- Mortgage/

• Home equity/
• Home equity credit line/
• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  iteslj.org
  Nearing the end of draw duration on your home equity credit line?
  
  Understand your alternatives and get the guidance you require before reaching this important shift point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  The HELOC end of draw duration is when you go into 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 gain access to 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 regular monthly payment might increase significantly as you move from paying interest just to paying principal plus interest. The amount of boost depends on your principal due, rate of interest and your repayment period, which is typically 10, 15 or twenty years. Contact a lender at 800-642-3547 to talk about the regular monthly payment on your HELOC.
  
  What can I do to decrease my regular monthly 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 fixed rate and follow the onscreen triggers to secure a repaired rate. Or, call a lender at 800-642-3547 to discuss the option of locking in a fixed rate.1 You must do this before your end of draw duration.
• Obtain a brand-new HELOC or a home equity loan.
• Make extra primary payments above your needed regular monthly payment. Log in to usbank.com. Enter a quantity in the principal payment box on the Pay a U.S. Checking account page. You might also visit a branch.
• Pay off your balance. Visit a branch to get a benefit quote and pay your balance completely while you're there. Or, call 800-642-3547 for a reward 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 find my end of draw date?
  
  You'll find it on the upper right corner of your HELOC declaration. If you do not 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 completion of draw date with a no balance, your home equity credit line will be closed. There is no need for you to do anything.
  
  Can I get an extension on my current agreement?
  
  No. We do not provide 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 worried about handling the increase in my monthly 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 an email to MAP@usbank.com.
  
  1. Home Equity Line of Credit - Fixed Rate Option: A maximum of three active Fixed Rate Options are on a Home Equity Line of Credit. Residential or commercial property insurance coverage is required. Other limitations might use.
  
  Home Equity Credit Line: Repayment options may differ based upon credit credentials. Choosing an interest-only repayment may trigger your monthly payment to increase, possibly significantly, when your credit limit transitions into the payment period. Interest-only repayment may be not available. Loans go through credit approval and program standards. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal checking account is needed to receive the least expensive rate however is not required for loan approval. Customers in certain states are eligible to receive the favored rate without having a U.S. Bank personal bank account. Interest rate and program terms go through alter without notice. Line of credit may be lowered, or extra extensions of credit line if certain scenarios occur.
  
  An early closure cost of 1% of the original line amount, optimum $500, will apply if the line is paid off and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other limitations might apply. Customer pays no closing costs. Initial escrow related funding expenses may use. An annual 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 guidance. Your tax and monetary circumstance is unique. You should consult your tax and/or legal consultant for advice and info concerning your specific circumstance.