Wells Fargo Home Equity Loans
The Wells Fargo home equity loan is a loan available through Wells Fargo Home Equity Group, a division of Wells Fargo Bank, N.A.
About
Homeowners who want access to funds now for a one-time expense
Securing a fixed interest rate and fixed monthly payment
Receive your loan as a lump sum (i.e. a one-time disbursement)
Make fixed payments of principal and interest so you always know exactly how much you’ll be paying
Ideal for:
How it works
Terms and Conditions
What is the Wells Fargo home equity loan?
The Wells Fargo home equity loan is a loan available through Wells Fargo Home Equity Group, a division of Wells Fargo Bank, N.A.
What is an Annual Percentage Rate (APR)?
APR is a measure of the cost of credit, expressed as a yearly interest rate. The APR on the home equity loan does not include costs other than interest. Please see Section III for more information on fees and costs.
How is the APR on the home equity loan determined?
Your APR on the Wells Fargo home equity loan will be based on the specific characteristics of your credit transaction, including evaluation of credit history, combined-loan-to-value, property type, amount of credit, term and geographic location.
What is the APR on the Wells Fargo home equity loan?(Example)
Monthly payments on a $40,000 loan at 10.115% APR payable in 180 months would be 179 monthly payments @ $ 432.66 and 1 final payment @ $ 432.97. Your monthly payments include principal and interest and may be higher or lower depending on your loan amount, APR, and term. A 0.25% discount is applied to the rate if monthly payments are automatically deducted from a qualified deposit account. If the automatic payment option is not selected, or is cancelled after the account is opened, the APR will increase.
What are the monthly payments?
Your monthly payments include principal and interest and may be higher or lower depending on your loan amount, APR, and term.
Will the APR change?
The home equity loan has a fixed APR.
How many years will I have to repay the loan?
The repayment period is 5 to 30 years and depends on your loan amount.
How much can I borrow?
The minimum amount you can borrow is $10,000. The maximum amount you can borrow is $500,000. You may be eligible to borrow up to 80% of the fair market value of your home minus the amount you still owe on all your mortgages and other liens (this is called “combined-loan-to-value”), depending on your creditworthiness and type of property. Texas homestead properties are limited to an 80% combined-loan-to-value; and loan fees are subject to 3% of the loan amount.
Is there an annual fee?
There is no annual fee on the home equity loan.
What are the total fees and costs?
Opening fees and costs range from $0.00 to $13,000 and vary depending on the property type, the state in which the property is located, the amount of credit extended, and lien position, and include state or local mortgage registration or recordation tax, if applicable.
To whom are these fees and costs paid?
All or a portion of these fees and costs may be paid to third parties, such as appraisers, or to Wells Fargo, its affiliates, or third parties as necessary to obtain secured credit.
What is the penalty if I pay off or refinance the line of credit early (this is called a “prepayment fee”)?
A $500 prepayment fee may apply if account is closed within three years from date of account opening. Wells Fargo will waive the $500 prepayment fee if you refinance the line of credit with Wells Fargo. The prepayment fee does not apply to Texas homestead properties.
Am I required to purchase any insurance?
If you do not have property insurance, you will be required to obtain it. Flood insurance will also be required if you live in a flood plain.
I. Interest Rate & Payments
The Wells Fargo home equity loan is a loan available through Wells Fargo Home Equity Group, a division of Wells Fargo Bank, N.A.
APR is a measure of the cost of credit, expressed as a yearly interest rate. The APR on the home equity loan does not include costs other than interest. Please see Section III for more information on fees and costs.
Your APR on the Wells Fargo home equity loan will be based on the specific characteristics of your credit transaction, including evaluation of credit history, combined-loan-to-value, property type, amount of credit, term and geographic location.
Monthly payments on a $40,000 loan at 10.115% APR payable in 180 months would be 179 monthly payments @ $ 432.66 and 1 final payment @ $ 432.97. Your monthly payments include principal and interest and may be higher or lower depending on your loan amount, APR, and term. A 0.25% discount is applied to the rate if monthly payments are automatically deducted from a qualified deposit account. If the automatic payment option is not selected, or is cancelled after the account is opened, the APR will increase.
Your monthly payments include principal and interest and may be higher or lower depending on your loan amount, APR, and term.
The home equity loan has a fixed APR.
II. Terms of Loan
The repayment period is 5 to 30 years and depends on your loan amount.
The minimum amount you can borrow is $10,000. The maximum amount you can borrow is $500,000. You may be eligible to borrow up to 80% of the fair market value of your home minus the amount you still owe on all your mortgages and other liens (this is called “combined-loan-to-value”), depending on your creditworthiness and type of property. Texas homestead properties are limited to an 80% combined-loan-to-value; and loan fees are subject to 3% of the loan amount.
III. Fees & Costs
There is no annual fee on the home equity loan.
Opening fees and costs range from $0.00 to $13,000 and vary depending on the property type, the state in which the property is located, the amount of credit extended, and lien position, and include state or local mortgage registration or recordation tax, if applicable.
All or a portion of these fees and costs may be paid to third parties, such as appraisers, or to Wells Fargo, its affiliates, or third parties as necessary to obtain secured credit.
IV. Penalties
A $500 prepayment fee may apply if account is closed within three years from date of account opening. Wells Fargo will waive the $500 prepayment fee if you refinance the line of credit with Wells Fargo. The prepayment fee does not apply to Texas homestead properties.
V. Insurance
If you do not have property insurance, you will be required to obtain it. Flood insurance will also be required if you live in a flood plain.
This information is valid only for applications submitted to Personal Bankers at Wells Fargo Bank branches, by phone or online. Rates vary by market area and are subject to change. Approval subject to credit underwriting guidelines.
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Wells Fargo Home Equity Loans Deliver on the Promise?
(2 votes, average: 4.50 out of 5)Other Offerings This Company
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Wells Fargo is one confusing corrupted bank. They take their sweet time of a couple of days to deposit a check to your account, even if you're writing a check to yourself from one account to another. Completely ridiculous and of course they must love the few days of interest free money ;) … Their checking accounts are also never really free. You end up having to open multiple accounts to make sure you get free checking, then of course other accounts start accumulating charges and it never works out right. The only good thing they have is their on line system. Easy to navigate, transfer, and keep tracking of. Other then that, It's time for me to switch banks