HELOC eND OF DRAW PERIOD
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HELOC END OF DRAW PERIOD
Nearing the end of draw duration on your home equity credit line?
Understand your options and get the assistance you require before reaching this important transition 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 repayment stage of your line of credit. You are now needed to start repaying the primary balance in addition to paying interest. At this point you might 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 regular may increase considerably as you move from paying interest just to paying principal plus interest. The quantity of boost depends on your principal due, interest rate and your payment period, which is usually 10, 15 or 20 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 regular 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 prompts to lock in a fixed rate. Or, call a lender at 800-642-3547 to discuss the option of locking in a fixed rate.1 You must do this before your end of draw duration. - Get a brand-new HELOC or a home equity loan.
- Make extra primary payments above your needed month-to-month payment. Visit to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Savings account page. You might also check out a branch.
- Pay off your balance. Visit a branch to get a payoff quote and pay your balance completely while you're there. Or, call 800-642-3547 for a payoff 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 support.
What if I have a zero 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 need for you to do anything.
Can I get an extension on my current contract?
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 line of credit, call us at 800-642-3547.
What can I do if I am concerned about handling the increase in my monthly payment?
Speak with 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 out 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 restrictions may use.
Home Equity Credit Line: Repayment options may differ based on credit credentials. Choosing an interest-only repayment may cause your regular monthly payment to increase, possibly significantly, when your credit limit transitions into the repayment duration. Interest-only payment might be unavailable. Loans go through credit approval and program standards. Not all loan programs are offered in all states for all loan quantities. A U.S. Bank individual checking account is needed to get the most affordable rate however is not required for loan approval. Customers in specific states are qualified to get the favored rate without having a U.S. Bank individual checking account. Rate of interest and program terms go through alter without notification. Credit limit may be reduced, or additional extensions of credit line if particular circumstances occur.
An early closure fee of 1% of the initial line amount, optimum $500, will use if the line is paid off and closed within the first 30 months. Residential or commercial property insurance is required. Other limitations may use. Customer pays no closing expenses. Initial escrow related funding expenses may apply. An annual charge 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 agents do not offer tax or legal guidance. Your tax and financial circumstance is distinct. You need to consult your tax and/or legal advisor for advice and info worrying your particular situation.