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- Home equity line of credit end of draw

HELOC END OF DRAW PERIOD

Nearing the end of draw duration on your home equity credit line?

Understand your options and get the guidance you require before reaching this essential shift point.

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

The HELOC end of draw period is when you get in the repayment stage of your line of credit. You are now required to start paying back the principal balance in addition to paying interest. At this point you might no longer gain access to funds and you may no longer convert a variable rate to a set rate.

What should I anticipate at the HELOC end of draw period?

Your monthly payment might increase considerably 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 20 years. Contact a lender at 800-642-3547 to discuss the month-to-month 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 online banking or the mobile app and pick lock or unlock a set rate and follow the onscreen prompts to secure a repaired rate. Or, call a banker at 800-642-3547 to talk about the option of securing a set rate.1 You need to do this before your end of draw period.
- Look for a brand-new HELOC or a home equity loan.
- Make extra primary payments above your needed month-to-month payment. Visit to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Checking account page. You may also check out 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 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 statement. If you don't have your declaration, you can call 800-642-3547 for support.

What if I have a zero 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 don't provide extensions on any home equity loans or home equity lines of credit at this time. However, if you would like to re-finance your line of credit, call us at 800-642-3547.

What can I do if I am concerned about handling the boost in my monthly payment?

Speak to 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 e-mail 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 required. Other limitations might use.

Home Equity Credit Line: Repayment choices might vary based on credit certifications. Choosing an interest-only payment may trigger your month-to-month payment to increase, potentially significantly, as soon as your line of credit shifts into the payment period. Interest-only payment may be unavailable. Loans go through credit approval and program standards. Not all loan programs are offered in all states for all loan quantities. A U.S. Bank individual monitoring account is needed to get the least expensive rate however is not needed for loan approval. Customers in particular states are eligible to get the favored rate without having a U.S. Bank personal monitoring account. Interest rate and program terms undergo change without notice. Credit line might be minimized, or extra extensions of credit limited if certain situations occur.

An early closure charge of 1% of the original line amount, maximum $500, will apply if the line is settled and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other constraints may use. Customer pays no closing expenses. Initial escrow associated financing costs might 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 agents do not supply tax or legal advice. Your tax and financial circumstance is special. You need to consult your tax and/or legal consultant for suggestions and info concerning your specific scenario.