A Wells Fargo Home Equity Line Of Credit – What You Really Need To Know

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Have you taken the opportunity to look closer at a Wells Fargo home equity line of credit recently? This revolving credit line that homeowners can tap into has some pretty good features. Here’s a closer look at what Wells Fargo is doing.A home equity line of credit is similar to a loan with the main difference being that you can take out funds at any time up to the total amount of the credit line.This is better than a loan in many cases because you are only using what you need instead of taking out a big lump sum. Wells Fargo home equity lines of credit make it possible to only have to use your money when you really want to.Naturally, what you use the money for is completely up to you. Many use it to pay off high interest debt, medical bills or a home improvement project to further increase the value of their home.Wells Fargo offers a wide array of convenient options in gaining access to your funds. It can be through your checking account, ATM, Wells Fargo credit card, or simply by visiting your local branch bank.This type of home equity line of credit being offered by Wells Fargo has a standard 10 year open credit period. After that time your repayment begins.Funds that you take out of your HELOC may be paid back with small minimum payments or in some cases it can simply be an interest only payment.Depending on the Wells Fargo plan and size of the credit line, payments can be stretched out for as long as 30 years after the credit period ends.As with most home equity loans or lines of credit, interest rates are based on the Prime Lending Rate at the time of your loan. Since this is a line of credit, your rate will be variable, meaning it can go up or down. This is something to consider before taking out a HELOC.A Wells Fargo home equity line of credit, like any other credit line, will have certain fees involved when signing up. These fees can include appraisal fees, loan fees and others as well. It really depends on the type of loan and your credit history.If you are looking at setting up a home equity line of credit you will want to take a good look at what Wells Fargo has to offer.