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.
Terms: The line of credit has a draw period of 10 years plus 1 month, after which you will no longer have access to borrow funds and will be required to repay the borrowed balance within a 20-year term. There is a required minimum monthly payment of $100. The account is subject to application, credit qualification, and income verification; additional evaluation and verification criteria may apply. Your actual APR will depend upon your credit transaction and credit history and will be determined when a credit decision is made. For questions, please contact us at 1-800-668-4730.
The minimum draw on a home equity line of credit is $300 for properties in all states except Texas, where lines attached to homestead properties have a minimum draw of $4,000. If less than the minimum draw amount is available on the line, you may not draw again until the minimum amount is available. Texas homestead properties are limited to 80% combined loan to fair market value for home equity financing.
APR and Fees: The APR for a Wells Fargo Home Equity Line of Credit is variable and based on the highest prime rate published in the Western edition of The Wall Street Journal "Money Rates" table (called the "Index") plus a margin. The index as of the last change date of December 20, 2018, is 5.50%. As of February 1, 2019, margins range from 4.750% to -0.500% for lines of credit from $25,000 to $500,000 secured by owner-occupied properties with 70% combined loan-to-value. Corresponding variable APRs range from 10.25% to 5.00%. The minimum line of credit amount is $25,000. Your minimum APR, including discounts can't go below the 1% floor rate. Your variable rate won't increase more than 2% per year based on your anniversary date and will never be more than 7% higher than where you started (maximum of 18%).
There is a $75 annual fee, which is waived for the first year. Your annual fee may be waived thereafter; please talk to a banker for details. A $500 prepayment fee may apply if the account is closed within 3 years from account opening. Account opening fees, including applicable state or local mortgage taxes, may be paid to Wells Fargo, its affiliates or third parties and range from $19 to $18,000 depending on the property type, the state in which the property is located and the amount of credit extended. Hazard and, if applicable, flood insurance is required. There is no annual fee or prepayment fee for accounts secured by Texas homestead properties.
Relationship discounts: If you don't have an eligible Portfolio by Wells Fargo® account at the time you open your home equity line of credit, other lesser discounts may be available to you and will require automatic payments from a qualified consumer deposit account. To find out which accounts qualify for a relationship discount, contact a Wells Fargo banker. Relationship discounts cannot be combined.
Consult your tax advisor regarding deductibility of interest.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
