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Home equity credit line end of draw
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HELOC END OF DRAW PERIOD

Nearing completion of draw period on your home equity line of credit?

Understand your options and get the assistance you need before reaching this crucial transition point.

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

The HELOC end of draw duration is when you enter the payment phase of your credit line. You are now required to begin paying back the principal balance in addition to paying interest. At this point you might no longer access funds and you may no longer transform a variable rate to a set rate.

What should I expect at the HELOC end of draw duration?

Your monthly payment might increase significantly as you move from paying interest only to paying principal plus interest. The amount of increase depends upon your principal due, interest rate and your repayment duration, which is generally 10, 15 or twenty years. Contact a banker at 800-642-3547 to discuss the regular monthly 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 electronic banking or the mobile app and choose lock or unlock a set rate and follow the onscreen prompts to secure a fixed rate. Or, call a lender at 800-642-3547 to go over the choice of securing a fixed rate.1 You should do this before your end of draw duration.
Make an application for a new HELOC or a home equity loan.
Make extra primary payments above your required month-to-month payment. Visit to usbank.com. Enter a quantity in the principal payment box on the Pay a U.S. Checking account page. You might likewise visit a branch. - Settle your balance. Visit a branch to get a benefit quote and pay your balance completely while you exist. Or, call 800-642-3547 for a benefit 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 declaration. If you don't have your declaration, you can call 800-642-3547 for help.

What if I have a zero balance at end of draw?

If you reach completion of draw date with a 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 use extensions on any home equity loans or home equity lines of credit at this time. However, if you want to refinance your line of credit, call us at 800-642-3547.

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

Speak to us about a potential 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 an e-mail to MAP@usbank.com.

1. Home Line - Fixed Rate Option: A maximum of 3 active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance is needed. Other limitations may apply.

Home Equity Credit Line: Repayment choices may differ based upon credit credentials. Choosing an interest-only repayment may cause your month-to-month payment to increase, potentially significantly, once your credit line transitions into the payment duration. Interest-only payment might be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available 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 certain states are eligible to get the favored rate without having a U.S. Bank individual checking account. Rates of interest and program terms go through change without notice. Line of credit might be decreased, or extra extensions of credit line if particular situations occur.

An early closure cost of 1% of the original line amount, optimum $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 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 offer tax or legal suggestions. Your tax and financial circumstance is special. You should consult your tax and/or legal advisor for suggestions and info concerning your specific situation.