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• Home equity line of credit 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 assistance you require before reaching this crucial transition point.
  
  What is the home equity line of credit (HELOC) end of draw duration?
  
  The HELOC end of draw period is when you enter the payment phase of your credit line. You are now needed to start paying back the principal balance in addition to paying interest. At this moment you might no longer gain access to funds and you may no longer convert a to a set rate.
  
  What should I anticipate at the HELOC end of draw period?
  
  Your monthly payment might increase significantly as you move from paying interest only to paying principal plus interest. The amount of boost depends upon your principal due, rate of interest and your repayment duration, which is generally 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 minimize my month-to-month payment at the end of draw period?
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  - Go to your HELOC account in online 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 lender at 800-642-3547 to go over the alternative of securing a fixed rate.1 You must do this before your end of draw duration.
• Apply for a brand-new HELOC or a home equity loan.
• Make extra primary payments above your required month-to-month payment. Visit to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Bank Account page. You might also visit a branch.
• Pay off your balance. Visit a branch to get a benefit quote and pay your balance in complete while you're there. Or, call 800-642-3547 for a payoff 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 discover it on the upper right corner of your HELOC statement. If you don't have your declaration, you can call 800-642-3547 for help.
  
  What if I have an absolutely no balance at end of draw?
  
  If you reach completion of draw date with an absolutely no balance, your home equity credit line will be closed. There is no requirement for you to do anything.
  
  Can I get an extension on my current contract?
  
  No. We do not offer extensions on any home equity loans or home equity lines of credit at this time. However, if you wish 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?
  
  Speak to 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 out 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 coverage is needed. Other constraints may use.
  
  Home Equity Credit Line: Repayment alternatives may differ based on credit qualifications. Choosing an interest-only payment might cause your month-to-month payment to increase, possibly considerably, once your credit line transitions into the payment period. Interest-only payment may be not available. 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 bank account is needed to get the most affordable rate however is not needed for loan approval. Customers in certain states are qualified to receive the favored rate without having a U.S. Bank individual monitoring account. Rate of interest and program terms are subject to alter without notification. Credit line might be reduced, or extra extensions of credit line if certain situations occur.
  
  An early closure cost of 1% of the initial line quantity, 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 needed. Other constraints might use. Customer pays no closing expenses. Initial escrow associated funding expenses might apply. A yearly 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 provide tax or legal advice. Your tax and financial circumstance is distinct. You must consult your tax and/or legal advisor for suggestions and information worrying your specific scenario.