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• Home equity/
• Home equity line of credit/
• Home equity credit line end of draw
  comcepta.com
  HELOC END OF DRAW PERIOD
  
  Nearing completion of draw duration on your home equity line of credit?
  
  Understand your alternatives and get the assistance you need before reaching this crucial transition point.
  
  What is the home equity credit line (HELOC) end of draw duration?
  
  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 fixed rate.
  
  What should I anticipate at the HELOC end of draw duration?
  
  Your regular monthly payment may increase considerably as you move from paying interest just to paying principal plus interest. The amount of boost depends upon your principal due, interest rate and your repayment duration, which is typically 10, 15 or twenty years. Contact a lender at 800-642-3547 to discuss the monthly payment on your HELOC.
  
  What can I do to decrease my month-to-month payment at the end of draw duration?
  mojeek.com
  - Go to your HELOC account in electronic banking or the mobile app and pick lock or unlock a fixed rate and follow the onscreen prompts to secure a fixed rate. Or, call a banker at 800-642-3547 to discuss the option of locking in a fixed rate.1 You need to do this before your end of draw duration.
• Apply for a new HELOC or a home equity loan.
• Make extra principal 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. Bank Account page. You may likewise check out a branch.
• Pay off your balance. Visit a branch to get a payoff quote and pay your balance completely while you exist. 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 declaration. If you don't have your declaration, you can call 800-642-3547 for support.
  
  What if I have an absolutely no balance at end of draw?
  
  If you reach completion of draw date with an absolutely no 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 present agreement?
  
  No. We don't use 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 monthly payment?
  
  Talk with 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 an e-mail to MAP@usbank.com.
  
  1. Home Equity Credit Line - Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. or commercial property insurance is needed. Other restrictions might apply.
  
  Home Equity Line of Credit: Repayment options may differ based on credit qualifications. Choosing an interest-only payment may cause your regular monthly payment to increase, perhaps significantly, as soon as your credit line shifts 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 available in all states for all loan amounts. A U.S. Bank personal bank account is required 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 personal checking account. Interest rate and program terms are subject to alter without notice. Credit limit might be lowered, or extra extensions of credit restricted if particular circumstances take place.
  
  An early closure charge of 1% of the initial line quantity, maximum $500, will apply if the line is paid off and closed within the very first 30 months. Residential or commercial property insurance is needed. Other constraints might apply. Customer pays no closing expenses. Initial escrow related funding expenses might apply. A yearly cost 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 representatives do not provide tax or legal recommendations. Your tax and financial situation is unique. You must consult your tax and/or legal advisor for advice and info concerning your particular situation.