Wells Fargo redesigns HELOCs to save borrowers

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A home equity line of credit, or HELOC, is a type of credit line that lets you borrow against the equity in your home. If your home is worth more than the current balance on your mortgage, you’ve got equity. For those looking to obtain a HELOC, Wells Fargo offers some unique benefits.

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New wells fargo home Equity Accounts are subject to credit qualification, income verification, and collateral evaluation. To qualify for a customer relationship discount, you must maintain a qualifying Wells Fargo consumer checking account and make automatic payments to your home equity line of credit from any deposit account.

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The Offer. Currently, Wells Fargo Bank is offering a new HELOC or home equity loan to customers with a 0.50% interest rate deduction for new accounts opened between January 1, 2015 and April 3, 2015. The home equity line of credit offered through Wells Fargo provides customers with the following long lasting benefits:

Take a look at the best ways to consolidate credit card debt. Each of the. card loans to qualified borrowers, and this can be a good way to consolidate your outstanding debts into a single, Wells Fargo (WFC) is restructuring how it does home equity lines of credit, requiring most new customers to pay principal and interest over the life of the loans.

HUD releases unemployment mortgage assistance to 27 states Need Mortgage Assistance? Want to know what programs you may be eligible for? To learn more about your options, please visit the U.S. Department of the Treasury’s Making Home Affordable website.. Also, to learn what specific programs you qualify for, you may submit a completed Borrower Response Package to your servicer.

Refunds are on the way for borrowers hit with mortgage rate-lock extension fees that their bank should’ve covered.. Wells Fargo is trying to make amends after multiple mishaps that made.

President and Chief Executive Officer Gary Guerrieri – chief credit officer vincent calabrese – Chief Financial Officer Analysts Frank Schiraldi – Sandler O’Neil & Partners Jared Shaw – Wells Fargo.

Wells Fargo is on the cusp of becoming the most valuable U.S. bank of all time, surpassing the record held by Citigroup. Read More.. Wells Fargo redesigns HELOCs to save borrowers.

Equifax found that HELOC delinquency rates have doubled on loans that have already finished the interest-only period. Wells Fargo reaches out to many borrowers up to two yers before their loans reset, according to Blackwell. The bank estimates that about $28 billion out of $74 billion in HELOCs will reset through 2017.

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