1 HELOC eND OF DRAW PERIOD

Miriam Mileham edited this page 2025-06-14 05:13:33 +08:00

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  HELOC END OF DRAW PERIOD
  
  Nearing the end of draw period on your home equity credit line?
  
  Understand your choices and get the guidance you need before reaching this important 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 repayment stage of your credit line. You are now needed to start paying back the primary balance in addition to paying interest. At this moment you might no longer gain access to funds and you might no longer transform a variable rate to a set rate.
  
  What should I anticipate at the HELOC end of draw period?
  
  Your month-to-month payment might increase substantially as you move from paying interest only to paying principal plus interest. The amount of increase depends upon your principal due, rates of interest and your repayment duration, which is normally 10, 15 or 20 years. Contact a banker at 800-642-3547 to talk about the regular monthly 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 electronic banking or the mobile app and pick lock or unlock a fixed rate and follow the onscreen prompts to lock in a repaired rate. Or, call a lender at 800-642-3547 to talk about the option of securing a fixed rate.1 You need to do this before your end of draw period.
• Request a brand-new HELOC or a home equity loan.
• Make extra principal payments above your required regular monthly payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Bank Account page. You may also check out 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 reward 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 statement. If you do not have your declaration, you can call 800-642-3547 for support.
  
  What if I have an absolutely 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 requirement for you to do anything.
  
  Can I get an extension on my existing agreement?
  
  No. We don't provide extensions on any home equity loans or home equity credit lines at this time. However, if you wish to re-finance your line of credit, call us at 800-642-3547.
  
  What can I do if I am concerned about handling the boost in my month-to-month payment?
  
  Talk with 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 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 allowed on a Home Equity Credit Line. Residential or commercial property insurance coverage is required. Other restrictions may apply.
  
  Home Equity Line of Credit: Repayment alternatives might differ based on credit qualifications. Choosing an interest-only repayment might trigger your month-to-month payment to increase, potentially considerably, once your credit line shifts into the payment period. Interest-only payment might be not available. Loans go through credit approval and program standards. Not all loan programs are offered in all states for all loan amounts. A U.S. Bank personal monitoring account is required to receive the lowest rate but is not needed for loan approval. Customers in particular states are eligible to receive the favored rate without having a U.S. Bank personal bank account. Interest rate and program terms are subject to alter without notice. Line of credit might be lowered, or additional extensions of credit limited if particular scenarios take place.
  
  An early closure fee of 1% of the original line quantity, optimum $500, will apply if the line is settled and closed within the first 30 months. Residential or commercial property insurance is required. Other limitations might use. Customer pays no closing costs. Initial escrow related funding expenses may use. 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 guidance. Your tax and monetary scenario is unique. You must consult your tax and/or legal advisor for advice and information concerning your specific situation.