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• Home equity line of credit end of draw
  noradarealestate.com
  HELOC END OF DRAW PERIOD
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  Nearing the end of draw period on your home equity line of credit?
  
  Understand your choices and get the assistance you need before reaching this crucial shift point.
  
  What is the home equity line of credit (HELOC) end of draw period?
  
  The HELOC end of draw period is when you go into the repayment phase of your credit line. You are now needed to start repaying the primary balance in addition to paying interest. At this point you may no longer access funds and you might no longer transform a variable rate to a set rate.
  
  What should I anticipate at the HELOC end of draw period?
  
  Your month-to-month payment might increase substantially as you move from paying interest just to paying principal plus interest. The amount of boost depends on your principal due, rate of interest and your repayment period, which is generally 10, 15 or 20 years. Contact a lender at 800-642-3547 to discuss the regular monthly payment on your HELOC.
  
  What can I do to reduce my monthly payment at the end of draw period?
  
  - Go to your HELOC account in online banking or the mobile app and select lock or unlock a fixed rate and follow the onscreen prompts to lock in a repaired rate. Or, call a lender at 800-642-3547 to talk about the choice of securing a fixed rate.1 You must do this before your end of draw period.
• Apply for a new HELOC or a home equity loan.
• Make additional primary payments above your required monthly payment. Log in to usbank.com. Enter an amount in the primary payment box on the Pay a U.S. Savings account page. You may also check out a branch.
• Settle 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 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 find my end of draw date?
  
  You'll find it on the upper right corner of your HELOC declaration. If you do not 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 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 present contract?
  
  No. We do not offer 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 concerned about managing the increase in my regular monthly payment?
  
  Speak 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 out an e-mail to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum of 3 active Fixed Rate Options are allowed on a Home Equity Credit Line. Residential or commercial property insurance coverage is required. Other limitations may apply.
  
  Home Equity Credit Line: Repayment options might differ based on credit qualifications. Choosing an interest-only repayment may trigger your month-to-month payment to increase, perhaps significantly, once your credit limit transitions into the repayment period. Interest-only payment might be not available. Loans go through credit approval and program standards. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal bank account is needed to get the most affordable rate however is not required for loan approval. Customers in certain states are eligible to receive the favored rate without having a U.S. Bank personal monitoring account. Rates of interest and program terms go through alter without notice. Line of credit might be minimized, or extra extensions of credit line if specific 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 very first 30 months. Residential or commercial property insurance coverage is needed. Other constraints may apply. Customer pays no closing costs. Initial escrow associated 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 representatives do not supply tax or legal advice. Your tax and monetary situation is distinct. You need to consult your tax and/or legal advisor for suggestions and information concerning your specific circumstance.