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• Home equity credit line end of draw
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  HELOC END OF DRAW PERIOD
  
  Nearing the end of draw duration on your home equity line of credit?
  
  Understand your options and get the assistance you require before reaching this crucial transition point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  The HELOC end of draw period is when you get in the repayment phase of your line of credit. You are now required to begin repaying the principal balance in addition to paying interest. At this point you may no longer access funds and you might no longer transform a variable rate to a fixed rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your month-to-month payment may increase considerably as you move from paying interest just to paying principal plus interest. The amount of increase depends on your principal due, interest rate and your payment period, which is normally 10, 15 or 20 years. Contact a banker at 800-642-3547 to talk about the regular monthly payment on your HELOC.
  
  What can I do to decrease my regular monthly 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 triggers to lock in a repaired rate. Or, call a banker at 800-642-3547 to go over the option of securing a set rate.1 You need to do this before your end of draw duration.
• Apply for a new HELOC or a home equity loan.
• Make additional 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. Bank Account page. You may likewise go to a branch.
• Pay off your balance. Visit a branch to get a payoff quote and pay your balance in full 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 find it on the upper right corner of your HELOC declaration. If you don't have your declaration, you can call 800-642-3547 for assistance.
  
  What if I have a no balance at end of draw?
  
  If you reach the end 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 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 want to refinance your credit line, call us at 800-642-3547.
  
  What can I do if I am concerned about handling the boost in my month-to-month payment?
  
  Talk 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 e-mail to MAP@usbank.com.
  
  1. Home Equity Line of Credit - 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 is required. Other limitations might apply.
  
  Home Equity Line of Credit: Repayment alternatives might vary based on credit credentials. Choosing an interest-only payment might cause your month-to-month payment to increase, possibly substantially, once your line of credit 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 readily available in all states for all loan quantities. A U.S. Bank personal bank account is required to receive the most affordable rate but is not needed for loan approval. Customers in certain states are eligible to receive the favored rate without having a U.S. Bank individual monitoring account. Rates of interest and program terms undergo alter without notification. Credit line may be lowered, or additional extensions of credit line if specific circumstances happen.
  
  An early closure cost of 1% of the original line amount, maximum $500, will use if the line is settled and closed within the very first 30 months. Residential or commercial property insurance is needed. Other restrictions might apply. Customer pays no closing expenses. Initial escrow related financing costs may apply. An annual charge of $75 will use after the first year and is waived with an existing U.S. Bank Platinum Checking .
  
  U.S. Bank and its agents do not supply tax or legal advice. Your tax and financial situation is special. You must consult your tax and/or legal advisor for advice and details worrying your particular situation.