realestatenews.com
- Mortgage/

• Home equity/
• Home equity credit line/
• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing the end of draw period on your home equity line of credit?
  
  Understand your choices and get the assistance you require before reaching this essential transition point.
  
  What is the home equity credit line (HELOC) end of draw period?
  
  The HELOC end of draw duration is when you enter the repayment phase of your credit line. You are now needed to start repaying the principal 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 period?
  
  Your regular monthly payment may increase significantly 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 payment period, 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 reduce my regular monthly payment at the end of draw duration?
  
  - Go to your HELOC account in electronic banking or the mobile app and select lock or unlock a fixed rate and follow the onscreen prompts to secure a repaired rate. Or, call a banker at 800-642-3547 to go over the choice of locking in a set rate.1 You must do this before your end of draw duration.
• Get a new HELOC or a home equity loan.
• Make additional principal payments above your required regular monthly payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Savings account page. You might likewise go to a branch.
• Settle 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 benefit 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 don't have your statement, you can call 800-642-3547 for support.
  
  What if I have an absolutely no 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 existing agreement?
  
  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 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?
  
  Talk 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 an email 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 Line. Residential or commercial property insurance coverage is needed. Other limitations might apply.
  
  Home Equity Credit Line: Repayment options may vary based on credit qualifications. Choosing an interest-only payment may trigger your month-to-month payment to increase, possibly substantially, as soon as your credit limit shifts into the repayment duration. 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 required to receive the lowest rate but is not needed for loan approval. Customers in specific states are eligible to receive the preferred rate without having a U.S. Bank personal bank account. Interest rate and program terms are subject to alter without notice. Line of credit might be decreased, or extra extensions of credit limited if particular situations occur.
  
  An early closure charge of 1% of the original 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 needed. Other limitations may apply. Customer pays no closing costs. Initial escrow associated funding expenses 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 supply tax or legal advice. Your tax and monetary scenario is special. You should consult your tax and/or legal advisor for guidance and info worrying your specific circumstance.