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• Home equity credit line end of draw
  
  HELOC END OF DRAW PERIOD
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  Nearing the end of draw period on your home equity line of credit?
  
  Understand your alternatives and get the assistance you require before reaching this important shift point.
  
  What is the home equity credit line (HELOC) end of draw period?
  
  The HELOC end of draw period is when you get in the payment stage of your credit line. You are now needed to start paying back the primary balance in addition to paying interest. At this moment you might no longer access funds and you might no longer convert a variable rate to a set rate.
  
  What should I expect at the HELOC end of draw duration?
  
  Your month-to-month payment may increase considerably as you move from paying interest just to paying principal plus interest. The quantity of increase depends on your principal due, rates of interest and your payment duration, which is normally 10, 15 or 20 years. Contact a banker at 800-642-3547 to go over the regular monthly payment on your HELOC.
  
  What can I do to lower my monthly payment at the end of draw period?
  
  - Go to your HELOC account in electronic banking or the mobile app and choose lock or unlock a set rate and follow the onscreen prompts to lock in a repaired rate. Or, call a lender at 800-642-3547 to discuss the alternative of securing a fixed rate.1 You need to do this before your end of draw period.
• Obtain a brand-new HELOC or a home equity loan.
• Make extra principal payments above your needed regular monthly payment. Visit to usbank.com. Enter a quantity in the box on the Pay a U.S. Savings account page. You may likewise visit a branch.
• Settle 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 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 discover my end of draw date?
  
  You'll find it on the upper right corner of your HELOC declaration. If you do not have your statement, you can call 800-642-3547 for assistance.
  
  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 credit line will be closed. There is no need for you to do anything.
  
  Can I get an extension on my existing contract?
  
  No. We don't provide extensions on any home equity loans or home equity credit lines 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 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: An optimum of three active Fixed Rate Options are permitted on a Home Equity Credit Line. Residential or commercial property insurance is needed. Other restrictions may use.
  
  Home Equity Line of Credit: Repayment choices might vary based upon credit qualifications. Choosing an interest-only repayment might cause your monthly payment to increase, potentially significantly, when your credit limit shifts into the repayment duration. Interest-only repayment might be unavailable. Loans undergo credit approval and program standards. Not all loan programs are readily available in all states for all loan amounts. A U.S. Bank individual checking account is required to get the most affordable rate but is not needed for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal bank account. Rates of interest and program terms are subject to change without notification. Line of credit may be lowered, or additional extensions of credit line if certain scenarios happen.
  
  An early closure fee of 1% of the original 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 is required. Other restrictions might apply. Customer pays no closing expenses. Initial escrow associated financing expenses may apply. An annual fee of $75 will use after the first year and is waived with an existing U.S. Bank Platinum Checking Package.
  
  U.S. Bank and its agents do not offer tax or legal recommendations. Your tax and financial scenario is special. You need to consult your tax and/or legal advisor for suggestions and info worrying your particular circumstance.
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