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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 duration on your home equity credit line?
  
  Understand your choices and get the guidance you require before reaching this essential shift point.
  
  What is the home equity line of credit (HELOC) end of draw duration?
  
  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 primary balance in addition to paying interest. At this point you might no longer access funds and you might no longer convert a variable rate to a set rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your regular monthly payment may substantially as you move from paying interest only to paying principal plus interest. The quantity of increase depends upon your principal due, interest rate and your repayment period, which is generally 10, 15 or 20 years. Contact a banker at 800-642-3547 to talk about the monthly payment on your HELOC.
  
  What can I do to decrease my month-to-month 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 fixed rate and follow the onscreen prompts to lock in a fixed rate. Or, call a banker at 800-642-3547 to go over the option of locking in a set rate.1 You must do this before your end of draw period.
• Make an application 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 principal payment box on the Pay a U.S. Checking account page. You may also check out a branch.
• Pay off your balance. Visit a branch to get a benefit quote and pay your balance in full while you exist. Or, call 800-642-3547 for a benefit 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 discover my end of draw date?
  
  You'll discover it on the upper right corner of your HELOC statement. If you don't have your declaration, you can call 800-642-3547 for support.
  
  What if I have a no 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 need for you to do anything.
  
  Can I get an extension on my existing agreement?
  
  No. We do not use extensions on any home equity loans or home equity lines of credit at this time. However, if you would like to re-finance your line of credit, call us at 800-642-3547.
  
  What can I do if I am concerned about managing the increase in my month-to-month payment?
  
  Talk 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 an email to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: An optimum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance is required. Other constraints might use.
  
  Home Equity Line of Credit: Repayment choices might differ based upon credit credentials. Choosing an interest-only repayment might cause your month-to-month payment to increase, possibly considerably, once your credit line shifts 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 needed to receive the most affordable rate but is not required for loan approval. Customers in specific states are eligible to receive the preferred rate without having a U.S. Bank personal bank account. Rates of interest and program terms are subject to alter without notification. Line of credit may be lowered, or additional extensions of credit limited if certain situations take place.
  
  An early closure fee of 1% of the original line amount, maximum $500, will use if the line is settled and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other constraints might apply. Customer pays no closing costs. Initial escrow related funding costs may apply. A yearly cost 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 representatives do not offer tax or legal advice. Your tax and monetary situation is special. You need to consult your tax and/or legal consultant for recommendations and info concerning your specific circumstance.