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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 period on your home equity credit line?
  
  Understand your alternatives and get the assistance you require before reaching this important transition point.
  
  What is the home equity credit line (HELOC) end of draw period?
  
  The HELOC end of draw duration is when you go into the repayment phase of your credit line. You are now needed to begin repaying the principal balance in addition to paying interest. At this point you may no longer access funds and you may no longer convert a variable rate to a set rate.
  
  What should I expect at the HELOC end of draw period?
  
  Your regular monthly payment might increase considerably as you move from paying interest only to paying principal plus interest. The amount of increase depends upon your principal due, rate of interest and your payment period, which is typically 10, 15 or twenty years. Contact a lender 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 duration?
  
  - 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 lock in a fixed rate. Or, call a banker at 800-642-3547 to discuss the alternative of securing a fixed 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 principal payment box on the Pay a U.S. Bank Account page. You may also go to a branch.
• Pay off your balance. Visit a branch to get a benefit quote and pay your balance in full while you're there. Or, call 800-642-3547 for a payoff 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 do not have your statement, you can call 800-642-3547 for help.
  
  What if I have an absolutely 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 requirement for you to do anything.
  
  Can I get an extension on my current agreement?
  
  No. We do not offer extensions on any home equity loans or home equity credit lines at this time. However, if you wish to refinance your credit line, call us at 800-642-3547.
  
  What can I do if I am worried about handling the increase in my regular monthly payment?
  
  Speak with us about a prospective 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 email to MAP@usbank.com.
  
  1. Home Equity Line of Credit - Fixed Rate Option: An optimum of 3 active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance coverage is required. Other restrictions may apply.
  
  Home Equity Credit Line: Repayment alternatives may differ based upon credit credentials. Choosing an interest-only repayment may cause your monthly payment to increase, perhaps considerably, when your credit line transitions into the payment duration. Interest-only payment may be unavailable. Loans are subject to credit approval and program standards. Not all loan programs are offered in all states for all loan quantities. A U.S. Bank personal checking account is required to receive the most affordable rate but is not needed for loan approval. Customers in specific states are eligible to get the favored rate without having a U.S. Bank personal bank account. Interest rate and program terms go through alter without notice. Credit line may be reduced, or extra extensions of credit restricted if specific situations take place.
  
  An early closure charge of 1% of the original line amount, optimum $500, will use if the line is paid off and closed within the very first 30 months. Residential or commercial property insurance is needed. Other restrictions may use. Customer pays no closing costs. Initial escrow related costs might use. An annual fee 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 agents do not provide tax or legal guidance. Your tax and monetary situation is distinct. You must consult your tax and/or legal advisor for suggestions and details concerning your particular scenario.