Wells Fargo & Company is a specialised financial services company based in San Francisco. It serves more than 23 million customers in the United States and a few other countries with insurance, mortgage, investments, banking, and consumer finance. Wells Fargo sells its products through more than 6,200 stores, the Internet, and other channels.
Wells Fargo is one of the top 40 largest private employers in the United States. It has assets worth $500 billion and employs about 154,000 people. Wells Fargo was ranked fifth in assets and fourth in stock market value in 2006. It is also the top prime home-equity lender in the states where it does business.
Wells Fargo offers three main types of home equity loans and lines of credit. Along with general account information, these are:
EquityLine with FlexAbility Account for a Home Equity Line of Credit
The EquityLine with FlexAbility Account is a HEL line of credit with a variable interest rate that lets you turn credit balances into a fixed-rate loan for a set amount of time. This Home Equity Line of Credit is designed to give you ongoing access to the value of your home, as well as flexible payment and rate options. It also has a draw period of 10 years and a repayment period of up to 30 years. The maximum loan for a primary residence is $500,000. The maximum loan for a second or vacation home is $250,000. The maximum loan for a non-owner-occupied property is $100,000. The minimum loan is $10,000.
Mortgage Equity Loan
With a Home Equity Loan, you get the whole amount up front, along with fixed payments and a fixed rate. You can't keep taking money out of the loan. It's great for people who don't need more money in the future and who have immediate expenses and want a fixed monthly payment and rate. The term is between 5 and 30 years, depending on how much you borrow. The maximum loan for a primary residence is $500,000. The maximum loan for a second or vacation home is $250,000. The maximum loan for a non-owner-occupied property is $100,000. The minimum loan is $10,000.
Account for SmartFit Home Equity 1
You can get up to the whole amount as a fixed-rate advance with a SmartFit Home Equity 1 Account. You can also turn credit balances into more fixed-rate, fixed-term advances. It's a great way to pay for big expenses up front and still have access to the equity in your home because you can get money as you pay off the principal. The term is 10 years, and you can get money out of it for 3, 5, or 7 years. You also have 30 years to pay it back. The maximum loan for a primary residence is $500,000. The maximum loan for a second or vacation home is $250,000. The maximum loan for a non-owner-occupied property is $100,000. The minimum loan is $10,000.
For any of the above home equity loan accounts, you can apply online at http://wellsfargo.com, set up a free consultation with a home equity sales specialist, or call a toll-free number for help.
