If you want to discover how to apply for Wells Fargo HELOC, you should read this. Currently, there are so many home equity lenders but Wells Fargo is one of the best. This article is going to discuss this topic in detail. To learn more about the home equity loan offered by Wells Fargo, keep on reading.
How to Apply for Wells Fargo HELOC
The Home Equity Line of Credit (HELOC) is one of the services offered by Wells Fargo. This bank offers other home-related loans such as mortgages, home improvements loans, home purchases, Refinancing, Home equity loans, etc.
Currently, Wells Fargo has announced that it has put its Home Equity Line of Credit (HELOC) on hold. This is due to the current market condition caused by the Coronavirus pandemic.
Why is Wells Fargo not doing Home Equity Loans?
Is Wells Fargo doing HELOC loans? You may be wondering. There is no Wells Fargo home equity line of credit for now. Being one of the best home equity lenders in America, you may be wondering why this Bank has paused its HELOC application. This happened after the global coronavirus pandemic. The pandemic has produced uncertainty in the market and the economy of the country at large. This made the bank pause the HELOC application until further notice.
The last set of Wells Fargo home equity line of credit applications took place on the 30th of April 2020. If you want to get a Wells Fargo HELOC there are other lending options offered by the bank. This includes the personal loan and the Cash-out refinance You can make do with the Cash-out refinance lending option offered by Wells Fargo.
Wells Fargo Cash-Out Refinance
The Wells Fargo refinance with cash out is an alternative option to the Wells Fargo HELOC. This loan helps you repay your old loan. This is one of the easiest and fastest ways to restructure your mortgage debt. This is because the payment rates would be lower than the older mortgage loan.
With this Wells Fargo Cash-out refinance, the amount left after paying off the old mortgage debt is rolled over to you. You can choose to leverage on the low-interest rates or extend the payment maturity date.
Wells Fargo Cash-out Refinance Rates
The interest rates for Wells Fargo’s cash-out refinance are being changed regularly. This is done to suit the market’s current needs and profits. However, to get updated information on the interest rates on this refinanced loan, you should visit the Wells Fargo refinance rates page here.
How to Apply for the Wells Fargo Cash-Out Refinance
If you want to go with the refinance option offered by Wells Fargo, the steps below would help you apply:
- Connect your device to the internet.
- To visit the application page, click on this link- wellsfargo.com/mortgageScroll down and click on “Apply Now”.
- If you have a Wells Fargo “Username” and “Password” indicate so.
- Also, enter your “Username” and “Password” to access your account.
- Indicate “NO”, if otherwise and click on “Continue”.
After this, you can follow the rest prompts on your screen to complete the process. If you are signed in to your account, you would be given a prefilled application form.
Who is Accepting HELOC Applications?
If you insist you want to apply for a home equity line of credit, you can try other HELOC lenders with low rates. Some of them include:
- US Bank.
- Flagstar.
- PenFed.
- San Diego County Credit Union.
- Bank of America.
- TD Bank.
- Citibank.
- Discover
- PNC Bank.
- SunTrust.
You can visit any of these financial institutions to apply for a Home Equity Line of Credit. However, you should make sure you have been advised by a mortgage consultant before you do so.
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