Home Equity Rates and Services Questions

Rates

Is the interest rate fixed or variable?
Home equity loans offer a fixed interest rate with fixed monthly payments. Home equity lines of credit feature a variable rate, which means your monthly payments can increase or decrease as the Prime Rate fluctuates. Wells Fargo lines of credit give you the option to convert all or a portion your outstanding line balances to a fixed rate advance during the draw period. Please compare home equity solutions side-by-side for more information on your options.
How is the interest rate calculated?
A home equity line of credit has a variable interest rate, so monthly payments increase or decrease as the Prime Rate and your principal balance change. A home equity loan has a fixed interest rate, giving you the peace of mind that your monthly payment amounts won’t change with rate fluctuations.

For an estimate of your personal rates, calculate rate and payment.
What is the maximum Annual Percentage Rate (APR) on my home equity line of credit?
The APR for a Wells Fargo home equity line of credit will not exceed 18%.
Is the interest tax deductible?
Interest may be tax deductible on a home equity loan or line of credit. Consult your tax advisor regarding deductibility of interest. IRS Publication #936 "Home Mortgage Interest Deduction" has more information.
Can I lower my interest rate by paying more up front when I open my loan or line of credit?
Yes, you can choose to buy down, or lower, your interest rate.

For home equity loans and lines of credit, you can lower the interest rate by 0.25% by paying a one time fee of 1% of your opening balance amount. The maximum buy down amount is 3% of your opening balance for a 0.75% loan rate discount for home equity loans and lines of credit. Rate buy down is not available in all states or for all home equity products.

For both loans and lines of credit you may also be eligible for a relationship discount or an automatic payment discount if you sign up before origination.

Services

How can I access my home equity line of credit?
You can access your home equity line of credit through:
  • EquityLine Platinum® Card – a flexible and secure way to access the account. The EquityLine Platinum Card is not available in New York and Texas.
  • Line of credit checks (not available on homestead properties in Texas)
  • 1-800-TO-WELLS (1-800-869-3557)
  • Withdrawals from any Wells Fargo location
  • ATMs (not available in New York and Texas)
  • Wells Fargo Online®
How do I use the access checks for my home equity line of credit?
Your access checks can be used just like checks for a regular checking account. The amounts you pay with access checks will be added to your line of credit balance. If you write a check that exceeds your maximum line of credit balance, the check will not be paid and you will be responsible for any associated fees.

You can reorder access checks at any time.
How do I sign up to make automatic payments?
Please take these steps to set up automatic payments:
  1. Sign on to Wells Fargo Online® and select Account Services.
  2. Under the Transfers heading select the Set Up Recurring Payment link.
  3. On the Automatic Payments Authorization page, select your home equity/personal line/loan account in the dropdown menu.
  4. Then choose between making a payment from a Wells Fargo Account or Other Financial Institution and click the Continue button.
  5. On the following page, select Set Up, complete the fields with your information, and click Continue.
  6. You will be asked to Verify your information and you will receive a Confirmation when you have completed the process.
How do I transfer Wells Fargo credit card debt and other loan balances to my home equity account?
You can transfer balances from Wells Fargo accounts by following these steps:
  1. Sign on to Wells Fargo Online® and select Account Services.
  2. Under the Transfers heading select the Request Balance Transfer link.
  3. Complete the fields on the Request Balance Transfer page with your information, and click Continue.
  4. You will be asked to Verify your information and you will receive a Confirmation when you have completed the process.

Fees

Is there an annual fee?
There is no annual fee for a home equity loan. Home equity lines of credit (except accounts secured by Texas homestead properties) have an annual fee of $75. Annual fees are waived for the first year and may be waived in future years based on your account balance. Please review the details of the Wells Fargo solution that best suits your needs for more information or call us at 1-888-667-1772.
Is there a prepayment fee?
There is a $500 prepayment fee if you close your account within three years of the origination date. We will not charge a prepayment fee if your account remains open three years or more or if the account is refinanced with another Wells Fargo account. This prepayment fee does not apply to loans and lines of credit secured by homestead collateral located in Texas.
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