All rates shown are for example only.
The process for getting a HELOC is simple. You’ll need to complete a basic application, submit any requested documentation and, if approved, close at a branch.
Our U.S. Bank self-service tool makes it even easier to manage your HELOC and lock or unlock rates on your own. Check out this video to learn how.
Once your application is approved, you’ll have the option to automatically lock in a portion or the entire balance upon account opening.
No, you can only lock in a fixed-rate option during the 10-year draw period.
Rates will vary based on when you lock in your fixed-rate option. If you have multiple fixed-rate options, it’s possible that they will all have a different rate.
Any portion of the balance that is not converted into a fixed-rate option will continue to have a variable rate and minimum payment in addition to the fixed-rate option payment.
Yes. You can choose to lock in rates for all or part or your balance.
You can select any term between 12 and 240 months.
Yes. As principal is paid down, it becomes available again within the HELOC during the 10-year draw period.
Fixed-rate option payments are fully amortized over the selected term and include principal and interest, unless otherwise stated at the time of locking the fixed-rate option. Your HELOC monthly statement will breakdown your variable rate payment along with any fixed-rate option payments.
Yes. You can unlock a fixed-rate option and relock at any time during the 10-year draw period.