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Home equity lines of credit are currently unavailableDue to current market conditions, we are temporarily suspending new applications for home equity lines of credit. Please consider one of the borrowing options below. Cash-out refinance Learn more about cash-out refinancing Personal loan
Check my rate Learn more If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law. Loan-to-value ratio (LTV)The amount you owe on your loan divided by your home's original value, which is either the price you paid for it or the appraised value at closing, whichever is less. This number is always expressed as a percentage. Interest RateThe cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount. Monthly Principal & Interest PaymentThe amount displayed is based on the interest rate shown. The rate on a home equity line of credit is variable so your monthly payment may vary. If a fixed-rate advance option is selected, your rate and payment will remain the same during the fixed-rate advance term. Maximum lendable equityMaximum lendable equity is the maximum amount available to borrow, typically up to 80% of a home’s value after subtracting any existing mortgage balance. Draw periodThe length of time during which you can access funds from your account. Fixed-rate advanceA fixed-rate advance gives you the flexibility to secure a fixed-interest rate on any or all of your outstanding line balances during the draw period so your payments remain the same each month. Annual Percentage Rate (APR)The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate. Discount pointsCharges paid to the lender voluntarily by the borrower or seller to permanently reduce the interest rate. One discount point is equal to 1% of the principal amount of the mortgage; however, 1 point will typically reduce the interest rate by less than 1%. Mortgage insurance premiumA financial obligation a borrower pays to either the FHA or a private insurer to insure the mortgage lender against loss from a borrower’s default. Upfront and monthly mortgage insurance is required on FHA and monthly mortgage insurance is typically required on conforming loans when the down payment is less than 20%. Property taxAlso known as annual real estate tax, the amount paid to a municipal or county taxing authority for a specific property. If you're buying a home, you can usually find an estimate of the property tax on the property listing information. Homeowners insuranceAlso known as hazard insurance, a real estate insurance policy that provides protection against loss caused by fire, vandalism, some natural disasters, personal injury, and theft. If you're buying a home, you can contact an insurer for an estimate. Closing costsMoney paid by, or on behalf of, the borrower in connection with the closing of a mortgage loan. General examples include but are not limited to an origination charge, discount points, and fees for required third-party services, taxes, and government recording fees. Monthly paymentThe amount of principal and interest, taxes, and insurance (PITI) if escrow is included in your loan payment, paid each month on a mortgage loan. Interest RateThe cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount. How do I request a payoff from Wells Fargo?Call us at 1-800-289-8004 to obtain an automated payoff quote or to speak to a representative. Interest accrues daily, so be sure to include the estimated number of days it will take for us to receive the payment when you are obtaining the payoff amount.
Is Wells Fargo Cancelling home equity lines of credit?Wells Fargo will no longer accept applications for home equity lines of credit. Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.
Does Wells Fargo have an early payoff penalty?Before you decide to pay off your mortgage early, consider the following: Though Wells Fargo doesn't have prepayment penalties, you could potentially face prepayment penalties with another lender.
What is the 1 800 number for Wells Fargo?1 (800) 869-3557Wells Fargo / Customer servicenull
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