What is the home equity line of credit (HELOC) end of draw period?

The HELOC end of draw period is when you enter the repayment phase of your line of credit. You are now required to begin paying back the principal balance in addition to paying interest. At this point you may no longer access funds and you may no longer convert a variable rate to a fixed rate.

What should I expect at the HELOC end of draw period?

Your monthly payment may increase substantially as you move from paying interest only to paying principal plus interest. The amount of increase depends on your principal due, interest rate and your repayment period, which is usually 10, 15 or 20 years. Contact a banker at 800-642-3547 to discuss the 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 choose lock or unlock a fixed rate and follow the onscreen prompts to lock in a fixed rate. Or, call a banker at 800-642-3547 to discuss the option of locking in 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 principal 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 may also visit a branch.
  • Pay off your balance. Visit a branch to get a payoff quote and pay your balance in full while you’re there. Or, call 800-642-3547 for a payoff 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

You’ll find it on the upper right corner of your HELOC statement. If you don’t have your statement, you can call 800-642-3547 for assistance.

If you reach the end of draw date with a zero balance, your home equity line of credit will be closed. There is no need for you to do anything.

No. We don’t offer extensions on any home equity loans or home equity lines of credit at this time. However, if you would like to refinance your line of credit, call us at 800-642-3547.

Talk to us about a potential loan modification. 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 email to MAP@usbank.com.

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Disclosures

  1. Home Equity Line of Credit – Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Property insurance is required. Other restrictions may apply.

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Home Equity Line of Credit: Repayment options may vary based on credit qualifications. Choosing an interest-only repayment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. A U.S. Bank personal checking account is required to receive the lowest rate but is not required for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal checking account. Interest rate and program terms are subject to change without notice. Credit line may be reduced, or additional extensions of credit limited if certain circumstances occur.

An early closure fee of 1% of the original line amount, maximum $500, will apply if the line is paid off and closed within the first 30 months. Property insurance is required. Other restrictions may apply. Customer pays no closing costs. Initial escrow related funding costs may apply. An annual fee of up to $75 may apply after the first year and is waived or discounted with an existing U.S. Bank Platinum Checking Package or with enrollment in our Smart Rewards Program. Annual fees are assessed based on the tier in our Smart Rewards Program on your HELOC anniversary date. Please refer to your Smart Rewards terms and conditions for more information on tier assignment.

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.