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• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw period on your home equity credit line?
  
  Understand your options and get the guidance 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 period is when you get in the payment phase of your line of credit. You are now required to begin 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 transform a variable rate to a set rate.
  
  What should I anticipate at the HELOC end of draw period?
  
  Your monthly payment may increase considerably as you move from paying interest only to paying principal plus interest. The amount of boost depends on your principal due, rates of interest and your repayment duration, which is normally 10, 15 or twenty years. Contact a banker at 800-642-3547 to go over 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 select lock or unlock a set rate and follow the onscreen triggers to lock in a fixed rate. Or, call a banker at 800-642-3547 to talk about the choice of locking in a set rate.1 You should do this before your end of draw duration.
• Obtain a new HELOC or a home equity loan.
• Make additional principal payments above your needed monthly payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Savings account page. You might also check out a branch.
• Pay off your balance. Visit a branch to get a payoff quote and pay your balance completely while you're there. Or, call 800-642-3547 for a reward 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 discover my end of draw date?
  
  You'll find it on the upper right corner of your HELOC statement. If you don't have your statement, 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 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 lines of credit at this time. However, if you would like to re-finance your credit line, call us at 800-642-3547.
  
  What can I do if I am concerned about managing the boost in my month-to-month 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 out an e-mail to MAP@usbank.com.
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  1. Home Equity Credit Line - 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 constraints may apply.
  
  Home Equity Credit Line: Repayment options might differ based upon credit credentials. Choosing an interest-only repayment might trigger your month-to-month payment to increase, possibly considerably, as soon as your credit line shifts into the payment period. Interest-only repayment may be unavailable. Loans go through credit approval and program guidelines. Not all loan programs are readily available in all states for all loan amounts. A U.S. Bank personal monitoring account is needed to receive the most affordable rate but is not needed for loan approval. Customers in specific states are eligible to receive the preferred rate without having a U.S. Bank individual bank account. Interest rate and program terms are subject to alter without notice. Line of credit may be minimized, or additional extensions of credit limited if specific circumstances occur.
  
  An early closure charge of 1% of the initial line quantity, maximum $500, will apply if the line is paid off and closed within the first 30 months. Residential or commercial property insurance is needed. Other limitations might apply. Customer pays no closing expenses. Initial escrow associated might use. A yearly 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 advice. Your tax and financial scenario is distinct. You should consult your tax and/or legal advisor for advice and details concerning your particular circumstance.