BSM Script Anchor

Using Home Equity Financing to Buy Additional Property

Use the equity in your current home toward the purchase of an additional property

With a home equity line of credit, you may have access to the funds you need for another home

A home equity line of credit from Wells Fargo may make it possible for you to apply the available equity in your current home toward a down payment or a cash purchase of an investment home or vacation property.

Want to learn more? Contact Us


With home equity financing you can:

  • Pay principal and interest only on the funds you access.
  • Access your variable-rate line of credit for a draw period of 10 years plus 1 month, without reapplying.
  • Make additional principal payments to pay down your line of credit balance at any time without penalty.
  • Use your Enhanced Access® Visa® credit card, access checks, Wells Fargo Online® Banking, or your ATM card to access funds.


  • Interest rate options. Decide whether to stay with a variable rate or convert your balance to a fixed rate for a set term with a fixed-rate advance.,
  • Bank-paid closing costs. We will pay account-opening fees, such as government recording fees, unless you request an account opening fee-related service not required by Wells Fargo. Learn more about closing costs.
  • Potential tax benefits. Unlike personal loans or credit cards, you may be able to deduct the interest on home equity financing used to improve, buy, or build a home. Consult your tax advisor about the deductibility of interest.


  • With the variable interest rate on your line of credit balance, your monthly payments may increase or decrease as interest rates and your current balance fluctuate. 
  • At the end of the fixed-rate advance (FRA) term, any unpaid FRA balance is converted to the line of credit and charged the variable rate in effect on the home equity line of credit at that time. The variable interest rate may significantly change your monthly payment.
  • If using home equity financing to purchase additional property, the home equity account is linked to your current home instead of the home you are buying.


The amount borrowed or remaining unpaid.