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• Home equity/
• Home equity line of credit/
• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw on your home equity line of credit?
  
  Understand your alternatives and get the guidance you require before reaching this important transition point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  The HELOC end of draw duration is when you get in the payment phase of your credit line. You are now needed to start repaying the principal balance in addition to paying interest. At this point you may no longer access funds and you might no longer convert a variable rate to a fixed rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your regular monthly payment might increase significantly as you move from paying interest only to paying principal plus interest. The amount of boost depends upon your principal due, rate of interest and your payment duration, which is normally 10, 15 or twenty years. Contact a banker at 800-642-3547 to discuss the regular monthly payment on your HELOC.
  
  What can I do to reduce my month-to-month 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 set rate and follow the onscreen triggers to secure a fixed rate. Or, call a lender at 800-642-3547 to discuss the choice of locking in a set rate.1 You must do this before your end of draw duration.
• Apply for a new HELOC or a home equity loan.
• Make extra principal payments above your required regular 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 may likewise go to a branch.
• Settle 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 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?
  movoto.com
  You'll find it on the upper right corner of your HELOC declaration. If you don't have your statement, 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 zero 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 current agreement?
  crunchbase.com
  No. We don't 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 increase in my regular monthly payment?
  
  Speak 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 email to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum of 3 active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance coverage is needed. Other limitations might apply.
  
  Home Equity Line of Credit: Repayment alternatives might vary based upon credit qualifications. Choosing an interest-only payment might cause your monthly payment to increase, perhaps significantly, once your credit line shifts into the payment period. Interest-only payment may be not available. Loans go through credit approval and program standards. Not all loan programs are readily available in all states for all loan amounts. A U.S. Bank individual bank account is required to get the least expensive rate but is not needed for loan approval. Customers in specific states are qualified to get the favored rate without having a U.S. Bank personal checking account. Interest rate and program terms undergo alter without notification. Credit limit may be lowered, or extra extensions of credit limited if specific situations occur.
  
  An early closure charge of 1% of the original line quantity, maximum $500, will use if the line is settled and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other restrictions may apply. Customer pays no closing costs. Initial escrow associated financing expenses might apply. A yearly charge of $75 will use after the first year and is waived with an existing U.S. Bank Platinum Checking Package.
  
  U.S. Bank and its representatives do not supply tax or legal recommendations. Your tax and financial situation is special. You ought to consult your tax and/or legal consultant for guidance and information concerning your particular circumstance.