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  US Bank HELOC

US Bank HELOC

in Home Equity Lines of Credit from US Bank · NMLS ID #402761

Unaffiliated

US Bank HELOC

Unaffiliated

in Home Equity Lines of Credit from US Bank · NMLS ID #402761

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Highlights
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Community Rating

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Loan Amount $15,000 - $750,000
APR  (Variable APR) 3.25% - 18%
Maximum LTV 85%

US Bank HELOC Review

US Bank HELOC is offered by US Bank (NMLS #402761), a bank founded in 1863 and based in Minneapolis, MN. US Bank HELOC is available in 50 states (and Washington, DC).

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

US Bank HELOC allows borrowers to apply for lines of credit of up to $750,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 85% for qualified borrowers. That means the total debt secured by the property cannot exceed 85% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $65k.

What are the terms for a US Bank HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

US Bank HELOC offers home equity loans with a draw period of up to 10 years and a repayment period of 20 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does US Bank HELOC offer?

US Bank HELOC offers APRs starting at 3.25% and up to 18%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

Rate is quoted with autopay discount*.

What is the estimated funding time for a home loan via US Bank HELOC?

US Bank HELOC will typically fund home equity lines of credit within 3 and 14 days of approval.

What fees does US Bank HELOC charge for a HELOC?

US Bank HELOC may charge a loan origination fee. There is also an annual fee of $0.

What types of property can you use as security for a HELOC with US Bank HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. US Bank HELOC will consider lines of credit secured by the following property types:

  • Primary homes.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $0 - $90
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Maximum LTV 85%
Customizable Payment Dates  
Draw Period 10 years
Funding Time Range 3 - 14 days
Repayment Period 20 years
Loan Amount $15,000 - $750,000
APR (Variable APR) 3.25% - 18%

US Bank HELOC Community Reviews

 

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Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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