How to lock in your FRO
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A HELOC, or home equity line of credit, from U.S. Bank, is a great way to access funds for a variety of uses, from home renovations to major purchases to unexpected expenses.
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Graphic, smoke rises from an opened car hood.
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What's more, the ability to lock in a rate on portions of that line of credit gives you the security and predictability of a fixed rate, and the option to unlock them at any time. Typically, locking in a fixed rate has required a phone call or a trip to your local branch. But with the new U.S. Bank self-service tool, locking in a rate can be done on our website or from your mobile device.
Here's how.
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Log in screen with fields for username and password.
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Log into your U.S. Bank account, either online or mobile, and select "Equity Line."
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Last item under My Accounts.
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Next, click on "Lock or unlock a fixed rate."
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Red text on bottom of box to the left.
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One thing to note, too-- anytime you see the "i" icon, you can click on it for help with any of the sections in the process.
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An i in a circle at the end of the line, Lock or unlock your rate.
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Next, click on "Manage rates."
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Blue button at the bottom of the screen.
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To lock in a fixed rate, simply select "Withdraw new funds from your home equity line of credit."
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First box under Select which funds to lock.
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Then enter the account where funds should be deposited.
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Space to type in type of account and number.
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Enter the amount to lock.
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Under the space for account and number is a space to type in the amount and a check box that reads, Lock all or part of your current rate balance.
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And select the rate and term you want to lock in.
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Radio buttons below this, under Select rate and term, Payments with principal and interest.
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From here, you can calculate your payment and view payment details, with both variable and locked amounts combined.
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Calculate Payment button to the right. A box appears with Payment Details. Two boxes with amounts appear at the lower part of the box. Underneath is a blue Continue button.
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Next, click "Continue."
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Under Confirming your details is a blue box that says Confirm. To the left of that is a white Cancel button.
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Select "Confirm" to complete your selections, and you're all set.
One thing to note. You might sometimes see offers on special rates here in your online banking dashboard.
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Lower right section, outlined in red.
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To take advantage of these offers, just click the offer link and follow the prompts to lock in your rate.
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Two lines in the box, On top, Special Rate Offer. Below, Get Started
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Remember, you can access the self-service tool anytime you'd like, and can use it to lock up to three portions of your equity line at a fixed rate, unlocking them whenever you want. Get the funds you need, when you need them, in the way that makes the most sense for you. Log in today to fix your rates and access your funds.
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Logo, U.S. Bank. u s bank dot com. Mortgage & Home Equity products are offered by U. S, Bank National Association. Deposit products are offered by U.S. Bank National Association. Member F D I C -- Copyright 2020, U. S. Bank