bankrate.com
- Mortgage/

• Home equity/
• Home equity line of credit/
• Home line end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw period on your home equity line of credit?
  
  Understand your alternatives and get the guidance you require before reaching this essential transition 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 repayment stage of your line of credit. You are now needed to begin paying back the principal balance in addition to paying interest. At this moment you may no longer gain access to funds and you might no longer convert a variable rate to a fixed rate.
  
  What should I expect at the HELOC end of draw period?
  
  Your monthly payment might increase considerably as you move from paying interest just to paying principal plus interest. The amount of increase depends on your principal due, rates of interest and your repayment duration, which is generally 10, 15 or twenty years. Contact a banker at 800-642-3547 to talk about the regular monthly payment on your HELOC.
  
  What can I do to minimize my 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 triggers to secure a repaired rate. Or, call a lender at 800-642-3547 to discuss the option of securing a set rate.1 You must do this before your end of draw duration.
• Apply for a new HELOC or a home equity loan.
• Make additional principal payments above your required month-to-month payment. Log in to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Bank Account page. You may also check out a branch.
• Pay off your balance. Visit a branch to get a reward quote and pay your balance completely while you're there. 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 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 assistance.
  
  What if I have an absolutely no balance at end of draw?
  
  If you reach the end of draw date with an absolutely no 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 provide extensions on any home equity loans or home equity credit lines at this time. However, if you wish to re-finance your credit line, call us at 800-642-3547.
  
  What can I do if I am concerned about managing the increase in my monthly payment?
  
  Speak to us about a possible 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 Equity Line of Credit - Fixed Rate Option: An optimum of three active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance is required. Other limitations might apply.
  
  Home Equity Line of Credit: Repayment choices might differ based on credit credentials. Choosing an interest-only repayment might trigger your regular monthly payment to increase, possibly considerably, when your credit line transitions into the repayment duration. Interest-only payment might be unavailable. 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 individual bank account is needed to receive the lowest rate however is not required for loan approval. Customers in certain states are qualified to receive the preferred rate without having a U.S. Bank individual checking account. Rates of interest and program terms are subject to alter without notification. Credit limit may be reduced, or extra extensions of credit limited if specific circumstances take place.
  
  An early closure fee of 1% of the initial line amount, optimum $500, will apply if the line is settled and closed within the very first 30 months. Residential or commercial property insurance coverage is required. Other limitations might apply. Customer pays no closing costs. Initial escrow related financing costs may use. An annual cost of $75 will apply after the very first year and is waived with an existing U.S. Bank Platinum Checking Package.
  
  U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is distinct. You need to consult your tax and/or legal advisor for recommendations and info concerning your specific scenario.