Residential or commercial property insurance is needed. Other constraints may use. Customer pays no closing expenses. Initial escrow associated financing expenses 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 supply tax or legal advice. Your tax and financial circumstance is unique. You must consult your tax and/or legal advisor for advice and info worrying your particular circumstance.