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- Home equity line of credit end of draw

HELOC END OF DRAW PERIOD

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

Understand your options and get the guidance you need before reaching this crucial transition point.

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

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

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

Your regular monthly payment might increase considerably 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 period, which is usually 10, 15 or twenty years. Contact a lender at 800-642-3547 to talk about the month-to-month payment on your HELOC.

What can I do to reduce my regular monthly 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 fixed rate. Or, call a banker at 800-642-3547 to go over the option of securing a fixed rate.1 You should do this before your end of draw duration.
- Make an application for a new HELOC or a home equity loan.
- Make extra primary payments above your needed regular monthly payment. Visit to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Savings account page. You may likewise go to 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 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 find my end of draw date?

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

What if I have a zero 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 existing agreement?

No. We don't provide extensions on any home equity loans or home equity credit lines at this time. However, if you would like to refinance your credit line, call us at 800-642-3547.

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

Speak 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 an e-mail to MAP@usbank.com.

1. Home Equity Credit Line - Fixed Rate Option: An optimum of three active Fixed Rate Options are allowed on a Home Equity Credit Line. Residential or commercial property insurance is required. Other constraints may apply.

Home Equity Line of Credit: Repayment alternatives may vary based on credit credentials. Choosing an interest-only payment may cause your month-to-month payment to increase, perhaps considerably, once your credit limit shifts into the repayment period. Interest-only repayment may be unavailable. Loans undergo credit approval and program guidelines. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal bank account is needed to get the most affordable rate however is not required for loan approval. Customers in particular 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 change without notification. Credit line may be minimized, or extra extensions of credit line if particular situations happen.

An early closure charge of 1% of the initial line amount, maximum $500, will use if the line is paid off and closed within the very first 30 months. Residential or commercial property insurance coverage is required. Other constraints might use. Customer pays no closing costs. Initial escrow associated funding costs might 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 representatives do not offer tax or legal recommendations. Your tax and monetary circumstance is special. You must consult your tax and/or legal consultant for advice and details concerning your specific situation.