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• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
  
  Nearing the end of draw duration on your home equity credit line?
  
  Understand your alternatives and get the guidance you require before reaching this important transition point.
  
  What is the home equity line of credit (HELOC) end of draw period?
  
  The HELOC end of draw duration is when you enter the repayment stage of your credit line. You are now required to start paying back the principal balance in addition to paying interest. At this moment you might no longer access 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 monthly payment might increase considerably as you move from paying interest just to paying principal plus interest. The amount of boost depends on your principal due, rates of interest and your repayment duration, which is normally 10, 15 or 20 years. Contact a lender at 800-642-3547 to discuss the monthly payment on your HELOC.
  
  What can I do to reduce my month-to-month payment at the end of draw duration?
  
  - Go to your HELOC account in online banking or the mobile app and pick lock or unlock a set rate and follow the onscreen triggers to lock in a repaired rate. Or, call a banker at 800-642-3547 to go over the alternative of securing a fixed rate.1 You must do this before your end of draw period.
• Look for a brand-new HELOC or a home equity loan.
• Make extra primary payments above your needed month-to-month payment. Visit to usbank.com. Enter a quantity in the primary payment box on the Pay a U.S. Checking account page. You might also go to a branch.
• Settle your . 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 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?
  streeteasy.com
  You'll find it on the upper right corner of your HELOC statement. If you do not have your declaration, you can call 800-642-3547 for assistance.
  
  What if I have an absolutely no balance at end of draw?
  
  If you reach completion 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 contract?
  
  No. We do not offer extensions on any home equity loans or home equity lines of credit at this time. However, if you would like to refinance your credit line, call us at 800-642-3547.
  
  What can I do if I am concerned about handling the boost in my 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 out an email to MAP@usbank.com.
  
  1. Home Equity Line of Credit - Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Credit Line. Residential or commercial property insurance is needed. Other limitations might apply.
  
  Home Equity Credit Line: Repayment options may differ based upon credit credentials. Choosing an interest-only repayment might cause your month-to-month payment to increase, potentially substantially, as soon as your credit limit transitions into the repayment duration. Interest-only payment might be not available. Loans are subject to credit approval and program standards. Not all loan programs are readily available in all states for all loan amounts. A U.S. Bank personal bank account is needed to get the lowest rate but is not required for loan approval. Customers in specific states are qualified to receive the preferred rate without having a U.S. Bank individual bank account. Rate of interest and program terms undergo change without notification. Credit line may be minimized, or extra extensions of credit line if specific situations happen.
  
  An early closure charge of 1% of the original line quantity, optimum $500, will use if the line is paid off and closed within the very first 30 months. Residential or commercial property insurance is required. Other constraints might apply. Customer pays no closing costs. Initial escrow related financing expenses might apply. An annual charge of $75 will use 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 guidance. Your tax and financial situation is distinct. You must consult your tax and/or legal consultant for suggestions and details worrying your particular scenario.