New Wells Fargo Home Equity Accounts are subject to credit qualification, income verification, and collateral evaluation. For a limited time, you may qualify for an additional interest rate discount on top of the standard relationship discount during this home equity promotion if you have a qualified relationship package or a Wells Fargo mortgage for all new home equity applications submitted January 1, 2015 through April 15, 2015. To qualify for a customer relationship discount, you must maintain a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo checking or savings account. To learn which accounts qualify for the discount, please consult a Wells Fargo banker. Only one qualifying discount per new Wells Fargo home equity line of credit will apply. Wells Fargo Bank, N.A. Member FDIC. Additional restrictions, limitations and exclusions, may apply.
There is no limit on the maximum amount of a fixed rate advance taken at origination (up to your credit limit). The minimum fixed rate advance amount is $10,000. After account opening, additional fixed rate advances may not exceed $250,000 of the aggregate principal balance, or your credit limit, whichever is less. You may request up to 2 fixed rate advances each year with up to 3 fixed rate advances at one time. Fixed rate advances have a term of 1 to 20 years, depending on the amount advanced; except that for Texas homestead secured accounts, the term is 1 to10 years.
The home equity line of credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each day in The Wall Street Journal Money Rates Table (the "Index"), plus a margin. The index as of the last change date of December 17, 2008 is 3.25%. As of January 30, 2015, current margins for lines of credit from $20,000; maximum $500,000 secured by owner-occupied properties with 70% combined loan-to-value range from 3.750% to 0.375% resulting in corresponding variable APRs ranging from 7.000% to 3.625%. For larger loan amounts, please contact us. Minimum APR is 1%. Maximum APR (Lifetime Rate Cap) will be the lesser of 18% or 7% above the initial APR. During each year, the APR will not increase by more than 2.00% from the APR in effect on the last day of the previous year (Annual Rate Cap). APR does not include costs. Your APR will be based on the specific characteristics of your credit transaction, including evaluation of credit history, CLTV, property type, amount of credit, term, and geographic location. There is a $75 annual fee which is waived for the first year. If provided for in your original contract, the fee will be waived thereafter if you maintain a minimum average daily balance of $20,000 or more for twelve consecutive months previous to the annual fee assessment date. The prepayment penalty fee will be $400 for lines of credit $20,000 or greater. There is no annual fee or prepayment fee for accounts secured by Texas homestead properties. Opening fees may be paid to Wells Fargo, its affiliates, or third parties and range from $19 to $9,000 depending on the property type, the state in which the property is located, and the amount of credit extended and include applicable state or local mortgage taxes. This Account has a Draw Period of 10 years plus 1 month, after which you will be required to repay any amounts within a 20-year term. Hazard and, if applicable, flood insurance required.
Access checks are not available in Texas. ATM card access and the Enhanced Access® Visa® credit card are not available in Connecticut, New York, or Texas.
Consult your tax advisor regarding deductibility of interest.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.