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• Home equity line of credit/
• Home equity line of credit end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw duration on your home equity line of credit?
  
  Understand your options and get the guidance you require before reaching this important shift 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 payment phase of your credit line. You are now needed to begin paying back the primary 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 set rate.
  
  What should I expect at the HELOC end of draw period?
  
  Your 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, rates of interest and your payment period, which is generally 10, 15 or 20 years. Contact a lender at 800-642-3547 to talk about the regular monthly payment on your HELOC.
  
  What can I do to reduce my regular monthly payment at the end of draw duration?
  
  - Go to your HELOC account in electronic 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 lender at 800-642-3547 to go over the alternative of locking in a fixed rate.1 You must do this before your end of draw period.
• Request a new HELOC or a home equity loan.
• Make additional primary payments above your required monthly payment. Log in to usbank.com. Enter a quantity in the principal payment box on the Pay a U.S. Bank Account page. You may also check out a branch.
• Pay off your balance. Visit a branch to get a payoff quote and pay your balance in full while you exist. Or, call 800-642-3547 for a benefit 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 don't have your statement, you can call 800-642-3547 for support.
  
  What if I have an absolutely no balance at end of draw?
  
  If you reach the end of draw date with an absolutely no balance, your home equity credit line will be closed. There is no requirement for you to do anything.
  
  Can I get an extension on my existing agreement?
  
  No. We do not offer 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.
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  What can I do if I am concerned about managing the boost in my regular monthly payment?
  
  Speak with 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 an email to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum of three active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance coverage is needed. Other restrictions may use.
  
  Home Equity Credit Line: Repayment may vary based upon credit certifications. Choosing an interest-only payment may cause your month-to-month payment to increase, potentially considerably, when your credit line transitions into the repayment period. Interest-only payment may be not available. Loans are subject to credit approval and program guidelines. Not all loan programs are offered in all states for all loan amounts. A U.S. Bank personal bank account is needed to get the most affordable rate however is not needed for loan approval. Customers in particular states are eligible to get the preferred rate without having a U.S. Bank personal bank account. Rates of interest and program terms go through change without notification. Credit line might be decreased, or extra extensions of credit line if certain situations take place.
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  An early closure charge of 1% of the original line quantity, maximum $500, will use if the line is settled and closed within the very first 30 months. Residential or commercial property insurance coverage is needed. Other restrictions may apply. Customer pays no closing costs. Initial escrow associated funding expenses may apply. An annual cost of $75 will use after the very 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 distinct. You should consult your tax and/or legal advisor for guidance and info worrying your particular circumstance.