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• Home equity line of credit end of draw
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  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw duration on your home equity line of credit?
  
  Understand your options and get the guidance you need before reaching this essential transition point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  The HELOC end of draw period is when you enter the repayment phase of your credit line. You are now required to begin repaying the in addition to paying interest. At this moment you may no longer access funds and you might no longer convert a variable rate to a fixed rate.
  
  What should I anticipate at the HELOC end of draw duration?
  
  Your monthly payment may increase significantly 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 payment period, which is generally 10, 15 or 20 years. Contact a banker at 800-642-3547 to discuss the 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 online banking or the mobile app and select lock or unlock a set rate and follow the onscreen triggers to secure a fixed rate. Or, call a lender at 800-642-3547 to talk about the choice of locking in a set rate.1 You should do this before your end of draw period.
• Apply for a brand-new HELOC or a home equity loan.
• Make additional principal payments above your needed monthly payment. Visit to usbank.com. Enter an amount in the principal payment box on the Pay a U.S. Bank Account page. You might likewise check out a branch.
• Settle your balance. Visit a branch to get a benefit quote and pay your balance completely while you exist. Or, call 800-642-3547 for a benefit 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 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 support.
  
  What if I have a zero balance at end of draw?
  
  If you reach the end of draw date with a zero balance, your home equity line of credit will be closed. There is no requirement for you to do anything.
  
  Can I get an extension on my current agreement?
  
  No. We don't provide extensions on any home equity loans or home equity lines of credit at this time. However, if you want to re-finance your credit line, call us at 800-642-3547.
  
  What can I do if I am worried about managing the boost in my regular 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 Line of Credit - Fixed Rate Option: A maximum of 3 active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance coverage is needed. Other restrictions might apply.
  
  Home Equity Line of Credit: Repayment choices may differ based on credit certifications. Choosing an interest-only repayment might trigger your monthly payment to increase, possibly considerably, as soon as your credit line shifts into the payment duration. Interest-only repayment might be unavailable. Loans undergo credit approval and program guidelines. Not all loan programs are readily available in all states for all loan quantities. A U.S. Bank individual bank account is needed to receive the most affordable rate but is not required for loan approval. Customers in specific states are eligible to receive the preferred rate without having a U.S. Bank individual monitoring account. Interest rate and program terms are subject to change without notice. Credit line might be minimized, or additional extensions of credit limited if particular situations happen.
  
  An early closure fee of 1% of the initial line quantity, maximum $500, will apply if the line is settled and closed within the very first 30 months. Residential or commercial property insurance coverage is needed. Other constraints might use. Customer pays no closing costs. Initial escrow associated financing costs might use. A yearly fee 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 provide tax or legal recommendations. Your tax and financial circumstance is unique. You ought to consult your tax and/or legal consultant for advice and information concerning your specific circumstance.