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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 credit line?

Understand your options and get the assistance you require before reaching this important transition point.

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

The HELOC end of draw duration is when you get in the repayment stage of your line of credit. You are now required to start paying back the primary balance in addition to paying interest. At this point 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 duration?

Your month-to-month payment might increase significantly as you move from paying interest just to paying principal plus interest. The amount of boost depends upon your principal due, rate of interest and your payment duration, which is typically 10, 15 or 20 years. Contact a banker at 800-642-3547 to talk about the monthly payment on your HELOC.

What can I do to minimize my monthly payment at the end of draw duration?

- Go to your HELOC account in electronic banking or the mobile app and pick lock or unlock a fixed rate and follow the onscreen triggers to lock in a fixed rate. Or, call a banker at 800-642-3547 to talk about the option of locking in a set rate.1 You should do this before your end of draw duration.
Look for a new HELOC or a home equity loan.
Make extra primary payments above your required month-to-month payment. Log in to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Checking account page. You may also visit a branch. 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 reward 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 the end of draw date with an absolutely 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 present agreement?

No. We do not offer 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 managing the boost in my regular monthly payment?

Speak with us about a potential 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 Line of Credit - Fixed Rate Option: An optimum of 3 active Fixed Rate Options are allowed on a Home Equity Credit Line. Residential or commercial property insurance is needed. Other restrictions may apply.

Home Equity Credit Line: Repayment choices might vary based upon credit qualifications. Choosing an interest-only payment may trigger your month-to-month payment to increase, perhaps substantially, when your line of credit shifts into the repayment period. Interest-only repayment might be unavailable. Loans undergo credit approval and program guidelines. Not all loan programs are offered in all states for all loan amounts. A U.S. Bank individual checking account is required to receive the least expensive rate however is not needed for loan approval. Customers in specific states are eligible to get the favored rate without having a U.S. Bank personal checking account. Rates of interest and program terms are subject to change without notice. Line of credit might be lowered, or extra extensions of credit line if particular circumstances occur.
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An early closure fee of 1% of the initial 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 required. Other restrictions might apply. Customer pays no closing costs. Initial escrow related financing expenses may apply. A yearly cost 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 offer tax or legal suggestions. Your tax and monetary scenario is unique. You should consult your tax and/or legal advisor for suggestions and information concerning your specific situation.
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