Back

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

Features

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.

Benefits

  • Interest-rate options: You can decide whether to stay with a variable-interest rate or convert to a fixed-interest rate without refinancing.1,2
  • Payment choice: Select a fixed-rate advance option with payment terms from 1 – 20 years.1
  • Closing cost options: You decide whether we pay your closing costs for a higher interest rate or you pay them for a lower one.
  • Potential tax benefits: Unlike personal loans or credit cards, the interest on your home equity financing may be tax deductible.4
Payments on home equity financing may be lower than you think.
 
lightbulb icon

Wells Fargo customer relationship discount

You may be eligible for a relationship discount of 0.375% with a qualified Wells Fargo deposit account and automatic payments.5
 

Considerations

  • 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.