reference.com
- Mortgage/

• Home equity/
• Home equity credit line/
• 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 assistance you need before reaching this important shift 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 payment phase of your line of credit. You are now needed to start repaying the principal balance in addition to paying interest. At this moment you might no longer access funds and you might no longer convert a variable rate to a fixed rate.
  
  What should I anticipate at the HELOC end of draw duration?
  
  Your regular monthly payment may increase significantly as you move from paying interest just to paying principal plus interest. The quantity of increase depends upon your principal due, rates of interest and your payment period, which is generally 10, 15 or 20 years. Contact a banker at 800-642-3547 to discuss the month-to-month payment on your HELOC.
  
  What can I do to lower my regular 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 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 set rate.1 You must do this before your end of draw duration.
• Obtain a new HELOC or a home equity loan.
• Make additional primary payments above your needed monthly payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Checking account page. You might also visit a branch.
• Settle your balance. Visit a branch to get a reward quote and pay your balance in complete 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 discover my end of draw date?
  
  You'll discover it on the upper right corner of your HELOC declaration. If you do not 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 completion 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 contract?
  
  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 re-finance your credit line, call us at 800-642-3547.
  
  What can I do if I am concerned about handling the boost in my monthly payment?
  
  Talk to us about a possible 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 out an e-mail to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum 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 apply.
  
  Home Equity Line of Credit: may differ based on credit certifications. Choosing an interest-only payment may trigger your month-to-month payment to increase, possibly significantly, as soon as your credit line transitions into the payment period. Interest-only payment may be not available. Loans are subject to credit approval and program standards. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal bank account is required to get the least expensive rate however is not needed for loan approval. Customers in particular states are qualified to receive the favored rate without having a U.S. Bank personal bank account. Interest rate and program terms go through change without notification. Line of credit may be reduced, or extra extensions of credit line if particular situations take place.
  
  An early closure cost of 1% of the initial line amount, optimum $500, will apply 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 associated financing expenses may use. An annual charge of $75 will use after the first year and is waived with an existing U.S. Bank Platinum Checking Package.
  
  U.S. Bank and its representatives do not supply tax or legal advice. Your tax and financial circumstance is distinct. You need to consult your tax and/or legal advisor for recommendations and info worrying your specific scenario.