Home Equity Line of Credit
Need flexible monthly payment options and ongoing access to available funds? With variable-rate and fixed-rate advance (FRA) options, our home equity line of credit may be a good option if you’re looking to:
- Make home improvements
- Finance major purchases
With a home equity line of credit, you can:
- Access your variable-rate line of credit for a draw period of 10 years plus one month, paying principal and interest only on the funds you use.2
- Choose between a variable- and a fixed-interest rate on your home equity line of credit balance.
- Use your Enhanced Access® Visa® credit card, access checks, Wells Fargo Online® Banking, or your ATM card to access funds.3
- Make additional principal payments to pay down your line of credit balance at any time without penalty, as long as your account remains open.
Payments on home equity financing may be lower than you think.
Wells Fargo customer relationship discountYou may be eligible for a relationship discount of 0.375% with a qualified Wells Fargo deposit account and automatic payments.5
- If you choose a variable-interest rate your monthly payment may increase or decrease as interest rates fluctuate. You can convert any or all of your outstanding line of credit balance to a fixed-rate advance with a term of 1 to 20 years.1
- At the end of the fixed-rate advance (FRA) term, any unpaid FRA balance is converted to a line of credit and charged the variable rate in effect on the home equity line of credit at that time.