HELOC eND OF DRAW PERIOD
- Mortgage/
- Home equity/
- Home equity credit line/
- Home equity line of credit end of draw
HELOC END OF DRAW PERIOD
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Nearing the end of draw period on your home equity credit line?
Understand your alternatives and get the assistance you need before reaching this crucial transition point.
What is the home equity credit line (HELOC) end of draw duration?
The HELOC end of draw duration is when you go into the repayment stage of your line of credit. You are now required to begin paying back the primary balance in addition to paying interest. At this moment you might no longer access funds and you may no longer convert 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 considerably as you move from paying interest just to paying principal plus interest. The amount of increase depends on your principal due, interest rate and your repayment period, which is normally 10, 15 or 20 years. Contact a lender at 800-642-3547 to go over the regular monthly payment on your HELOC.
What can I do to minimize my monthly payment at the end of draw period?
- Go to your HELOC account in online 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 banker at 800-642-3547 to talk about the option of locking in a fixed rate.1 You must do this before your end of draw period. - Request a new HELOC or a home equity loan.
- Make additional primary payments above your required regular monthly payment. Log in to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Checking account page. You may likewise go to a branch.
- Pay off your balance. Visit a branch to get a reward quote and pay your balance in full 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 find my end of draw date?
You'll find it on the upper right corner of your HELOC statement. If you don't have your declaration, you can call 800-642-3547 for assistance.
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 credit line will be closed. There is no need for you to do anything.
Can I get an extension on my existing contract?
No. We don't use extensions on any home equity loans or home equity credit lines at this time. However, if you would like 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 regular monthly payment?
Talk to us about a prospective 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 email to MAP@usbank.com.
1. Home Equity Line of Credit - Fixed Rate Option: An optimum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Residential or commercial property insurance coverage is needed. Other constraints might apply.
Home Equity Line of Credit: Repayment alternatives might differ based upon credit certifications. Choosing an interest-only repayment may cause your monthly payment to increase, perhaps substantially, as soon as your credit line transitions into the payment duration. Interest-only payment may be not available. Loans are subject to credit approval and program . Not all loan programs are available in all states for all loan amounts. A U.S. Bank personal monitoring account is required to get the most affordable rate however is not needed for loan approval. Customers in certain states are qualified to get the favored rate without having a U.S. Bank individual bank account. Rate of interest and program terms are subject to alter without notification. Credit line may be decreased, or additional extensions of credit line if certain scenarios take place.
An early closure cost of 1% of the initial line amount, optimum $500, will apply if the line is settled and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other restrictions may apply. Customer pays no closing expenses. Initial escrow associated funding costs 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 financial situation is distinct. You need to consult your tax and/or legal consultant for advice and info concerning your particular circumstance.