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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 assistance you need before reaching this crucial transition point.
  
  What is the home equity line of credit (HELOC) end of draw period?
  
  The HELOC end of draw period is when you go into the repayment phase of your credit line. You are now needed to begin paying back the primary balance in addition to paying interest. At this point 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 duration?
  
  Your monthly payment might increase substantially as you move from paying interest just to paying principal plus interest. The quantity of increase depends upon your principal due, rate of interest and your payment duration, which is usually 10, 15 or 20 years. Contact a lender at 800-642-3547 to go over the month-to-month payment on your HELOC.
  
  What can I do to minimize my regular monthly payment at the end of draw duration?
  
  - Go to your HELOC account in online banking or the mobile app and select lock or unlock a fixed rate and follow the onscreen prompts to lock in a repaired rate. Or, call a banker at 800-642-3547 to discuss the choice of locking in 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 principal 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. Savings account page. You may also visit a branch.
• Settle your balance. Visit a branch to get a payoff quote and pay your balance completely while you're there. 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 declaration, you can call 800-642-3547 for assistance.
  
  What if I have a no 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 present contract?
  
  No. We do not use 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 monthly payment?
  
  Talk to us about a possible 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 e-mail to MAP@usbank.com.
  
  1. Home Equity Line of Credit - Fixed Rate Option: A maximum of 3 active Fixed Rate Options are allowed on a Home Equity Credit Line. Residential or commercial property insurance coverage is required. Other restrictions may use.
  
  Home Equity Line of Credit: Repayment alternatives might differ based upon credit qualifications. an interest-only repayment might trigger your month-to-month payment to increase, perhaps considerably, once your line of credit transitions into the repayment duration. Interest-only payment might be unavailable. Loans undergo credit approval and program standards. Not all loan programs are offered in all states for all loan amounts. A U.S. Bank personal bank account is required to get the most affordable rate however is not needed for loan approval. Customers in particular states are eligible to receive the favored rate without having a U.S. Bank personal checking account. Rates of interest and program terms are subject to change without notice. Credit line may be reduced, or additional extensions of credit line if specific scenarios happen.
  
  An early closure cost of 1% of the initial line quantity, optimum $500, will use if the line is paid off and closed within the very first 30 months. Residential or commercial property insurance is required. Other restrictions might apply. Customer pays no closing expenses. Initial escrow associated funding costs may 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 representatives do not provide tax or legal recommendations. Your tax and financial circumstance is distinct. You must consult your tax and/or legal advisor for recommendations and details worrying your particular scenario.
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