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Home Equity Line of Credit

Fixed-rate advance, fixed term, fixed payment

Convert all or a portion of your variable rate balance to a fixed-rate advance option, and back to a variable rate, during the draw period

Learn more

With variable-rate and fixed-rate advance (FRA) options, our Wells Fargo home equity line of credit may be a good option if you want to make home improvement or finance major purchases.

Apply for a home equity loan or line of credit. Apply Online
Call  1-888-667-1772 or
find a location

 Tip 

Be eligible for a relationship discount of 0.375% when you open a new home equity line of credit account and choose automatic payments from a qualified Wells Fargo deposit account.

Features

With a home equity line of credit, you can:

  • Access your variable-rate line of credit during the draw period, paying principal and interest only on the funds you use.,
  • Choose between a variable- and a fixed-rate advance on your home equity line of credit.,
  • Use your Enhanced Access® Visa® credit card, access checks, Wells Fargo Online® Banking, or your ATM card to access funds.
  • 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-rate advance option without refinancing.,
  • Payment choice. Select a fixed-rate advance option with a range of payment terms or choose the variable-rate option.
  • Closing cost options. Select the home equity closing cost option that meets your needs.
  • Potential tax benefits. Unlike personal loans or credit cards, the interest on your home equity financing may be tax deductible.

Considerations

  • At the end of the fixed-rate advance (FRA) term, any unpaid FRA balance reverts to the line of credit and charged the variable rate in effect on the home equity line of credit at that time. Unless you’ve reduced your balance, the variable interest rate may significantly change your monthly payment.
  • If you choose a variable-interest rate for your line of credit balance, your monthly payments may increase or decrease as interest rates fluctuate. You can convert any or all of your outstanding variable-rate line of credit balance, up to $250,000, to a fixed-rate advance with a variety of terms.

Compare with a Home Equity Loan

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.
Fixed-rate advance
This option gives you the flexibility to secure a fixed interest rate on any or all of your outstanding line balance during the draw period. As you pay down your fixed-rate balance, your available credit on your variable line of credit increases.
Draw period
The length of time during which you can access funds from your account. It runs for 10 years plus one month from the date you opened your home equity line of credit.

Closing cost options
Most home equity financing offers two options:

Have us pay your closing costs:

Pay your closing costs:

For details, please call 1-888-421-4672.