Us bank home equity loan phone number

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. 

A home equity installment loan is a convenient way to consolidate debt or pay for big household expenses, with the security of fixed-rate payments. You can apply by phone, online or in person, but before you begin you’ll want to have the answers to certain questions:

1. How much equity do you have in your home?
2. Will you be applying by yourself or with a co-applicant?
3. Do you live in the property that will be used as collateral?

Home equity loan requirements

Let’s take a closer look at some of these items.

Your home’s equity

The amount of equity you have in your home is determined by the value of your home minus the amount you owe on your mortgage. For example, if your home is valued at $300,000 and you have a $150,000 balance on your mortgage, you have $150,000 in equity.

Information you’ll need to apply for a home equity loan

You’ll want to produce a solid estimate of the home’s value, as well as documents showing your household income, Social Security number and any other outstanding balances. Lenders also will ask for a mortgage statement, a property tax bill and a copy of your homeowner’s insurance policy, among other requested documents.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate 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.

By providing U.S. Bank with a telephone number for a cellular phone or other wireless device, including a number that you later convert to a cellular number, you are expressly consenting to receiving communications — including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system — from U.S. Bank and our affiliates and agents at that number. This express consent applies to each such telephone number that you provide to us now or in the future and permits such calls for non-marketing purposes. Calls and messages may incur access fees from your cellular provider.

By providing your email address, you agree to receive information regarding home equity products from U.S. Bank.

Because HELOCs are secured, they typically have lower rates than personal loans or credit cards. In addition, there are no application fees or closing costs1 and the interest may be tax deductible.2

Flexibility

With HELOCs you can borrow funds over time as needed. They also offer flexible repayment options, including interest-only payments for those who qualify.

Convenient access

You can draw on your HELOC by using convenience checks, transferring money to your U.S. Bank checking account or by visiting a branch or ATM. You can also use your Visa® Access Card anywhere Visa® is accepted.

If you'd like to pay more than one bill, repeat the above steps. There's not a limit to how many individual payments you can make. However, the option to pay multiple bills at once isn't available on mobile banking. 

Setting up autopay is easier than ever. When you've gone through the process, we'll provide you a confirmation page to review. It'll tell you when the first payment starts, how much is being paid, and what date it'll be paid each month. 

A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account.

Qualifying purchase

A qualifying debit card purchase is any purchase of goods or services made in store, by telephone or online using the debit card and/or debit card number associated with the new checking account that qualified for the $150 bonus. Purchases will be qualified based on the day the purchase posts to your new account. Purchases include any payments made using your debit card number but do not include ATM transactions (such as withdrawals).

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Bank of America Core Checking®

No monthly maintenance fee for each statement cycle that you:

Have at least one Qualifying Direct Deposit of $250

or

Maintain a minimum daily balance of $1,500 or more

Students under age 24 are eligible to have this fee waived while
enrolled in high school, college or a vocational program.

Preferred Rewards clients get this fee waived.

Or pay $12/month

Bank of America Interest Checking®

No monthly maintenance fee for each statement cycle that you:

Maintain a combined balance* of at least $10,000 or more

*Combined balances include:
The average daily balance in eligible linked checking
and savings accounts for the statement cycle

AND

The current balances in linked personal CDs and IRAs
at the end of the Interest Checking statement cycle

AND

The current balance (2 business days before the end of the Interest Checking statement cycle)
in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts

Preferred Rewards clients get this fee waived.

Or pay $25/month

Bank of America® Rewards Savings

No monthly maintenance fee for each statement cycle that you:

Maintain a minimum daily balance of at least $500

or

Link your Bank of America Interest Checking® account to your Rewards Savings account
(waiver applies to first 4 savings accounts)

or

When you are a Bank of America Preferred Rewards client
(waiver applies to first 4 checking and savings accounts)

Or pay $8/month

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Le informamos que la página que está a punto de ver solo se ofrece en inglés. Las solicitudes y documentos para productos y servicios específicos también pueden estar solo en inglés.

Como siempre, asegúrese de leer y entender todos los términos y condiciones antes de elegir un producto, y póngase en contacto con nosotros si tiene cualquier pregunta.

What is the difference between a HELOC and home equity loan?

What are the disadvantages of a HELOC?

What happens when a HELOC matures?

How do I access my HELOC account?