Home Equity Line of Credit (HELOC) | Wells Fargo

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Home Equity Line of Credit (HELOC)

Due to current market conditions, we are temporarily suspending new applications for home equity lines of credit. We apologize for the inconvenience. Learn more

Planning a home renovation or looking at 
a major expense?

Get ongoing access to funds with a home equity line of credit (HELOC) — a revolving form of credit. Since a HELOC is secured by the equity in your home, your interest rate may be lower than many unsecured types of credit.

Interest rate caps

Your variable interest rate won’t go up more than 2% annually, and will never be more than 7% higher than where you started.

Fixed-rate advances

If you're worried about rising interest rates, you can convert all or part of your variable-rate balance to a fixed rate anytime during the draw period.

No closing costs

When you open a Wells Fargo home equity line of credit, you won’t have to pay closing costs. Plus, there are no application, annual, or prepayment fees.

How it works

Draw period and repayment

For eligible customers, the minimum line of credit amount is $25,000. Here’s what you need to know about accessing and repaying your line of credit.

Draw period. During the draw period — 10 years and 1 month — you can withdraw money up to your available credit limit at any time.

Payments. You’ll make principal-plus-interest payments during the draw period. The minimum required monthly payment is $100 (unless your total remaining balance and interest due is less than $100).

  • Because you’ll have a variable rate, your monthly payment may change as the variable rate or your balance changes.
  • As your balance goes down, so does the amount you pay in interest (unless interest rates go up).

End of draw. The date your draw period ends and you can no longer withdraw money from your line of credit.

Repayment period. After the draw period ends, you must repay any remaining balance within a 20-year period. You’ll continue to have the same payment structure you had during the draw period — principal-plus-interest tied to the variable rate.

Accessing your line of credit

If you’re approved for a home equity line of credit, there are 4 easy ways to access your available equity during your draw period:

  • Online – make online transfers from your account by signing on to Wells Fargo Online®
  • Phone – call our toll-free number at 1-800-869-3557 to transfer funds 24/7 through our automated system (transfers made outside of business hours will be available the next business day)
  • Checks – request checks so you can pay for purchases or other expenses
  • Enhanced Access® Visa® credit card – request a credit card to use your available credit anywhere that accepts Visa credit cards. Worry less with Zero Liability protection so you’re not held responsible for unauthorized use of your card (if reported promptly).

Fixed-rate advances

Switch all or part of your variable balance to a fixed rate with a predictable monthly payment. If your needs change, you can easily convert it back to a variable rate. 

  • You can take 2 fixed-rate advances per year and have up to 3 at any given time. The minimum amount for an advance is $10,000.
  • Your fixed interest rate and monthly payments are calculated differently and may be higher than payments at your variable rate.
  • You can choose a term between 1 and 20 years for repaying your fixed-rate advance. You can also choose to use a fixed-rate advance to repay your entire balance during a set term (longer terms only).,
  • When your fixed-rate advance term ends, any unpaid balance reverts back to the current variable rate.

Calculate home equity line of credit rates and payments

Use our home lending rate and payment calculator.

Home Lending Rate & Payment Calculator

Loan Amount
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Variable interest rate 

An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria. Payments may increase or decrease accordingly.

Draw period 

The length of time during which you can access funds from your account.