1 HELOC eND OF DRAW PERIOD

Cristine Colvin edited this page 2025-06-20 01:04:55 +08:00

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• Home equity line of credit end of draw
  
  HELOC END OF DRAW PERIOD
  
  the end of draw period 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 line of credit (HELOC) end of draw duration?
  
  The HELOC end of draw duration is when you get in the repayment phase of your line of credit. You are now required to begin repaying the primary 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 expect at the HELOC end of draw period?
  
  Your regular monthly payment might increase significantly as you move from paying interest just to paying principal plus interest. The quantity of boost depends upon your principal due, rates of interest and your repayment period, which is generally 10, 15 or twenty years. Contact a banker at 800-642-3547 to go over the regular monthly payment on your HELOC.
  
  What can I do to reduce my monthly 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 fixed rate and follow the onscreen triggers to secure a repaired rate. Or, call a lender at 800-642-3547 to discuss the option of locking in a set rate.1 You must do this before your end of draw duration.
• Request a new HELOC or a home equity loan.
• Make additional primary payments above your needed month-to-month payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Bank Account page. You might also check out a branch.
• Pay off your balance. Visit a branch to get a reward quote and pay your balance completely while you exist. 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 find 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 a no 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 use extensions on any home equity loans or home equity lines of credit at this time. However, if you wish to refinance your line of credit, call us at 800-642-3547.
  
  What can I do if I am concerned about managing the boost in my monthly payment?
  
  Speak to us about a prospective 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 needed. Other restrictions might apply.
  
  Home Equity Line of Credit: Repayment options may vary based on credit credentials. Choosing an interest-only payment may trigger your month-to-month payment to increase, possibly significantly, as soon as your credit limit transitions into the payment period. Interest-only payment might be not available. Loans go through credit approval and program guidelines. Not all loan programs are offered in all states for all loan quantities. A U.S. Bank personal bank account is required to receive the most affordable rate however is not required for loan approval. Customers in particular states are eligible to receive the preferred rate without having a U.S. Bank personal bank account. Interest rate and program terms undergo change without notice. Credit line may be lowered, or additional extensions of credit restricted if particular circumstances happen.
  
  An early closure fee of 1% of the initial line amount, optimum $500, will apply if the line is settled and closed within the very first 30 months. Residential or commercial property insurance coverage is required. Other constraints might use. Customer pays no closing costs. Initial escrow associated funding expenses may apply. A yearly 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 offer tax or legal guidance. Your tax and financial situation is special. You should consult your tax and/or legal consultant for recommendations and information concerning your specific circumstance.