- Mortgage/
- Home equity/
- Home equity credit line/
- Home equity credit line end of draw

HELOC END OF DRAW PERIOD

Nearing the end of draw period on your home equity credit line?

Understand your options and get the guidance you require before reaching this crucial shift point.

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

The HELOC end of draw period is when you go into the payment phase of your line of credit. You are now needed to begin repaying the primary balance in addition to paying interest. At this point you may no longer gain access to funds and you might no longer transform a variable rate to a fixed rate.

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

Your month-to-month payment may increase substantially as you move from paying interest just to paying principal plus interest. The quantity of boost depends on your principal due, rate of interest and your repayment period, which is typically 10, 15 or 20 years. Contact a lender at 800-642-3547 to discuss the monthly payment on your HELOC.

What can I do to lower my monthly payment at the end of draw duration?

- Go to your HELOC account in electronic banking or the mobile app and select lock or unlock a set rate and follow the onscreen triggers to lock in a repaired rate. Or, call a lender at 800-642-3547 to talk about the choice of securing a set rate.1 You should do this before your end of draw duration.
- Look for a brand-new HELOC or a home equity loan.
- Make extra primary payments above your needed regular monthly payment. Log in to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Bank Account page. You may also visit a branch.
- Pay off your balance. Visit a branch to get a payoff quote and pay your balance completely while you exist. Or, call 800-642-3547 for a reward 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 find my end of draw date?

You'll discover it on the upper right corner of your HELOC statement. If you do not have your statement, you can call 800-642-3547 for help.

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

If you reach the end of draw date with an absolutely 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 don't provide extensions on any home equity loans or home equity credit lines at this time. However, if you want to refinance your credit line, call us at 800-642-3547.

What can I do if I am worried about managing the boost in my monthly payment?

Talk 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 out an e-mail to MAP@usbank.com.

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

Home Equity Line of Credit: Repayment alternatives may differ based on credit certifications. Choosing an interest-only repayment may trigger your month-to-month payment to increase, potentially considerably, when your credit limit transitions into the payment period. Interest-only repayment may be not available. Loans undergo credit approval and program guidelines. Not all loan programs are readily available in all states for all loan amounts. A U.S. Bank personal bank account is required to get the most affordable rate but is not required for loan approval. Customers in certain states are eligible to get the favored rate without having a U.S. Bank personal bank account. Rates of interest and program terms undergo alter without notice. Line of credit may be reduced, or additional extensions of credit line if certain scenarios occur.

An early closure fee 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 coverage is required. Other constraints may use. Customer pays no closing expenses. Initial escrow associated funding expenses might apply. A yearly cost 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 supply tax or legal suggestions. Your tax and monetary situation is special. You should consult your tax and/or legal consultant for recommendations and info worrying your particular scenario.