- Mortgage/

• Home equity/
• Home equity line of credit/
• Home equity line of credit end of draw
  tripadvisor.com
  HELOC END OF DRAW PERIOD
  vrbo.com
  Nearing completion of draw duration on your home equity credit line?
  
  Understand your choices and get the assistance you require before reaching this essential transition point.
  
  What is the home equity line of credit (HELOC) end of draw duration?
  
  The HELOC end of draw duration is when you go into the payment phase of your line of credit. You are now required to start repaying the principal balance in addition to paying interest. At this moment you might no longer access funds and you might no longer convert a variable rate to a set rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your regular monthly payment may increase considerably as you move from paying interest just to paying principal plus interest. The amount of increase depends upon your principal due, rates of interest and your repayment period, which is usually 10, 15 or twenty years. Contact a banker at 800-642-3547 to go over 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 select lock or unlock a fixed rate and follow the onscreen prompts to secure a fixed rate. Or, call a banker at 800-642-3547 to talk about the choice of locking in a fixed rate.1 You must do this before your end of draw duration.
• Apply for a brand-new HELOC or a home equity loan.
• Make extra primary payments above your required monthly payment. Log in to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Bank Account page. You might also go to a branch.
• Settle 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 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 discover 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 zero 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 existing contract?
  
  No. We don't use extensions on any home equity loans or home equity credit lines at this time. However, if you wish to refinance your line of credit, call us at 800-642-3547.
  
  What can I do if I am concerned about managing the boost in my regular monthly payment?
  
  Speak with 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 out an email to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: An optimum of 3 active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance coverage is . Other limitations might apply.
  
  Home Equity Line of Credit: Repayment alternatives may vary based upon credit credentials. Choosing an interest-only payment may trigger your month-to-month payment to increase, possibly substantially, as soon as your credit line shifts into the repayment duration. Interest-only payment may be not available. Loans go through credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. A U.S. Bank personal bank account is required to receive the lowest rate however is not required for loan approval. Customers in specific states are qualified to get the favored rate without having a U.S. Bank individual bank account. Rate of interest and program terms go through alter without notification. Line of credit may be minimized, or extra extensions of credit limited if specific situations happen.
  
  An early closure charge of 1% of the initial line amount, optimum $500, will apply if the line is settled and closed within the first 30 months. Residential or commercial property insurance coverage is needed. Other limitations might apply. Customer pays no closing expenses. Initial escrow associated funding expenses may apply. 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 suggestions. Your tax and financial scenario is distinct. You must consult your tax and/or legal advisor for guidance and details concerning your specific scenario.