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• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  townhouseny.com
  Nearing the end of draw period on your home equity credit line?
  
  Understand your choices and get the guidance you require before reaching this crucial shift point.
  
  What is the home equity credit line (HELOC) end of draw period?
  
  The HELOC end of draw period is when you go into the payment stage of your credit line. You are now required to start paying back the primary balance in addition to paying interest. At this moment you might no longer gain access to funds and you may no longer transform a variable rate to a fixed rate.
  
  What should I anticipate at the HELOC end of draw period?
  
  Your regular monthly payment might increase significantly as you move from paying interest just to paying principal plus interest. The of boost depends on your principal due, interest rate and your payment period, which is usually 10, 15 or twenty years. Contact a lender at 800-642-3547 to go over the monthly payment on your HELOC.
  
  What can I do to minimize my regular 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 triggers to lock in a fixed rate. Or, call a banker at 800-642-3547 to discuss the option of securing a set rate.1 You must do this before your end of draw period.
• Look for a brand-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 principal payment box on the Pay a U.S. Bank Account page. You might also visit a branch.
• Settle your balance. Visit a branch to get a reward quote and pay your balance in complete 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 discover my end of draw date?
  
  You'll discover it on the upper right corner of your HELOC statement. If you do not have your statement, you can call 800-642-3547 for help.
  
  What if I have a no balance at end of draw?
  
  If you reach the end of draw date with a no balance, your home equity line of credit will be closed. There is no need for you to do anything.
  
  Can I get an extension on my present agreement?
  
  No. We do not use extensions on any home equity loans or home equity credit lines at this time. However, if you wish 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 possible 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 e-mail to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum of three active Fixed Rate Options are allowed on a Home Equity Line of Credit. Residential or commercial property insurance is required. Other restrictions may apply.
  
  Home Equity Credit Line: Repayment choices might differ based upon credit credentials. Choosing an interest-only repayment may trigger your regular monthly payment to increase, potentially substantially, as soon as your line of credit shifts into the payment duration. Interest-only payment might be unavailable. Loans undergo credit approval and program standards. Not all loan programs are available in all states for all loan quantities. A U.S. Bank personal checking account is needed to receive the lowest 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 bank account. Rates of interest and program terms go through change without notice. Credit limit may be decreased, or extra extensions of credit line if certain circumstances occur.
  homes.com
  An early closure fee of 1% of the initial line amount, optimum $500, will use if the line is paid off and closed within the first 30 months. Residential or commercial property insurance coverage is required. Other constraints might apply. Customer pays no closing expenses. Initial escrow related financing costs may use. 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 agents do not provide tax or legal suggestions. Your tax and monetary circumstance is unique. You should consult your tax and/or legal advisor for recommendations and info concerning your specific scenario.